News

June 2024 – Forbes Advisor INDIA

Published

11 months ago

3 June, 2024

The surge in the crypto market since the past few days can be attributed to several factors driving renewed investor optimism and heightened interest in digital assets. Despite facing challenges in 2023 due to global economic conditions, the market has demonstrated resilience and bounced back strongly. While inflation didn’t directly impact the previous slump, other macroeconomic factors played a significant role. However, recent developments, such as the approval of Bitcoin Spot Exchange Traded Funds (ETFs) by the U.S. Securities and Exchange Commission and the upcoming Bitcoin halving event, have injected substantial investments into the market, bolstering overall sentiment.

Britain’s financial regulator announced that it would permit recognized investment exchanges to introduce crypto-backed exchange-traded notes (cETNs), joining other regulators in facilitating the adoption of digital assets. The Financial Conduct Authority (FCA) specified that these products would be accessible exclusively to professional investors, such as credit institutions and investment firms authorized to operate in financial markets.

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Crypto Markets’ Spectacular Performance

The rise of Bitcoin from INR 2,080,001 to INR 6,114,877, Bitcoin broke its previous records set in 2021, showcasing its resilience and potential for growth. Despite facing significant downturns in 2022 and 2023, Bitcoin experienced a resurgence in 2024. Following substantial jumps on March 8 and March 14, Bitcoin surged to all-new highs. This surge reflects renewed confidence and interest in the cryptocurrency market, attracting attention from investors worldwide. The rapid ascent of Bitcoin underscores the volatile nature of the crypto market and highlights the potential for both substantial gains and losses. As Bitcoin continues to break barriers and reach new milestones, it emphasizes the evolving landscape of digital assets and the opportunities they present for investors.

Ethereum’s stability and positive developments in the crypto landscape have also contributed to traders’ anticipation of further price appreciation, driving market optimism. The latest data as per March 18, 2024, shows that Bitcoin (BTC) experienced a slight decrease of 4.90%, while Ethereum (ETH) decreased by 10.95% in the last seven days. Conversely, Tether (USDT) witnessed a marginal increase of 0.05% in the last 24 hours. These fluctuations, coupled with the overall bullish sentiment, underscore the current rise in the crypto market.

Performance of the Most Popular Cryptocurrencies

As we navigate the complexities of the digital age, cryptocurrencies like Bitcoin, Ethereum, and others continue to gain prominence, revolutionizing financial transactions, investment strategies, and economic paradigms. Join us as we explore the latest developments, trends, and insights shaping the dynamic world of cryptocurrency today.

Bitcoin (BTC):

Price: INR 5,635,378.39 ($67,966)
Market Capitalization: INR 111.19 trillion ($1.34 trillion)

Bitcoin continues to assert its dominance in the cryptocurrency market, with its price showing resilience amidst market fluctuations. Despite a modest increase of 1.30% in the last 24 hours. Bitcoin maintains a very bullish technical rating, reflecting its strong position. With a 3-month performance of 66.45, Bitcoin’s stability and widespread adoption make it a preferred choice for investors seeking long-term value and stability in the volatile crypto landscape.

Ethereum (ETH):

Price: INR 298,901 ($3,596)
Market Capitalization: INR 35.94 trillion ($433.27 billion)

Ethereum remains a stalwart in the cryptocurrency space, with its price remaining relatively stable at INR 348,999.0, showing a marginal change of -0.9%. But, following the Dencun upgrade, ETH has declined 11.17% in the last seven days. Ethereum’s technical rating remains very bullish, indicating confidence in its underlying fundamentals. With a 3-month performance of 73.69, Ethereum continues to be a frontrunner in the development of decentralized applications and smart contracts, attracting both developers and investors alike.

USDT (Tether USD):

Price: INR 82.87 ($0.9997)
Market Capitalization: INR 8.57 trillion ($103.37 billion)

Tether USD, the leading stablecoin, exhibits stability in its price, albeit with a slight decline of -0.10% in the last seven days. Despite the bearish sentiment, USDT remains a vital component of the cryptocurrency ecosystem, providing liquidity and stability to traders and investors. With a 3-month performance of -0.87, Tether USD serves as a reliable anchor in times of market volatility, offering a safe haven for preserving capital.

Binance Coin (BNB):

Price: INR 47,371 ($569)
Market Capitalization: INR 7.07 trillion ($85.14 billion)

Binance Coin experienced a minor decline of -0.50% to INR 46,545.27, yet maintains a very bullish technical rating. With a pivot level between INR 48,831 ($589.04) (24H High) and INR 47,633 ($550.47) (24H Low), BNB continues to showcase its resilience and attractiveness to traders and investors. Binance Coin’s ecosystem and utility within the Binance exchange contribute to its ongoing popularity and strong performance in the cryptocurrency market.

