Connect with us

Blockchain

Bitcoin’s growing popularity in India and how Remitano can help

Currently, an important sector of humanity is betting on investing in digital assets. Among the most prominent digital assets, we find cryptocurrencies, especially bitcoin, which is the founder of the

The post Bitcoin’s growing popularity in India and how Remitano can help appeared first on AMBCrypto.

Republished by Plato

Published

on

Currently, an important sector of humanity is betting on investing in digital assets. Among the most prominent digital assets, we find cryptocurrencies, especially bitcoin, which is the founder of the crypto market.

Recently crypto market analysts have detected a significant increase in transactions from bitcoin to INR, that is, from bitcoin to the national fiat currency of the Asian giant – India.

According to Coingecko, a private institution that is dedicated to fundamental analysis of the cryptocurrency market and constantly monitors the price, volume, and market capitalization of such digital assets, said that the increase is almost 500% since March 2020.

Average daily volume traded on India’s top four cryptocurrency exchanges stood at over $22.4 million as of December 16, 2020, compared to just under $4.5 million as of March 1, 2021”.

This news has powerfully drawn the attention of the global crypto community, especially cryptocurrency exchange, trading, and mining companies.

And this has to do with the fact that India is a country with too much commercial potential, especially if we take into consideration that it is the second most populated country in the world, and with a tendency to be the most populated.

So imagine for a moment how many new Indian traders are wondering right now how to buy bitcoin in India? Especially because it has become a solution to beat the global financial crisis that Covid-19 has caused.

This whole situation shows that it is not surprising that the number of transactions from bitcoin to INR has increased in India.

But, why is the number of transactions from bitcoin to INR increasing in India?

Most of the world’s markets are a complex and accurate representation of the social phenomena behind them.

A situation that automatically impacts the number of transactions between bitcoin and multiple fiat currencies on a global scale, the INR is no exception, especially in a country that until March 2020 was sunk for a long period of two consecutive years in a legal block issued by the Reserve Bank of India.

Bitcoin's growing popularity in India and how Remitano can help

Source: BlockWiz

However, once the Supreme Court of Justice of India ruled a temporary ruling in favor of the crypto-community and crypto trading, the volume of transactions increased by almost 500%, this phenomenon was It was mainly in the Peer to Peer (P2P) cryptocurrency Exchange modality, a modality that serves as an Interlude to traditional professional exchanges, and that as an aggregate allow the direct conversion of bitcoin to INR, through local banks and fiat accounts from India.

If you wonder what is the best way to buy bitcoin? Or how to buy bitcoin in India? There is no doubt that the answer is the P2P Exchange modality, which is currently changing its Peer to Peer modality towards direct trade with Indian private banks (among other local payment methods), as long as the Indian authorities allow this type of Commerce.

An example of a P2P exchange, which is characterized by offering high security standards and does not charge commissions for transactions from bitcoin to INR, is Remitano, for more details click here: http://remitano.com/btc/in.

The aforementioned explains that the first reason for the increase in trading volume from bitcoin to INR was the temporary lifting by the Supreme Court of Justice of India of the ban on trading in cryptocurrencies through local fiat banks.

What caused bitcoin to increase in value considerably in the last quarter of 2021?

Although the Covid-19 pandemic can be considered as a negative event for humanity by many financial analysts, on the other hand it represented a great opportunity for the crypto market since most of the world’s people have seen their conventional income decrease, as well as being locked in their homes most of the time, they have been forced to look for alternative sources of income such as digital assets, and the question would be how not to invest in the most important digital asset of the last decade? (This according to the Bank of the Americas).

We can confirm what has been said above with the statements of Gaurav Dahake, executive director of BitBNS.

If we had 100 users signing up daily before March, now we are seeing 800 users signing up daily. We are now processing around Rs 70-80 million in daily operations”.

In the same vein, Dahake adds:

The main drivers of the increase in trading volumes come from the Supreme Court order and the COVID-19 pandemic as people who lost their jobs or who witnessed a pay cut turned to cryptocurrencies as an alternative option to win money”.

