City Mumbai Financial News

In this week's episode of Market Talks, we welcome Yashu Gola, a Mumbai-based financial analyst and technology journalist with a strong focus on bitcoin, smart contracts, exchange assets, NFTs, commodities, and global stocks. Yashu has been covering the cryptocurrency industry since 2014 and does not expect to stop anytime soon.

Battle Infinity (IBAT) is behind one of the most successful crypto presales of 2022. In just 24 days, this play-to-earn gaming project raised its 16,500 BNB hard cap target - or about $5 million. 

Veteran stock market investor and Indian billionaire Rakesh Jhunjhunwala, nicknamed India’s own Warren Buffett, died on 14 August in Mumbai city, Press Trust of India news agency reported. He was 62.

Ace investor Rakesh Jhunjhunwala, who died aged 62 in Mumbai on August 14, was often called India’s Warren Buffet for the similarities in investing patterns he shared with the veteran American investor. And the similarities, or rather caution, extended to cryptocurrencies as well as cash-guzzling new-age startups.

Jaskaran Arora, 27, who runs a digital advertising agency in Mumbai, has been investing in cryptocurrencies through WazirX for four years now. The platform has been his go-to suggestion to any friends and family wanting to invest in crypto tokens, especially over the past one or two years. A major reason for that has been that WazirX is backed by Binance.

 

In the otherwise male-dominated world of finance, cryptocurrency exchanges saw a sharp rise in the number of women investors over the year, indicating that young women investors are now increasingly shifting from gold to digital assets. Experts believe that not only investors, but even women entrepreneurs are coming to the fore in the crypto industry , given that it is not weighed down by inequalities.

Crypto Assets Council (BACC) on Thursday. IAMAI had created BACC four years earlier. The association, in its official statement, said it was forced to make the decision as the regulatory environment for the industry is still very uncertain. IAMAI claimed that the association has limited resources and it would like to utilise them for other emerging digital sectors, which make a more immediate and direct contribution to digital India.

Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since July 1, when a 1% tax per transaction was enforced in the country.

Mumbai: Shashank Bhardwaj from Delhi is writing off his entire investment in US-based crypto lending platform Celsius Network.The 28-year-old Bhardwaj had pumped in 30-40% of his entire crypto portfolio into the platform to earn interest on “crypto that was lying around in his wallet.” Celsius, which had almost $12 billion under management as of May, lent out the deposits of customers – who were treated as unsecured creditors – to other

In the hope of long-term gains, some brave investors are buying cryptcurrencies on dips in the market that has been under immense selling pressure in recent weeks.

Mumbai: Indian crypto investors continued to be under stress, anticipating that the worst may not be over for the crypto market, which recorded one of the worst crashes in the history of digital assets in the past week and wiped off a few hundred crores from the Indian crypto market. The world’s most popular digital currency, Bitcoin, broke the important $20,000 support level and even touched $18,000 on Saturday, its lowest level since December 2020. After reaching an all-time high of $68,789.63 in November 2021, Bitcoin has lost more than 70% of its value.

Mumbai/Bengaluru: Top cryptocurrency exchanges including CoinSwitch Kuber, WazirX and CoinDCX have written to the Unified Payments Interface (UPI) manager, the National Payments Corporation of India (NPCI), to restore UPI services for crypto players and discuss the regulator's concerns regarding UPI usage for trade in cryptocurrencies.

Mumbai: Over the last two months US-based Coinbase went from its ambitious target of tripling its workforce in India to laying off 8% of its workforce in the country. The largest crypto exchange in the US which launched its exchange services in India in April has laid off 8% of its employees, its vice president of engineering, Pankaj Gupta said on Twitter on Wednesday. This comes after its founder and CEO Brian Armstrong said on Tuesday that the company was laying off 18% (about 1,100) of its employees amid worsening macroeconomic conditions.

Millennials hunting returns drive risk-hungry investing in India

Turkish Cryptocurrency Exchange Bitay Plans To Enter Indian Market

Cryptocurrencies traded in the red early on June 11. The global crypto market cap stood at $1.19 trillion, down 2.91 percent from Friday. The total crypto market volume over the last 24 hours increased 11.34 percent to $67.62 billion.

Mumbai: Amid a global cool-off in the crypto market, Indian exchanges WazirX and Unocoin are slowing down their hiring, senior executives told ET. Apart from the current bear market, Indian crypto exchanges have had to contend with a harsh new tax regime and a pullback from banks and payment processors, which have caused trading volumes to plummet. ET reported on April 12 that trading volumeson crypto exchanges had hit a six-month low. Nischal Shetty, cofounder of WazirX, confirmed to ET that the company has slowed down hiring for the time being.

A man from Mumbai has been duped of Rs 1.57 crore in a cryptocurrency investment scam

Mumbai: Celebrities should be “circumspect” while featuring in cryptocurrency-related advertising, since crypto is an unregulated product in India, the Advertising Standards Council of India (ASCI) said. ASCI is a self-regulatory body, and its guidelines are not legally binding. In case of a breach, the standards body has in the past published the names of those who have not adhered to the guidelines. It also escalates such cases to the relevant government regulator. “We have always maintained that celebrities need to do their due diligence on the claims they endorse. The Consumer Protection Act, too, lays down penalties for endorsers in case the ad they feature in is found misleading, and if they have done no due diligence,” said Manisha Kapoor, CEO of ASCI.

Mumbai: One of the world’s top global cryptocurrency exchanges, Bitmex, is launching spot trading in India on Tuesday, despite the bloodbath in the crypto market and an unfavourable regulatory environment, a top executive told ET. The spot exchange will allow Indian users to instantly buy, convert, deposit and withdraw multiple cryptocurrencies. «India is one of the most active hubs globally for crypto adoption and not just from a trading perspective, but we are seeing a lot of activity in terms of project development, project rollouts, and actual infrastructural projects within the ecosystem. India is ranked second in the global crypto adoption index. Given its demography and tech capabilities, India is just impossible to ignore,» Jenia Mikhalchenko, vice-president of spot exchange at Bitmex, said during an interview.