Solana (SOL):

Price: INR 17,208 ($206)
Market Capitalization: INR 7.61 trillion ($91.45 billion)

Solana remains an attractive investment option due to its robust ecosystem and scalable blockchain platform. With a pivot level ranging from INR 17,383 ($209) (24H High) to INR 15,632 ($188) (24H Low), SOL continues to demonstrate its potential for growth and innovation in the evolving cryptocurrency landscape.

Note: The price and market capitalization is as of March 18, 2024 via CoinMarketCap

What Lies Ahead For the Crypto Market?

Looking ahead, the crypto market shows promising signs of continued growth and potential opportunities. With Bitcoin (BTC) and Ethereum (ETH) maintaining their positions as leading cryptocurrencies, investors are optimistic about the market’s trajectory.

The recent surge in cryptocurrency prices, coupled with positive developments such as the approval of Bitcoin Spot Exchange Traded Funds (ETFs) by regulatory authorities, has fueled expectations for further gains. Additionally, anticipation is building around the upcoming Bitcoin Halving event scheduled for April 2024. These factors are likely to attract more investors and drive increased trading activity in the crypto market.

Investors had high hopes for the Dencun upgrade on Ethereum; however, following the upgrade, ETH experienced a notable decline in its price. Similarly, Bitcoin also witnessed a downtrend over the past two days, following the upgrade.

However, it’s essential to remain cautious and mindful of the market’s inherent volatility. Past experiences, such as the significant price fluctuations witnessed in 2021, serve as a reminder of the risks associated with cryptocurrency investments. Therefore, investors should approach the market with careful consideration, diversify their portfolios, and implement prudent risk management strategies to navigate potential market fluctuations effectively.

Overall, while the future of the crypto market holds promise, it’s crucial to stay informed, remain adaptable, and exercise caution in making investment decisions.

What Lies Ahead For the Crypto Market?

The recent surge in cryptocurrency prices suggests a potentially promising future for the crypto market. With Bitcoin surpassing its all-time highs and excitement building around the “Bitcoin halving” investors are hopeful for continued growth and potential new records.

As of now, the total global crypto market capitalization stands strong at $2.58 trillion, reflecting significant interest and investment in digital assets. However, there’s a lingering question: is this surge indicative of a sustained bull run, or could it potentially be a setup for a bull trap?

To answer this, it’s crucial to reflect on the historical performance of key cryptocurrencies like Bitcoin. In 2021, Bitcoin’s price surged to over $57,000 before plummeting into a prolonged bear market, shedding nearly 42% of its value by early 2022. This history serves as a reminder of the inherent volatility of the crypto market and the unpredictability of price movements.

The current volatility in Bitcoin’s prices isn’t unprecedented, and there’s no assurance that the ongoing rally will continue indefinitely. Investors must remain cautious and acknowledge the high level of risk associated with investing in any asset class, whether centralized or decentralized. It’s essential to approach cryptocurrency investment with careful consideration and prudent risk management strategies.

Considering the market capitalization of cryptocurrencies over the years, from November 2021 to March 2024, there’s a clear trend of growth and fluctuation. The market peaked at $3 trillion in November 2021, experiencing subsequent ups and downs before reaching $2.58 trillion in March 2024. This journey underscores the dynamic nature of the crypto market and the importance of staying informed and adaptable to navigate its fluctuations effectively.

In conclusion, while the recent surge in cryptocurrency prices offers promise for potential gains, investors must tread cautiously and remain mindful of the market’s inherent volatility. It’s crucial to approach cryptocurrency investment with a well-thought-out strategy, informed decision-making, and a disciplined approach to risk management.

How To Invest in Crypto?

Investing in cryptocurrency can be lucrative but comes with its own set of risks. Here’s a comprehensive guide on how to invest in crypto:

Understand the Risks: Recognize that the cryptocurrency market is highly volatile, and investing in it can be risky. Prices can fluctuate dramatically in short periods, leading to substantial gains or losses.

Assess Financial Situation: Before investing, evaluate your financial situation and risk tolerance. Determine how much you can afford to invest without affecting your overall financial stability.

Research Cryptocurrencies: Conduct thorough research on different cryptocurrencies. Learn about their technology, use cases, development teams, and market dynamics. Focus on well-established cryptocurrencies like Bitcoin and Ethereum, as well as promising altcoins.