But, this does not end here since we must also refer to the important role that institutional investment has taken in the crypto market, and very specifically in Bitcoin.

All this motivated precisely because of the financial crisis caused by Covid-19, which in turn provoked the excessive printing of inorganic banknotes in all fiat currencies in the world, but especially the USD, so as many companies to go to the bitcoin and other cryptocurrencies as an alternative.

The most recent example can be found with the case of Grayscale, the institutional giant of investments in cryptocurrencies, which recently bought 72,950 bitcoins in December, and in turn, was 159.49% more than the 28,112 bitcoins mined during the past month, all this based on data from Coin98 Analytics.

Bitcoin's growing popularity in India and how Remitano can help

Source: BlockWiz

Finally, it should be noted that behind these strong institutional investments, there is a cluster of speculative traders who seek to obtain profits from the large movements caused by institutional ones. So if you are in India today wondering how to buy in bitcoin? Here’s a detailed guide so you don’t miss out on investing in the biggest digital asset of our time: bitcoin.

Conclusion

As we can appreciate the phenomenon of the increase in transaction volumes from bitcoin to INR, in essence, it is the return of the investments made by the Indians in bitcoin towards their local currency. With each passing day, bitcoin becomes more popular in the nation that will soon be the most populated country in the world.

This is why it is not surprising that the indicators of the number of transactions from bitcoin to INR continue to increase in the present and immediate future.

More so, if we take into consideration that trading cryptocurrencies through local banks are a provisionally legal fact in India. All this to the point, that most of the P2P exchanges are associating directly with the majority of banks and banking systems in the Asian nation.

The buying and selling of bitcoin in India, as in most countries in the world, is a positive financial circle that strengthens liquidity, and in turn has allowed us to observe the increase in transactions from bitcoin to INR, a very positive fact if we take into consideration that India is the nation with the most potential for the crypto market.

Disclaimer: This is a paid post and should not be taken as news/advice.

Source: https://ambcrypto.com/bitcoins-growing-popularity-in-india-and-how-remitano-can-help

Blockchain

Thieves Stole About $450,000 from Crypto Trader at Knifepoint

Republished by Plato

Published

on

A Hong Kong woman has fallen victim to a gang of robbers after conducting a crypto transaction worth almost $450,000.

Gang of Four Steal $450K From Hong Kong Crypto Trader

According to a report by the South China Morning Post, a female crypto trader was held at knifepoint by a gang of thieves, who stole HK $3.5 million ($448,700) from the victim.

As part of the robbery operation, one of the thieves posed as a prospective cryptocurrency buyer. The woman had earlier conducted different crypto transactions for the man, ranging between HK$600,000 and HK$700,000.

Hong Kong authorities stated that the trader sold Tether (USDT) tokens to the man via her iPhone and was later lured to an office to receive payment in cash. Shortly after receiving the money, other members of the gang held the trader at knifepoint to steal the money and her iPhone.

Authorities were able to get wind of the robbery after the victim contacted her husband with a second phone, who in turn called the police. Meanwhile, authorities are conducting a search for the gang.

The woman’s uncle, who escorted her to the location of the transaction, also told the police that he saw four men fleeing the scene of the crime.

The details of the attack also closely resemble another incident from earlier in January when a gang of four robbers stole HK $3 million from another crypto trader. In the earlier case, the hoodlums also posed as prospective buyers, completed a few transactions to gain trust before pouncing on their victim.

Armed Robbers and Kidnappers on the Prowl for Crypto Owners

Physical crypto-related thefts are reportedly a regular occurrence in Hong Kong, with the number of such incidents doubling between 2019 and 2020. Indeed, the growing value of cryptocurrencies seemingly provides incentives for armed robbers looking for victims.

Back in 2018, a police officer in India was among a group of people arrested in connection with the kidnapping and extortion of a businessman to the tune of over $49 million.

