In an unexpected turn of events, Shiba Inu (SHIB) claimed the title of the most-traded cryptocurrency on the Indian exchange WazirX in March 2024. This significant milestone underscores a shifting landscape in the crypto investment world, where SHIB, originally a memecoin, outpaced Bitcoin and other established altcoins in trading volume on the platform.
Shiba Inu's Rising Popularity
The rise of Shiba Inu on WazirX is not just a testament to its growing popularity but also to the broader acceptance of memecoins in the investment community. WazirX's report, published on April 2, highlighted the substantial investor interest in SHIB, marking a notable increase in demand within the crypto market.
Initially launched as a playful rival to Dogecoin in August 2020, Shiba Inu has since evolved into a formidable player in the cryptocurrency space. As of now, SHIB trades at $0.000027, boasting a market capitalization of $15.91 billion, positioning it 12th among over 9,400 active cryptocurrencies listed on CoinMarketCap.

Market Dynamics and SHIB's Ecosystem Growth
Over the past 24 hours, SHIB has experienced a support level at $0.00002573 and faced resistance at $0.00002729. Despite being 69.62% below its all-time high reached on October 28, 2021, SHIB's success transcends mere trading volumes. The cryptocurrency has expanded its ecosystem to include a metaverse and the Shibarium blockchain, catering to community members through SHIB domains. These strategic developments have significantly contributed to SHIB's adoption and utility in the digital asset space.
The Indian Crypto Market's Enthusiasm for SHIB
The enthusiasm for cryptocurrencies among Indian investors is palpable, with SHIB leading the charge as the dominant trading volume on WazirX’s platform since December 2022. Remarkably, 27% of first-time crypto users opted for SHIB, highlighting its appeal to newcomers in the crypto world.
Diverse Interests Among Crypto Investors
Besides Shiba Inu, WazirX's list of top-traded cryptocurrencies features Bitcoin, Pepe, FLOKI, and Dogecoin, showcasing the diverse interests of crypto investors. Shiba Inu's ascent to the pinnacle of trading activity on WazirX is indicative of its solid market presence and reflects the growing engagement of investors with memecoins, further enriching the dynamic cryptocurrency ecosystem.
$SHIB
#Shibarium #SHIB #India #BTC

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

CryptosHeadlines.com - The Leading Crypto Research NetworkGlobal cryptocurrency exchange Gemini has announced a significant $24 million investment to expand its operations in India. They are focusing on strengthening their development center in Gurgaon.This decision is driven by India’s immense potential in the tech and blockchain sectors. Gemini opened its Gurgaon Development Center in May and has already grown its team to over 70 members, actively hiring for various roles.
Pravjit Tiwana, CEO for the APAC region at Gemini, has expressed confidence in India’s status as a global hub for entrepreneurship and technology. He highlighted the Indian government’s support for startups, which has been crucial to Gemini’s expansion plans. The Gurgaon center will play a vital role in core platform development, particularly in compliance, data management, security, and payments.
Gemini aims for its India operations to become the second-largest after its U.S. headquarters, demonstrating its commitment to the Indian market. The company is also exploring opportunities in the Asia-Pacific region as part of its global growth strategy.
However, Gemini has faced legal challenges, including a class-action lawsuit in December 2022 alleging improper securities registration for interest-bearing accounts. In May 2023, the Philippines Securities and Exchange Commission (SEC) issued a notice to Gemini for operating without proper authorization in the country.
India’s cryptocurrency landscape offers promise but also faces regulatory scrutiny. Despite these challenges, the crypto and blockchain ecosystem in India continues to attract entrepreneurs and investors. As Gemini expands in India, it navigates the complexities of regulatory landscapes that cryptocurrency exchanges encounter as they aim for global prominence.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoMarket #Bitcoin #CryptoNews #Gemini #India

CryptosHeadlines.com - The Leading Crypto Research Network

New Delhi, Aug 27 (PTI) – Prime Minister Narendra Modi emphasized the need for a worldwide framework concerning cryptocurrencies and the responsible application of artificial intelligence (AI).

He shared these views while speaking at the B20 Summit India 2023, an event organized by CII, held in New Delhi.

During his address, the Prime Minister proposed the observance of an ‘International Consumer Care Day’ on an annual basis.