Keep Up with the Latest News: Stay informed about market trends, regulatory updates, and technological advancements in the cryptocurrency space. Follow reputable sources, forums, and social media channels to stay updated.

Choose a Reliable Exchange: Select a reputable cryptocurrency exchange to buy, sell, and trade cryptocurrencies. Look for exchanges with a good reputation, strong security measures, and a user-friendly interface.

Secure Your Investments: Prioritize security measures to protect your cryptocurrency investments. Use hardware wallets or cold storage solutions to store your cryptocurrencies offline and safeguard them from hacking or theft.

Diversify Your Portfolio: Spread your investments across different cryptocurrencies to minimize risk. Diversification can help mitigate losses if one cryptocurrency underperforms while others thrive.

Set Investment Goals: Define your investment goals and time horizon. Determine whether you’re investing for the short term or long term and establish realistic expectations for returns.

Start Small: Begin with small investments to test the waters and gain experience in cryptocurrency trading. Avoid investing large sums of money until you’re comfortable navigating the market and understanding its dynamics.

Monitor Your Investments: Regularly monitor the performance of your cryptocurrency investments. Stay alert to market trends and be prepared to adjust your investment strategy accordingly.

Seek Professional Advice: Consider consulting with a financial advisor or cryptocurrency expert, especially if you’re new to investing or uncertain about your decisions. A professional can provide personalized guidance based on your financial goals and risk profile.

Stay Patient and Disciplined: Cryptocurrency investing requires patience and discipline. Avoid making impulsive decisions based on short-term market fluctuations and stick to your investment plan.

Step-by-Step Procedure:

Here’s a step-by-step guide on how to invest in cryptocurrency:

Step 1: Understand and do your research on the current crypto market and its risks.

Step 2: Choose the amount you’re willing to invest.

Step 3: Choose the cryptocurrency you want to invest in.

Step 4: Choose a crypto exchange platform for your investment.

Step 5: Make your own account through a crypto exchange platform.

Step 6: Complete the verification and know your customer (KYC) process.

Step 7: Fund your crypto account and you’re good to trade your desired crypto coin.

Step 8: Choose a crypto wallet to store your cryptocurrency. There are multiple digital wallets like mobile wallets, hardware wallets, desktop wallets and online wallets. Learn more about the best crypto wallets in India.

Step 9: Secure your wallet.

Step 10: Hold and then sell or buy to gain profit as deemed appropriate.

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Customer Support

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Bottom Line

Investing in cryptocurrency can be a rewarding venture, but it’s essential to approach it with caution and diligence. By understanding the risks, conducting thorough research, and following a disciplined investment strategy, you can navigate the crypto market effectively and potentially capitalize on its growth opportunities. Remember to stay informed, stay patient, and stay vigilant in protecting your investments.

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US Cryptocurrency Rules Delayed by ‘Never-Ending’ Lawsuits

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Ripple Pledges $25 Million Per Year to Crypto Super PAC

Ripple CEO says cryptocurrency industry still seeking regulatory clarity from US

Speaking to Bloomberg News on Wednesday (July 17), Author: Brad Garlinghouse he said America is behind behind other countries which have already adopted cryptocurrency regulations.

“What we’re seeing, where it’s the UK, Japan, Singapore… even the European Union, more than two dozen countries have come together to provide a framework for cryptocurrency regulation,” Garlinghouse said.

“It’s frustrating that we as a country can’t get that regulatory framework in place. And instead, we have this never-ending lawsuit coming from the SEC that doesn’t really address the problem.”

Ripple has been the target of some of these legal disputes. Securities and Exchange Commission (SEC) sued the company in 2020, accusing it of conducting a $1.3 billion operation offering of unregistered securities tied to its XRP token.

However, last year a judge ruled that only Ripple’s institutional sales of XRP, not retail sales, violated the law, a decision widely seen as a victory for the cryptocurrency industry.

As PYMNTS noted at the time, that ruling has “far-reaching repercussions impact across the digital asset ecosystem, which has long maintained that its tokens do not represent securities contracts.”

However, Garlinghouse told Bloomberg on Wednesday that the company cannot wage multimillion-dollar legal battles over each token.

He spoke to the news agency from the Republican National Convention in Milwaukee, where the party is backing the candidacies of former President Donald Trump and Ohio Sen. J.D. Vance, both of whom are considered pro-cryptocurrency.

But Garlinghouse argued that cryptocurrencies “should not be a partisan issue,” and noted that he had recently attended a conference in Washington that included Democrats, including White House officials.

“I think they were there, listening to the industry… it was refreshing to start having that conversation,” she said.