CryptoPotato compiled a list of crypto security tips for investors and traders to safeguard their wallets and crypto. One of the important things to consider is keeping your holdings private and be very careful when it comes to peer-to-peer transactions.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/thieves-stole-about-450000-from-crypto-trader-at-knifepoint/

Continue Reading

Blockchain

3 key reasons why Polkastarter (POLS) price rallied 500% since December

Republished by Plato

Published

on

Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It launched in October of 2020 as a way for projects to raise capital in a decentralized environment and since January the token has rallied 500% to a new high at $1.78.

Three possible reasons for the recent growth of POLS are the strong rally seen from Polkadot, strategic partnerships and exchange listings and an expanding list of token launches via auctions.

POLS/USDT 4-hour chart. Source: TradingView

The rise of Polkadot

The rising popularity of the Polkadot network is arguably the most significant influencer on the price of POLS. Similar to Kusama, Polkastarter’s association with Polkadot could attract additional user and investor attention.

POLS price vs. Social engagement. Source: LunarCrush

Polkadot’s rally began on Dec. 27, 2020, and it culminated on Jan.15 as DOT saw a 75% price increase in one week. POLS strong rally also reignited on Dec. 27 and followed a similar trajectory to DOT.

Now that DOT has flipped XRP to become the fourth-largest cryptocurrency by market cap, further price strength for Polkadot has the potential to have a positive impact on the overall performance of Polkastarter.

Exchange listings and partnerships

Prior to Jan. 14 POLS was only available on Uniswap and Poloniex. At the time its liquidity was limited and high ETH gas fees also complicated matters for those thinking about trading the token.

After the Huobi exchange announced plans to list POLS on Jan. 14, its trading volume increased from an average of $2 million to $22 million overnight.

Now the POLS community is working on being listed at OKEx and a recent tweet from the project informed supporters that the project only needs 2,000 more votes to qualify.

Listing POLS on another high-volume exchange has the potential to further boost the token’s price as more people will have access to one of the fastest-growing Polkadot based projects.

Successful auctions and token launches

Similar to the initial coin offerings (ICO) that occurred in 2017 and 2018, Polkastarter is gaining momentum due to its ability to attract capital heavy investors looking for the opportunity to get first access to the newest blockchain projects.

Polkastarter’s protocol is designed to enable cross-chain token pools and auctions as a method of raising capital in a decentralized fashion. To date, the platform has conducted 12 separate Initial Decentralized exchange Offerings (IDOs) with 20 different pools consisting of both public and private offerings. To date, only one pool failed to sell out.

The strong rally seen from DOT has only increased the desire of projects wanting to develop on top of Polkadot in order to capitalize on its growing popularity as well as avoid the challenges associated with building on Ethereum.

List of initial decentralized exchange offerings on Polkastarter. Source: Polkastarter

Tosdis, the most recent IDO conducted on Polkastarter, tweeted the following after its successful auction as an example of the platform’s growing popularity:

“We are really delighted to announce that our IDO on Polkastarter is sold out. POLS pool was sold out in record 30 seconds. After fixing some overloading and gas issues, the public pool was sold out in 90 minutes. We are overwhelmed by the support. Thank you and Stay tuned.”

Polkadot’s rise, successful IDOs on the Polkastarter platform and the listing of POLS on new exchanges have helped propel the value of the token to new highs and investors are optimistic that these strong fundamentals will push the price higher.

In addition to these fundamental factors, Ether’s (ETH) recent surge to a new all-time high has many analysts calling for the start of a new ‘altcoin season’. According to Raoul Pal, the CEO and co-founder of Real Vision Group and Global Macro Investor, traders are likely to plow into “higher risk alts” after Ether secures a new all-time high.

If this prediction does come to pass, it could also mean even brighter days are ahead for the Polkastarter ecosystem.