He also suggested a transition from the current practice of carbon credit trading to adopting ‘green credit’ initiatives.

Highlighting India’s role in the digital revolution of Industry 4.0, Modi underlined that the nation has emerged as a prominent force in shaping a reliable and efficient global supply chain.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #Blockchain #Bitcoin #CryptoNews #India

#Cryptocurrency Adoption in India is Growing

Despite the government's recent crackdown on the industry, the number of cryptocurrency users in India is growing. A recent survey found that 10% of Indians have invested in cryptocurrency.

India is one of the world's largest cryptocurrency markets, with an estimated 100 million users. The number of cryptocurrency users in India has been growing rapidly in recent years, due to a number of factors, including the increasing awareness of cryptocurrency, the growing popularity of decentralized finance DEFI, and the government's efforts to develop a digital rupee.

The government's crackdown on the cryptocurrency industry has been motivated by concerns about the use of cryptocurrency for money laundering and other illegal activities. However, the government has also recognized the potential of cryptocurrency to boost economic growth and innovation.

In 2022, the government announced that it would be developing a digital rupee, which is a central bank digital currency (CBDC). The development of the digital rupee is seen as a way to regulate the cryptocurrency market and to promote the use of digital payments in India.

The growth of cryptocurrency adoption in #India is a positive development for the country. Cryptocurrency has the potential to boost economic growth and innovation, and it can also provide a more transparent and cheaper alternative to traditional financial institutions. However, it is important to note that cryptocurrency is a volatile asset, and investors should be aware of the risks involved before investing.

Here are some of the reasons why cryptocurrency adoption is growing in India:

The young and tech-savvy population: India has a young and tech-savvy population, which is more likely to adopt new technologies like cryptocurrency.

The lack of trust in traditional financial institutions: Many Indians have lost trust in traditional financial institutions, due to corruption and high fees. Cryptocurrency offers an alternative to these institutions, which is more transparent and cheaper to use.

The potential for financial gain: Many Indians see cryptocurrency as an investment opportunity, and they believe that the value of cryptocurrency will continue to grow in the future.

The future of cryptocurrency in India is uncertain. The government's crackdown on the industry could slow down the adoption of cryptocurrency in the short term. However, the long-term potential of cryptocurrency in India is still very promising.

Here are some of the challenges that cryptocurrency adoption in India faces:

Government regulation: The government's crackdown on the cryptocurrency industry is a major challenge to the adoption of cryptocurrency in India. The government has not yet clarified its stance on cryptocurrency, and it is unclear how the government will regulate the industry in the future.

Lack of awareness: There is still a lack of awareness about cryptocurrency in India. Many people do not understand what cryptocurrency is, and they are wary of investing in it.

Volatility: The price of cryptocurrency is volatile, and it can fluctuate wildly. This makes it a risky investment, and it can deter people from adopting cryptocurrency.

Despite these challenges, the future of cryptocurrency in India is still very promising. The country has a young and tech-savvy population, and there is a growing interest in cryptocurrency. As the government clarifies its stance on cryptocurrency and as the industry matures, the adoption of cryptocurrency in India is likely to increase. #crypto

Chainalysis releases Global Crypto Adoption Index 2023

India, Nigeria and Thailand have been ranked as the top three countries in Chainalysis's 2023 Global Crypto Adoption Index, leading grassroots adoption of cryptocurrencies even among lower middle income (LMI) countries. The blockchain analytics firm has released an excerpt from the report highlighting that the Central and South Asia and Oceania region is at the top of its index, comprising six of the top 10 countries. The index highlights that the FTX collapse of 2022 has led to a worldwide decline in cryptocurrencies. Lower middle income countries ranked first in the World Bank's ranking of countries by funding, showing that #cryptocurrency adoption has grown the strongest over the past 12 months.

Chainalysis' data highlights several promising aspects, pointing out that countries in the LMI category generally have developing industries and populations. It covers more than 40% of the world's population. The data also shows that the pace of institutional adoption, driven by organizations in high-income countries, is increasing despite a prolonged bear market. The report also predicts the potential adoption of cryptocurrencies, where crypto assets can meet the needs of users in both high-wealth and developing countries.

