Edul Patel News

Mudrex, a leading crypto platform, is organizing an event «ETMarkets: Emerging Investment Opportunities» on Wednesday. Scheduled for the 20th of March in Bangalore, this event promises to be a crucial platform for a diverse range of financial professionals, including investment advisors, mutual fund advisors, equity traders, wealth advisors, distributors of wealth products, and industry experts. From traditional options like stocks and bonds to alternative assets such as cryptocurrencies and real estate, attendees will gain invaluable insights into navigating the ever-evolving financial landscape.

Mudrex, an Indian cryptocurrency investment platform, has announced plans to offer US spot Bitcoin (BTC) exchange-traded funds (ETFs) to institutional and retail investors in India, said CEO and co-founder Edul Patel in a recent interview.

ETFs. Bitcoin's price surged from $42,265 on January 1, 2024, to $68,537 on March 4, 2024. This surge represents a nearly 62% increase.

cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin, OKX, and others, were blocked in India on Friday. This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country's money laundering laws. Earlier, on December 28 last year, show cause notices were sent to Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io and Bitfinex for operating illegally in India. The notice was issued because these companies failed to comply with registration and local tax rules. As a result, the Finance Ministry directed the Ministry of Information Technology to block their URLs. On the development, Edul Patel, CEO of Mudrex, said, «In response to the FIU’s show cause notices to non-compliant crypto exchanges, we took proactive steps, advising investors to transfer their funds to compliant platforms. We are also providing dedicated support to ensure seamless fund transfers from other exchanges, upholding the highest safety and compliance standards.» «Indian investors should always aim to have their assets in the FIU compliant entities as it gives them a way for legal recourse against any fraudulent activity on their account,» Edul suggested.

As Mudrex marks its triumphant sixth year in the ever-evolving realm of cryptocurrency, the platform reflects on a journey rich with innovation and growth. From its inception in 2018 as an automated crypto trading platform, Mudrex is the world's biggest crypto index platform, with over a million users. In an exclusive interview with Edul Patel, CEO, Mudrex, ETMarkets explored the platform's notable milestones, its pivotal role in shaping investor behaviours, and its ambitious vision for the future. As Mudrex is turning six on 12th January, can you share some key milestones and achievements the platform has experienced so far? Edul Patel: In 2018, our journey began with building an automated crypto trading platform, laying the foundation for Mudrex today.

Binance Holdings Ltd. acrimoniously split with its Indian affiliate WazirX in 2022, the world’s largest cryptocurrency exchange looked near-invincible in the local market while WazirX was flailing. A government crackdown on offshore platforms has abruptly reversed the competitive dynamics. Since Indian authorities in late December began restricting access to Binance and other foreign crypto exchanges operating there without local registrations, traders have flocked to domestic rivals like WazirX. Many of them are moving deposits across from Binance, according to the local venues. It’s a welcome reprieve for WazirX and competitors like CoinDCX and CoinSwitch Kuber, which were pummeled by a 2022 taxation regime that drove traders to offshore exchanges. They appear poised for further gains after Apple Inc.’s App Store this week took down the apps of Binance and seven other foreign exchanges after a request from India’s government. Deposit inflows at WazirX jumped about 250% in the four days following India’s Dec. 28 compliance show-cause notice to nine offshore platforms, compared with the four days leading up to it, according to the company. CoinDCX reopened for deposits right after the event and they immediately began pouring in, CEO Sumit Gupta said.

Binance Holdings Ltd. acrimoniously split with its Indian affiliate WazirX in 2022, the world’s largest cryptocurrency exchange looked near-invincible in the local market while WazirX was flailing. A government crackdown on offshore platforms has abruptly reversed the competitive dynamics. Since Indian authorities in late December began restricting access to Binance and other foreign crypto exchanges operating there without local registrations, traders have flocked to domestic rivals like WazirX. Many of them are moving deposits across from Binance, according to the local venues. It’s a welcome reprieve for WazirX and competitors like CoinDCX and CoinSwitch Kuber, which were pummeled by a 2022 taxation regime that drove traders to offshore exchanges. They appear poised for further gains after Apple Inc.’s App Store this week took down the apps of Binance and seven other foreign exchanges after a request from India’s government. Deposit inflows at WazirX jumped about 250% in the four days following India’s Dec. 28 compliance show-cause notice to nine offshore platforms, compared with the four days leading up to it, according to the company. CoinDCX reopened for deposits right after the event and they immediately began pouring in, CEO Sumit Gupta said.

