Hungary Financial News

ASCI) released guidelines for crypto or virtual digital assets (VDAs) related advertisements on Wednesday, applicable from April 1. Earlier advertisements and promotions must not appear in the public domain unless they comply with the new guidelines after April 15, 2022. Pratik Gauri, Founder and CEO of 5ire, said that India does not have room for laissez-faire market notions. The government is aiming to protect hard-earned money with the updated ASCI regulations.

It was 5 am when Kostyantyn Achkasov woke to the sounds of explosions and planes roaring overhead.

The crypto market cap stood at $1.58 trillion on Thursday after Russia ordered military action in Ukraine as against the $3 trillion mark scaled in November 2021. In terms of value, the fall in the global crypto market-cap is higher than the GDP of countries like Australia, Spain, Saudi Arabia, South Korea, Mexico, Turkey, Netherlands and Indonesia.

cryptocurrency market, in line with global equity markets, witnessed steep falls on Thursday. The mushrooming tensions between Russia and Ukraine have dampened the sentiments once again. The largest cryptocurrency and other altcoins declined into red territory after Russian president Vladimir Putin ordered military operation in eastern Ukraine. Putin made the announcement in a televised speech at the same time as the UN Security Council was urging him to give peace a chance. Barring Terra all of top digital tokens were trading lower. Avalanche plunged more than 7 per cent, whereas Bitcoin, Ethereum, Cardano, and Dogecoin tumbled between 4 and 5 per cent.

Mumbai: After Bollywood stars and sports celebrities, India’s top fashion designers are now looking at non-fungible tokens (NFTs) as a credible source of income for their digital fashion collections. Designers including Manish Malhotra, Raghavendra Rathore, Anamika Khanna and Pankaj & Nidhi have already embraced blockchain technology in order to connect with more tech-savvy audiences. Most of them have seen their initial drops of digital artwork sell in minutes on NFT marketplaces. «Fashion NFTs have received great traction on our platform and in general as well. We are hoping to introduce new-age street brands in fashion onto the NFT bandwagon as these would be a perfect fit with the young NFT community,» said Vishakha Singh, vice president, WazirX NFT Marketplace.

Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it. "RBI's view is quite known on crypto. I think it is the one of the views that has actually delayed a bill on that subject but we will engage in a fair debate on that subject and will look at all sides of the debate," Patra said, speaking at an event organised by the Pune International Centre.

blockchain, whose introduction has changed the basic paradigms of the traditional sports industry. Blockchain technology can effectively assist sports teams in monetising their fan base and strengthening fan engagement effortlessly. Blockchain isn't a future technology. It is a 21st century technology that is needed and should be used to its full potential under the current circumstances. Prominent sports clubs (Manchester City, Barcelona, PSG) and leagues worldwide are already using blockchain technology in their digital strategies. Blockchain use-cases in sports allow teams to unlock new profitable income streams and develop new ways to engage with their fans. From fan tokens to fan event monitoring and loyalty networks, the overall sports ecosystem was never this transparent, seamless and easy going for either players or fans.

Mumbai: The advertising industry’s self-governing body has put out guidelines for the promotion and advertisement of crypto and non-fungible tokens (NFTs), amid growing concerns over their sustained targeting of retail investors. The Advertising Standards Council of India (ASCI) said on Wednesday that all virtual digital asset (VDA) products and services should carry the disclaimer: “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” It further said such disclaimers should be prominent and unmissable to an average consumer. ASCI also specified how the disclaimer should look in the print, video, and audio format as well as social media posts and stories.

NFT marketplace LTD.INC has roped in denim brand Wrangler to launch NFTs. The partnership also includes Grammy award winner Leon Bridges. The campaign is named 'Mr Wrangler'. Wrangler will launch 75 NFTs, crafted around a rare denim suit made exclusively for the singer-songwriter, according to a media release.

StablecoinsStablecoins are a much more appealing alternative for conservative investors who dislike the volatility of the cryptocurrency market. They represent the best of both fiat and digital currencies and are available on all popular exchange platforms likeCoinSwitch.