India remained at the forefront

According to the Chainalysis Index, #India  remains the largest cryptocurrency market in the region and leads the way in grassroots adoption. This is ahead of other major economies. It has become the second largest crypto market by estimated transaction volume globally. Chainalysis also noted India's unique tax cut applicable to cryptocurrency transactions, with a 1% tax imposed on all transactions.

India also becomes world leader in crypto regulation

Along with this, recently India has also played an important role in implementing the Global Crypto Framework. India has proved itself once again by organizing a successful #G20  summit. During its G20 presidency, India has united all the G20 countries and prepared for a consensus for the regulation of crypto. Where all the countries decided that the crypto framework will facilitate the exchange of information between the G20 countries from 2027. Due to this, India may also get some big responsibilities. Among these responsibilities, a major responsibility of #cryptocurrencyregulation can also fall on India's share.

A recent Statista report has revealed that India’s crypto community is expected to soar to over 156 million members by the end of the year. This estimation indicates that over 11% of India’s population will have jumped into the cryptocurrency sector by the end of 2023.

The country’s crypto adoption rate is predicted to surpass that of major economies such as the United States, the United Kingdom, Japan, and Russia.

The report highlighted that most Indians who deal with digital assets are well-educated and aged between 18-40. The younger generation, in particular, has shown a strong inclination to interact with the industry in other countries as well.

Moreover, India’s cryptocurrency market could offer profits worth approximately $3.3 billion this year, with revenues expected to skyrocket to nearly $6 billion by 2027. Statista also found that the residents of the capital city, Delhi, are most likely to buy and hold digital currencies for the long term. Bengaluru, the largest city in the state of Karnataka, also has a significant number of HODLers.

@azcoinnews

The average revenue per user in the Cryptocurrencies segment is expected to amount to US$21.28 in 2023. However, it is worth noting that the highest revenue is projected to be generated in the United States, with an estimated US$22.7 billion in 2023. The number of users in the Cryptocurrencies segment is anticipated to reach 191.8 million users by 2027, with user penetration expected to hit 13.1% by then.

The uncertainty in the traditional finance system and the search for higher profits are the primary driving factors pushing Indians toward the digital asset field. With a thriving crypto ecosystem, India has become an attractive market for cryptocurrency exchanges and blockchain-based startups.

In conclusion, India’s crypto community is poised for exponential growth in the coming years, as more Indians seek to diversify their investment portfolio and capitalize on the potential of digital assets.

#India #Bitcoin #crypto #BTC #azcoinnews

This article was republished from azcoinnews.com

Ratan Tata, the esteemed Indian industrialist and philanthropist, has publicly addressed the circulating rumors regarding his alleged involvement and investments in cryptocurrencies. In a clear and unequivocal statement, Tata categorically denies any association with the crypto space and urges the public not to believe unfounded speculations.

With the surging interest in cryptocurrencies, prominent figures like Ratan Tata often become targets of false rumors and misleading reports concerning their participation in the digital asset realm. To put an end to such speculation, Tata has explicitly stated that he has no connection whatsoever with cryptocurrencies, dismissing any claims suggesting the contrary.

As a highly regarded business leader, Tata's statement carries significant weight in setting the record straight and offering clarity on his position regarding cryptocurrencies. It underscores the importance of relying on accurate information from reliable sources and discourages the propagation of baseless assumptions.

While Tata's remarks specifically pertain to his personal involvement, it is crucial to recognize that the #cryptocurrency market remains a dynamic and ever-evolving domain. Individuals and institutions make their independent decisions concerning cryptocurrency investments. It is incumbent upon investors to conduct thorough research, exercise prudence, and seek advice from trusted sources before engaging in any cryptocurrency-related activities.

By addressing the rumors head-on and clarifying his stance, Ratan Tata aims to dispel any misunderstandings and reaffirm his non-involvement in the crypto space. His statement reinforces the significance of relying on factual information and highlights the necessity for responsible and informed decision-making in the realm of cryptocurrencies.$BNB $BTC

Remember that the cryptocurrency market is highly volatile and subject to rapid changes. It's important to conduct thorough research, stay updated with the latest news, and exercise caution when making investment decisions.

#India #Binance #crypto2023