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Bitcoin and Ether raise slightly, meme coins shrink

Bitcoin (BTC-USD) rose by more than 0.17%, trading at 59,460 US dollars on Thursday morning.

The world’s largest cryptocurrency continues to hover below the critical $60,000 mark, well below the all-time high earlier this month.

In early November, Bitcoin surpassed US$68,500 for the first time in its history, with a rise of more than 350% in the past year.

Ethereum (ETH-USD), the second-largest cryptocurrency by market capitalization, rose 0.1% and traded at US$4,204.

Crypto.com’s CRO (CRO-USD) token rose by 25% and was traded at $0.570015.

Since the cryptocurrency trading platform Crypto.com and Anschutz Entertainment Group (AEG) signed a 20-year contract worth $700 million to purchase the naming rights of the Los Angeles Staples Center basketball team, Bitcoin has been rising since the Los Angeles Lakers.

This rebound has helped push cryptocurrencies into the top 20 cryptocurrencies by market capitalization. According to CoinGecko’s data, CRO is now ranked 15th.

Crypto.com was launched in 2016 and has grown steadily, reaching 1 million users in September 2019. It now has more than 10 million users.

This transaction will provide Crypto.com with more mainstream brand awareness. The name change will take place on December 25, when the Los Angeles Lakers will host the Brooklyn Nets on Christmas Day.

Shiba Inu and other Meme coins Lose Half of their Values

Shiba Inu (SHIB) has been undoubtedly the market leader in the meme coin field in the past month or so, stealing all the glory from the former meme coin champion Dogecoin (DOGE). 

Although DOGE’s market value is still higher than SHIB, it was the latter who stole the limelight at the end of the third quarter of this year.

In October, the price of SHIB soared by more than 1000% and reached a record high of around US$0.00008616.

Unfortunately, this momentum did not last, as it seemed to be mainly driven by retail investors. This, coupled with the fact that the total supply of SHIB is highly concentrated, led to what happened next.

Fast forward a few weeks later, and the price of SHIB has fallen by nearly 50%. We saw no real signs of excitement in October, and interest in cryptocurrencies is quickly fading.

How have other meme coins performed recently?

Floki Inu (FLOKI)-the coin named after Musk’s dog-has fallen 51.7% since its record high 14 days ago. Baby Doge (BABYDOGE) has fallen 46.6% since its peak. Since its peak on October 30, Dogelon Mars (ELON) has fallen 32%.

The situation of other meme coins around the same theme is similar-they have all suffered considerable losses.

However, the thing about them is that you never know when they will become popular again. The skyrocketing of SHIB seems to have appeared suddenly, and it is pushed to a range where the trading volume of SHIB is larger than its own market value.

However, the gains seem to come quickly, leaving many people with bags of unsuitable investments.

However, we can learn many lessons from it. Start now and never chase the pump. If you missed it—you have missed it, you’d better look for a new opportunity instead of grabbing a knife.

When it comes to meme coins, they obviously can no longer be considered as potential investment options. Still, it is also essential to conduct proper due diligence before investing cash in the “next SHIB.”

Indians won’t trade but only pay with crypto 

Close-up of Bitcoin with Indian rupee notes

Although concerns about a total ban on virtual currencies have been eliminated, Indian investors are still confused about what may or may not be allowed.

Today, Narendra Modi, Indian Prime Minister, called all democracies to work together on crypto regulation.

Modi’s speech comes when India is still finalizing the details of the cryptocurrency regulatory framework. Just last week, Modi chaired a meeting to discuss the future of cryptocurrency in the country and soon afterward held the first parliamentary discussion on cryptocurrency. The parliamentary panel finally concluded that encryption needs regulation but should not be illegal.

According to anonymous sources, although a comprehensive ban is no longer considered, the new regulations may prohibit the use of cryptocurrencies for payments. These sources added that cryptocurrencies might become assets, such as stocks or gold.

Although banning encrypted payments means closing a major encryption use case, this is in line with the central bank’s position. Shaktikanta Das, Governor of the Reserve Bank of India, reiterated that cryptocurrencies could not be “currency” due to the lack of intrinsic value. In addition, the Reserve Bank of India has been calling for a ban on encryption, citing concerns about financial and economic stability.

In addition, cryptocurrency exchanges and companies won’t be able to solicit users actively. The cryptocurrency exchanges WazirX and Bitbns have decided not to advertise in anticipation of regulatory bans.

Therefore, India may classify cryptocurrency exchanges as e-commerce platforms. It might impose a 1% tax on them under the goods and services tax system.

Currently, cryptocurrency exchanges pay 18% of goods and services tax, passed on to investors as transaction costs. The government is also exploring ways to reduce the tax rate of blockchain technology.

The details of the Indian cryptocurrency bill is not public yet. Although the government is still revising the statement, it should come at the next parliamentary meeting starting on November 29.

Defy launches first Indian crypto exchange platform

 

While the government of India discusses banning or allowing cryptocurrencies,

The first Indian exchange platform got launched.

After $5.5 million in seed funding, the fintech startup Defy launched India’s first social cryptocurrency exchange, allowing users to create personal profiles and share portfolios with friends and followers.

Social trading is a form of investment that mimics the strategies of prominent traders and influencers and even friends and relatives, which means directly copying another trader’s position.

Defy was founded by entrepreneurs Bhagaban Behera, Sriharsha Setty, and Nakul Kelkar. The project aimed to disrupt the Indian cryptocurrency space through a social and community-based approach.

Users can use social channels to interact with experts and follow investment strategies. They can also track friends’ investment portfolios. Moreover, Defy’s goal is to educate users through gamified content and social conversations around encryption.

The first version of the platform is available to Android users on the Google Playstore.

The social interaction part takes place on Discord, a digital distribution platform. However, the plan is to introduce this feature in the application itself.

This fintech startup has ten crypto assets from the beginning, such as Bitcoin, Ethereum, Ripple, and Stellar.

Usually, copy trading platforms are associated with big traders, and investors can follow their strategies. However, the startup does not intend to follow this strategy. Instead, it assigns some kind of badge to the profiles of investors whose portfolios are performing well.

Defy plans to attract 1 million trading users in the next six months and provide some incentives for investors to disclose their investment portfolios.

The startup will also explore introducing fixed deposits, system investment plans (SIP), and crypto-backed credit cards for its users later.

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