ASCI) has issued a set of guidelines for the advertisement and promotion of virtual digital assets (VDAs). ASCI in its order observed that advertising for VDAs, commonly referred to as crypto or NFT products, has been very aggressive over the past few months and said that several advertisements have failed to disclose risk associated. «We have extensively consulted with different stakeholders including government and the virtual digital asset industry to frame guidelines for VDA advertising,» it said in a release on Wednesday.

cryptocurrency market was trading higher on Wednesday while investors continued to monitor the escalating tensions on the Russia-Ukraine border. All the top digital tokens were in the green, with Terra rallying 10 per cent, followed by an 8 per cent rise in Avalanche. Cardano added 6 per cent and BNB 4 per cent. The global crypto market cap jumped about 3 per cent to $1.72 trillion. The total crypto market volume, meanwhile, jumped more than 18 per cent to $82.53 billion.

Jupiter Meta is all set to launch its NFT marketplace on February 23, 2021. It will be India’s first fully curated NFT marketplace. This marketplace will focus on verticals such as music, film, and gaming, creating singular experiences for each user and enabling everyone to maximize their time in the metaverse. Jupiter Meta is aiming to tap the growing Web 3.0 space, it said, adding that it looks to bring people into a more involved and personalized feel to their metaverse interactions.

The majority of stablecoins are pegged to the US Dollar but there is a demand to create more coins with alternative denominations. That said, a few stablecoins are pegged to currencies like Singapore Dollar, Indonesian Rupiah or Euro. Large currencies have volume, some established form of consistency and track record and tangible backing, and thereby make for a good standard in the virtual currency world, said Raj A Kapoor, Founder, India Blockchain Alliance.

Bitcoin miners are feeling the heat — and the pain's rippling downstream to pressure prices. The cryptocurrency's spectacular rally in 2021 drew thousands of entrants into mining, or producing new coin. As a result the hashrate, or combined computational power used by bitcoin miners globally, has roughly quadrupled over the past six months to blow past 200 million «terahashes» per second. But what's that got to do with the price of bitcoin?

decentralised finance (DeFi) or open finance innovation has been a pivotal moment in the history of finance. It rose to prominence in the summer of 2020 with yield farming, the rise of tokens such as Compound and Sushiswap promising attractive yields to crypto traders. According to DeFi Pulse, the total value locked in DeFi protocols is over $78 billion — a growth of 10x since May 2020. This represents the current value of all deposits locked in the form of cryptocurrencies for lending, staking, liquidity pool and so on. According to Dune Analytics, there are over 4 million unique addresses (proxy for users) using DeFi applications — a growth of over 40x in the last 2 years.

crypto assets, particularly Elon Musk's favorite Dogecoin. The top memecoin has tumbled sharply, about 10 per cent in the last 24 hours, slipping down to 12th position in the terms of market capitalization from 10th earlier. Not only memecoins, other major tokens and altcoins have fallen sharply in the last 24 hours, thanks to the rising geopolitical worries and inflationary concerns.

Bitcoin dropped to a more than two-week low as fears of a possible Russian invasion of Ukraine prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level. Bitcoin dropped for a sixth straight day, touching a low of $36,372 on Tuesday after Russian President Vladimir Putin said he’s recognizing two self-proclaimed separatist republics in eastern Ukraine and ordering troops there. Other cryptocurrencies also declined, with Ether off as much as 2.9% and XRP down as much as 6.7%. Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil. At the same time, gold has reached its highest level since June.

Dogecoin and Shiba Inu dropped 10 per cent each. Bitcoin and Ethereum fell 5 per cent each. The global crypto market cap tumbled as much as 6 per cent to $1.67 trillion mark. On the contrary, the total crypto market volume jumped rallied more than 43 per cent to $101.33 billion.What's Cooking in India?The prime architect of India’s biometrics-based unique identity programme, Nandan Nilekani, feels that the proposed digital rupee should remain 'anonymous'. In a conversation with ET, the Infosys co-founder said concerns about surveillance will arise if all payment transactions are recorded and are visible. He adds that stablecoins can easily become un-stablecoins if there is a run on that currency.

Ethereum prices have been hit hard by the ongoing volatility in the crypto market. The second-largest cryptocurrency was last seen trading at $2,700 levels after hitting a low of $2,585 earlier today. It has lost about 5 per cent in the last one week. Regulatory action, geopolitical worries and inflationary concerns have kept the crypto market under pressure lately. Sharat Chandra, VP- Research & Strategy, EarthID, who anticipates a further fall in prices, expects Ethereum prices to move further south.

Asgard, a decentralized currency reserve protocol, has announced the launch of Decentralized autonomous organization (DAO) that will attempt to bring metaverse, DeFi and NFTs under one roof. A decentralized autonomous organization or DAO is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. Asgard is focusing on providing a holistic platform to the users where they can have access to all the elements of metaverse at once with ease.