Source: https://cointelegraph.com/news/3-key-reasons-why-polkastarter-pols-price-rallied-500-since-december

Continue Reading

Blockchain

Latest CME Report Reveals Growing Appetite for Bitcoin Amongst Institutions

Republished by Plato

Published

on

  • Bitcoin has been consolidating within the $30,000 region throughout the past few days and weeks
  • Bulls and bears have largely reached an impasse, with buyers and sellers both being unable to spark any trend
  • This comes as large institutional inflows show some signs of tapering, with these buyers largely being viewed as the ones responsible for the recent market-wide surge
  • The latest Commitment of Traders (CoT) report from the CME reveals a striking trend – institutions are increasingly adding to their long exposure
  • This seems to invalidate the notion that institutions are slowing their accumulation habits and may point to an imminent wave two of buying from these parties

Bitcoin has seen mixed price action as of late, with the selling pressure in the upper-$30,000 region slowing its ascent as bulls and bears largely reach an impasse.

Where the crypto market trends in the mid-term may depend largely, if not entirely, on whether or not Bitcoin can continue stabilizing or break above $40,000.

Any strong rejection here could cause the crypto to see some notable losses that potentially lead altcoins to follow suit and selloff as well.

One positive trend that seems to bode well for Bitcoin’s outlook is growing long-exposure from institutions using the CME.

This trend suggests that institutions are still pouring money into the market.

Bitcoin Stagnates as Consolidation Phase Persists

At the time of writing, Bitcoin is trading up just under 2% at its current price of $36,700. This marks a notable decline from daily highs of nearly $38,000 set just a couple of hours ago.

The entire market retraced with BTC, but ETH and other altcoins are all trading up significantly from where they were just a few days ago.

Institutional Traders Are Increasingly Long on BTC

One positive trend for Bitcoin is the growing presence of institutions in the market, which is a large part of why it has been rallying so heavily throughout the past few months.

Although they may be bidding less aggressively on BTC as it hovers around its all-time highs, data from the CME’s latest Commitment of Trader’s report indicates that long interest for BTC amongst institutions is steadily climbing.

“12 – January CME $BTC Commitments of Traders (COT) report – Open Interest: 12,039 up 6.5%”

Bitcoin

Image Courtesy of Unfolded. Source: TradingView.

The coming few days should shine some light on whether or not the constant rejection seen by Bitcoin in the upper-$30,000 region will have any impacts on its mid-term trend.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/analysis/btc/latest-cme-report-reveals-growing-appetite-for-bitcoin-amongst-institutions/

Continue Reading
Blockchain3 days ago

Will exchanges run out of Ethereum?

Blockchain4 days ago

Consob Blocks 6 New Illegal FX Websites

Blockchain2 days ago

Bitcoin Cash, Zcash, Decred Price Analysis: 17 January

Blockchain2 days ago

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

Blockchain4 days ago

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

Blockchain4 days ago

Bitcoin Reserves Of Block.one Stands As Twice The Worth Of EOS

Blockchain2 days ago

Decred co-founder explains the possible effects of a CBDC takeover

Blockchain2 days ago

Ethereum, Monero, Algorand Price Analysis: 17 January

Blockchain4 days ago

Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

Blockchain4 days ago

Six-Figure Bitcoin Price Predictions Back on The Table

Blockchain2 days ago

Cardano “Working On Something” That Could Solve Twitter’s Decentralization Dilemma

Blockchain2 days ago

Healthcare Jobs of the Future

Blockchain4 days ago

Fintech’s Hottest Trends in 2021? Privacy, Control, & Customization

Blockchain4 days ago

Exchanges See 27% Drop In ETH Supply In Just 48 Hours

Blockchain4 days ago

FinCEN Extends Comment Window on Proposed Crypto Regulations

Blockchain2 days ago

Will Bitcoin see another trend reversal in 2021?

Blockchain4 days ago

Federal Reserve’s Powell Says Stablecoins Risk “High-Level Focus”

Blockchain3 days ago

Michael Novogratz’s Galaxy Digital to Jump Into BTC Mining

Blockchain2 days ago

Top 5 cryptocurrencies to watch this week: BTC, LINK, UNI, XTZ, ATOM

Blockchain2 days ago

Analyst: Hodlers will be this year’s biggest Bitcoin gainers

Trending