President Joe Biden earlier this year he vetoed a measure which would have ended the SEC’s special rules for crypto-asset custodians. This legislation was supported by both the digital asset industry and the banking industry.

Ripple early this year donated $25 million to the cryptocurrency industry’s super PAC Fair Smoothiewith Garlinghouse stating at the time that such donations would continue every year, as long as the industry had its detractors.

Second Open SecretsWhich monitor spending For campaigns, the PAC has spent $13.4 million this year, much of it to help defeat Rep. Katie Porter’s (D-Calif.) U.S. Senate campaign.

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The Future of Cybersecurity in the Cryptocurrency Industry

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

The Future of Cybersecurity in the Cryptocurrency Industry

The cryptocurrency space has had a tumultuous journey, with its fair share of ups and downs. As we look to the future, one area that remains a constant focus is cybersecurity. The digital nature of cryptocurrencies makes them inherently vulnerable to cyber threats, and as the industry evolves, so does the landscape of potential risks.

In 2022, the cryptocurrency market faced significant challenges, with over $2 trillion in market value lost. This event served as a wake-up call for the industry, highlighting the need for robust cybersecurity measures. The future of cryptocurrency security is expected to see a shift towards more regulated and established institutions taking the reins of crypto technology and blockchain infrastructure.

The decentralized nature of cryptocurrencies offers numerous benefits, such as transparency and financial inclusion. However, it also introduces unique security challenges. The risk landscape is filled with threats such as hacking, phishing, ransomware attacks, malware, and social engineering. These threats not only lead to financial losses, but also damage the reputation and trust within the cryptocurrency ecosystem.

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The decentralized nature of cryptocurrencies offers many benefits, but it also presents unique security challenges. Cyber risks such as hacking, phishing, and ransomware pose threats to the integrity of digital assets. The infrastructure that supports cryptocurrencies is not immune to vulnerabilities, including smart contract flaws and exchange hacks.

To address these vulnerabilities, the infrastructure that supports cryptocurrencies must be strengthened. Smart contract vulnerabilities, exchange hacks, wallet breaches, and flaws in the underlying blockchain technology are significant concerns that must be addressed to ensure the security and integrity of digital assets.

As cybercriminal tactics and techniques become more sophisticated, the cryptocurrency industry must stay ahead of the curve. The future will likely see more targeted attacks, exploiting weaknesses in infrastructure, networks, and human factors. This requires a proactive and multifaceted approach to cybersecurity.

To mitigate these risks, several measures must be adopted:

Strengthening security measures: Developers, exchanges, and wallet providers must improve security protocols, use strong encryption, implement multi-factor authentication, and conduct regular security audits.

Education and awareness: Users should be educated on best practices for protecting their digital assets, including using strong passwords, recognizing phishing attempts, and using hardware wallets for secure storage.

Looking ahead, the cryptocurrency industry is expected to see an increased focus on robust security measures. Blockchain projects and exchanges are likely to invest in advanced encryption techniques and decentralized storage solutions to protect user assets. The future impact of cyber risk on cryptocurrencies will depend on the collective efforts of stakeholders to address vulnerabilities and strengthen security measures.

Collective efforts by stakeholders in the cryptocurrency space are crucial to address vulnerabilities and strengthen security measures. While challenges persist, advances in cybersecurity technologies and practices offer hope for a more secure and resilient cryptocurrency ecosystem.

The future of cybersecurity in the cryptocurrency industry depends on finding a balance between innovation and regulation. It requires a collaborative effort from all parties involved, from developers to end users, to create a secure environment that fosters trust and growth in the industry. As we move forward, it is critical that lessons learned from past events guide the development of stronger security measures, ensuring the longevity and stability of cryptocurrencies as a vital part of the modern economic toolkit.

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Bullish XRP and RLBK price predictions rise, outpacing the broader cryptocurrency market, prompting Shiba Inu holders to switch!

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bullish XRP and RLBK price predictions rise, outpacing the broader cryptocurrency market, prompting Shiba Inu holders to switch!

Bitcoin’s one-week surge from $60,000 has pushed other cryptocurrencies into an uptrend. However, for many altcoins, this trend has been temporary. Altcoins such as XRP and Shiba Inu (SHIB) have experienced price drops. However, Rollblock, a new altcoin on the Ethereum blockchain, has thrived during this period, attracting thousands of investors looking for long-term growth.

