Thursday, Jul 07, 2022
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CoinSwitch CEO Appeals for Regulatory Clarification On Crypto, Bitcoin Rises

Bitcoin rose by 1.50 per cent, while Ethereum was up by 2.46 per cent in the last 24 hours

CEO of CoinSwitch, has encouraged India to establish appropriate crypto legislation to reduce uncertainty, stating that such a measure will allow the business to expand while also helping to preserve investment in crypto and other digital assets.

Ashish Singhal, CEO of CoinSwitch Kuber has asked for India to enact suitable regulations to minimise ambiguity on crypto, saying that such a step will allow the industry to develop as well as help safeguard investment in crypto and other digital assets.

He noted that a mechanism for tracking transactions and reporting them to authorities, as well as criteria for identity verification and the transfer of crypto assets, must be developed. According to a report in cryptopotato, the World Economic Forum Summit at Davos in Switzerland has witnessed significant participation of blockchain and cryptocurrency businesses, coinciding with the drop in crypto values.

The previous year, India had twice announced it would introduce legislation to restrict cryptocurrency, but has since postponed the idea, and instead imposed a tax on the proceeds of such trades. Many saw this as a "sign of acceptance" of digital assets. "Regulations will offer tranquility... greater certainty," Singhal said, according to Reuters.

In another news, Japanese bank Sumitomo Mitsui Trust will form a new company to offer digital asset custody services. The company, Japan Digital Asset Trust, will target institutional investors. It follows an announcement earlier this month from rival Nomura that it is launching a subsidiary that will give institutional clients access to cryptocurrencies. The company hopes to have $2.3 million in initial capital with hopes to expand to $78 million in investment over the next three years.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 1.50 per cent in the last 24 hours, and it was trading at $30,507.99 at 6:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 44.29 per cent, down by 0.22 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $2,076.23 and was up by 2.46 per cent, and Binance Coin (BNB) was up by 4.51 per cent during the same time period and was trading at $333.52. Solana (SOL) was to $54.17, while Cardano (ADA) was up by 1.75 per cent to $0.5538.

Meme Coins

At 6:00 p.m., Dogecoin was trading at $0.08792, up 2.46 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 4.75 per cent, and was trading at $0.0000125. Samoyedcoin was up by 2.84 per cent, and it was trading at $0.005877, while Dogelon Mars was up by 1.65 per cent, and it was trading at $0.0000005134.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.31 trillion, an increase of 1.95 per cent in the last 24 hours, while the total crypto market volume was $66.29 billion, an increase of 17.29 per cent.

SweetSOL was the biggest gainer, gaining 1,532.01 per cent. It was trading at $0.0000005862 at 6:00 pm, according to Coinmarketcap. In contrast, TIFI Token witnessed the maximum loss and fell by 100 per cent. It was trading at $0.00000000000005551.

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