Tag: wazir x.

Fearing ban, crypto prices crash

Banking & Finance

[ad_1]

Read More/Less


Prices of top cryptocurrencies, including Bitcoin, Ethereum, USDT, Shiba Inu, Dogecoin and Sandbox, crashed on Indian crypto exchanges on Wednesday as investors panicked after the government moved a Bill seeking to prohibit private cryptocurrencies while allowing certain exceptions to promote the underlying technology.

The cryptocurrencies were trading 15-20 per cent lower in the morning hours after which crypto exchanges rushed to calm investor frenzy over social media, asking them to hold on to their assets until the details of the proposed law become public. As of 5:25 pm, on Wednesday, while a few cryptocurrencies recovered, several top tokens continued to trade in red. Bitcoin’s price was still down by 8.3 per cent, Tether or USDT’s was trading lower by 8.77 per cent, Shiba Inu plunged 14.85 per cent and Ethereum was down by 5.4 per cent, according to data on WazirX.

Also read: Government moves to ban all private cryptos

But crypto exchanges said the proposed Bill may not ban cryptocurrencies altogether. Nischal Shetty, Founder, WazirX told BusinessLine, “While the description of the draft Bill appears to be the same as in January 2021, several noteworthy events have occurred since January. The understanding and knowledge around crypto today is far greater than it was until a few months ago. This is what gives me the hope that we’ll soon be able to classify crypto into currency, asset, utility or security. As an industry, we’re in sync with the fact that INR is the only legal tender in India, and crypto being an asset/utility which people buy and sell.”

Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said investors should calm down and take investment decisions without relying on secondary source of information. “Our discussions with stakeholders over the last few weeks indicate that there is a broad agreement on ensuring users are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution.”

Investment caps

According to an industry source, the proposed law may bring in investment caps to protect small investors. Another source said that existing investors will be given time to exit if there was a ban. The government did not shed any light on the provisions of the Bill which added to investor confusion, leading many to sell at a loss. “I had invested ₹5,000 last year which had grown to ₹16,000 but I sold it today after I read about the proposed Bill,” said Sumit Manikchand from Mumbai.

Others like 26-year-old retail investor Viraj Sheth, Co-founder and CEO Monk Entertainment, bought more. “People start selling when prices start dropping by 15-17 per cent, thinking it would tank further. But it has already started recovering. It’s up by 7 per cent or more. I have actually bought more Ethereum, Bitcoin and Matic in the morning today. I am okay to hold it for 10 years. And just in case its value goes down to zero tomorrow, it is still okay as it is only 20 per cent of my wealth. My bet truly is on the exponential return it will possibly give me if it does not go down to zero,” Sheth told BusinessLine.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Crypto adoption goes up in tier-2 and tier-3 cities in India, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


NEW DELHI: According to the data from crypto exchanges including CoinDCX and Wazir X, tier-2 and tier-3 cities are adopting and acclimatizing to cryptocurrency trading faster than others, Economic Times reports.

The rise in cryptocurrency adoption is partly attributed to the work-from-home culture brought about by the pandemic as also to the positive response from the government, the report says The diverse profile of the Indian cryptocurrency users has caught as much attention.

Data from the crypto exchanges reveals the following findings:

* Majority of the new signups were reported from tier-2 and tier-3 cities. Wazir X had 55 percent users in 2021 from these small cities.

* Among small cities, Bhopal reported the highest growth at 100 percent, according to BuyUcoin exchange.

* Other leading exchanges also witnessed similar sign-up growth patterns from Ahmedabad, Lucknow, Patna, Vadodara, Kolkata and Bhopal.

* WazirX reported a 2,375 percent increase in sign-ups in 2021, from tier-2 and tier-3 cities.

* The following information came up about the profile of crypto users :

– The new crypto users are mostly under 35 years and possess some kind of degree.

– 90 per cent of these investors are IT professionals, MBA graduates, engineers and start-up owners.

– The local exchanges unanimously reported a remarkable rise in women investors at 30-40 per cent from last year’s 15 per cent.

– The young Indian investors are not only banking on Bitcoin, but are also interested in other forms of cryptocurrency assets like DeFi assets and NFTs.

The new cohort of young cryptocurrency investors who are keen towards all forms of virtual assets. This has led to diversification of the investment patterns in the Indian crypto markets.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Next stop $50,000 or $150,000?, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


New Delhi: While equity investors are nervous about weak market sentiments, crypto investors are cheering the recent rally in the digital token market.

Bitcoin and ace digital tokens have gained as much as 30 per cent in the last seven days. The cryptocurrency hit the $40,000 mark on Wednesday and investors have set their eyes on $50,000 as the next target.

Analysts have varied opinions on Bitcoin and other digital tokens. However, they say investors should not fall prey to market cycles. Their long-term bullish view remains intact.

“If you believe in the Internet with its own money and governance, then the industry is just getting started,” said Siddharth Menon, COO, Wazir X. “Bitcoin could play a significant role as adoption goes up. Many institutional investors are getting greedy.”

However, they also have a word of caution for the new age investor.

Edul Patel, CEO & Co-founder, Mudrex, advises crypto investors be prudent in differentiating greed and fear in the financial markets.

“The recent rally has lured several inexperienced retail investors and traders into the markets, who have joined the frenzy to make a quick buck. However, they may get trapped if the larger players keep dumping,” he cautioned.

Market watchers are worried over the sustainability of this bull market. The crypto market is on a roll, despite weaker volumes. This suggests the party may get over soon, said market watchers.

There are multiple halts after a quick rally. Patel of Mudrex is advising investors to be extra-cautious in such markets and keenly track the volumes for further upside.

However, healthy corrections are good for the market as they give investors a decent opportunity to enter the markets. Bitcoin rose to $40,700 from $29,600 in just 10 days. Investors are now expecting $50,000 level, which is further 20 per cent up from current levels.

“The brief halt was more of market cycle correction after having a month-on-month bull run since March 2020. The $50,000 level could be a local top in a few months, but in a longer time period, the sky’s the limit,” said Menon.

Several analysts have predicted that Bitcoin could hit the $150,000 mark by 2022. However, Bitcoin is trading about 35-40 per cent down from its all-time high of $64,865.

“There are certain significant upgrades in the pipeline for both Bitcoin and Ethereum. These are expected to roll out by the end of this year, which can be game changer of the top crypto tokens,” said Patel of Mudrex.

Changpeng Zhao, CEO, Binance, is bullish on Bitcoin in the long run as a store of value and its potential to change the world for the better.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,