Crypto Financial News

Terra (UST), a stablecoin designed to peg the value of the US dollar, and its sister coin, Luna, both plummeted. Luna, a not-so-stable stablecoin, was selling at around $118 just a month ago, but it is now virtually worthless. The crypto currency managed to erode the wealth of millions of investors, many of whom were from India. The stock market and the crypto world have attracted a large number of new investors over the last two years, owing to a liquidity-driven bull market in a low-interest rate environment. Over 20 million Indians invested in cryptocurrency in 2021 alone. However, both markets' recent crashes have affected how investors see them. The recent market crisis has debunked several market fallacies, particularly in the lesser-known area of cryptocurrency and blockchain technologies.

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The real money comes not in the buying or the selling, but in the waiting — Charlie Munger Munger may not have been talking about the crypto market, but the underlying philosophy holds true for the asset class. Crypto markets are made up of two types of investors — traders and HODLers. To many, the difference may not be evident, but their behaviour and approach to investments cannot be more disparate. To a HODLer, short-term price fluctuations are insignificant, while traders have defined levels of risk.

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Reserve Bank of India (RBI) raised a concern over cryptocurrencies or virtual digital assets (VDAs), which might lead to the 'dollarization' of the economy, as feared by the central bank. The apex lender fears that crypto assets, issued by foreign players, could be against the country's sovereign interest. Officials said cryptos have the potential to become a medium of exchange and replace the rupee in all financial transactions.

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Crypto trading platform WazirX released the second edition of its semiannual 'Transparency Report' for October 2021 – March 2022 period on Tuesday. The report provides an overview of initiatives and partnerships that the company took in the last 6 months to safeguard investors' interest from its end. During the mentioned period, WazirX has reported 100 per cent compliance rate for all the 1,023 requests received from various Law Enforcement Agencies (LEA).

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.

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Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.