XRP’s Nearly 30% Growth Over Last Week Drops as Selling Pressure Increases

XRP is seeing further price decline as Ripple investors withdraw their profits from the token. The surge in XRP’s price to $0.64 in the past week has provided investors with a perfect opportunity to increase their returns in the short term. With the ongoing sell-off in XRP, XRP has jumped over 8% in the past day and is now trading at $0.59. However, analysts tracking XRP indicators predict that XRP could still extend its gains by over 30% in the coming weeks.

Shiba Inu (SHIB) marks its third consecutive day of losses

Shiba Inu (SHIB) is in a period of adjustment after a week of strong gains. In the last 24 hours, SHIB has seen a jump of over 7%, reflecting a natural market fluctuation. Analysts are observing a death cross on the Shiba Inu chart, which historically signals the potential for future opportunities as the market stabilizes. As investors explore new possibilities, some are diversifying into promising altcoins like Rollblock (RBLK) to strategically rebalance their portfolios and capitalize on the emerging trend.

Rollblock (RBLK) Up Another 7% as New Investors Join Pre-Sale

Rollblock (RBLK) has taken the cryptocurrency market by storm, having attracted investors from more popular altcoins like Shiba Inu (SHIB) and XRP. Rollblock’s growth is attributed to its utility in the $450 billion global gaming industry.

Rollblock aims to use blockchain technology to bridge the gap between centralized and decentralized gambling. With blockchain technology, Rollblock secures every transaction in its online casino, providing transparency and convenience to millions of players who are uncomfortable placing bets on other iGaming platforms.

This innovative use of blockchain technology in the industry has grown Rollblock to over 4,000 new users in less than two months. With plans to add sports betting, this number is expected to grow exponentially in Q3.

Rollblock uses a revenue sharing model that splits up to 30% of its casino’s weekly profits with token holders. This happens after Rollblock buys back $RBLK from the open market and uses half of it for rewards. The other half is burned to increase the price of $RBLK.

Rollblock price has seen four increases in the past month with $RBLK tokens now selling for $0.017. Analysts predict that at the current growth rate, Rollblock could increase by over 800% before the presale ends. For investors looking for a long-term token with growth potential, phase four is the best time to buy Rollblock before its price skyrockets!

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Texas Crypto Miners Turn to AI as Crypto Declines

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Texas Crypto Miners Turn to AI as Crypto Declines

As cryptocurrency mining becomes less profitable, Texas cryptocurrency mining companies are switching to supporting artificial intelligence companies.

Bitcoin miners, with their sprawling data centers and access to significant energy resources, are ideally suited for computationally intensive AI operations, and as cryptocurrency mining becomes less profitable, companies see this shift as a logical answer to their problems.

On Thursday, Houston-based Lancium and Denver-based Crusoe Energy Systems announced a multibillion-dollar deal to build a 200-megawatt data center near the West Texas city of Abilene to support advanced artificial intelligence applications such as medical research and aircraft design, CNBC reported. The plant represents the first phase of a larger 1.2 gigawatt project.

Lancium and Crusoe’s move into AI mirrors a broader trend among bitcoin miners. The combined market capitalization of the top U.S.-listed bitcoin miners hit a record $22.8 billion in June. Companies like Bit Digital and Hut 8 are diversifying into AI, with Bit Digital securing a $92 million annual revenue deal to supply Nvidia GPUs and Hut 8 raising $150 million to expand its AI data center.

But the growing popularity of these operations also presents challenges, particularly for the Texas power grid. Last month, the Electric Reliability Council of Texas announced that the state is expected to nearly double its energy production by 2030 to meet the high energy demands of data centers and cryptocurrency operations.

Lieutenant Governor Dan Patrick expressed concern about the projections.

“Cryptocurrency miners and data centers will account for more than 50% of the additional growth. We need to take a close look at these two sectors,” He wrote on Twitter/X. “They produce very few jobs compared to the incredible demands they place on our network. Cryptocurrency miners could actually make more money selling electricity to the network than they do from their cryptocurrency mining operations.”

Analysts predict significant growth in data center power capacity, which is expected to account for up to 9% of U.S. electricity consumption by 2030.

The operations also pose challenges for nearby cities. Earlier this month, TIME reported that a crypto-mining facility was seriously compromising the health of residents in the city of Granbury. TIME reported more than 40 people with serious health problems, including cardiovascular disease, high blood pressure and hearing loss. At least 10 of the residents needed to go to the emergency room or an urgent care facility.

The disturbances were caused by the extreme noise generated by the crypto-mining facility’s fans, which are used to keep the machines cool. While the proposed data center in Abilene would use liquid cooling systems, it’s still unclear whether the facility’s operations would pose a health risk to local residents.

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