ETF) to track bitcoin, industry experts predicted that Bitcoin could hit the $200,000-mark. Additionally, inflows of $50-100 billion in Bitcoin ETFs is expected in 2024, they said. Global bank Standard Chartered said in a note, «We expect Bitcoin to enjoy price gains of a similar magnitude as a result of US spot ETF approval, but we see these gains materialising over a shorter (one- to two-year) period, given our view that the BTC ETF market will develop more quickly, This is consistent with our end-2024 view of Bitcoin at the USD 100,000 level.» «If ETF-related inflows materialise as we expect, we think an end-2025 level closer to USD 200,000 is possible. This assumes that between 437,000 and 1.32mn new bitcoins will be held in spot US ETFs by end-2024. In USD terms, this should be roughly USD 50-100bn,» it added. Predicting Bitcoin's price target for 2024, Mudrex CEO Edul Patel said, «It should be a great year for BTC in 2024. The combined effect of ETFs, halving and regulatory clarity drive up demand. It is expected that BTC will cross its previous highs of $69k.»

Journeys into the crypto realm: Ajeet's wisdom & Edul's vision Ajeet, with his 53 years of wisdom, traces his fascination with new financial instruments back to the late '80s. His crypto journey began as a technological curiosity and a profound exploration of the financial dimension. It wasn't an instant love affair; Ajeet initially found the financial qualities of crypto less than impressive. However, when the blockchain and decentralised paradigm entered the scene, he saw a transformative force that could fundamentally change the finance landscape. And so, in September 2016, his crypto journey officially began. Edul Patel's s

crypto landscape in India, the Financial Intelligence Unit (FIU) India has issued a critical notice to offshore entities, signalling a significant stride in regulatory measures within the sector. Particularly directed at major exchanges like Binance, KuCoin, Kraken and others, this notice has garnered attention prompting discussions on compliance and potential repercussions. Edul Patel, the Founder and CEO of Mudrex, in an exclusive conversation with the EconomicTimes.com offered detailed insights into the implications of FIU’s directive of issuing show cause notice to offshore entities operating within India's rapidly expanding cryptocurrency sector. He emphasised the ramifications of this move on the industry's regulatory landscape and its potential impact on offshore exchanges and the Indian crypto users. Here are some key takeaways and insights shared by him during the conversation. To watch the full conversation, click here.

Bitcoin was trading 0.18% lower at $34,278, while its largest peer, Ethereum, was trading at $1,797, up 0.44% at around 12.49 p.m. Bitcoin is up 27% in October and looks to close the month above $34,000 with substantial gains. Based on 2019, the previous year before halving, November might encounter a brief pullback to keep the market healthy. $33,200 is the strong support level that Bitcoin must hold to surge ahead. Bitcoin dominance has experienced a minor decline this week as Solana, Polkadot and XRP register gains on the daily, said Vikram Subburaj, CEO of Giottus Crypto Platform. Edul Patel, Co-Founder & CEO of Mudrex, said, «Bitcoin has been hovering at the $34,300 level over the past 24 hours as traders anticipate the US Federal Reserve's decision on interest rates scheduled for Wednesday. For Bitcoin to maintain its upward trajectory, it will need to overcome the $34,700 resistance, or it may risk seeking support near $34,000.»

Meanwhile, the global cryptocurrency market cap surged 0.7% to around $1.27 trillion in the last 24 hours. Bitcoin was up 0.66% at $34,304 as of 12:30 p.m., while its largest peer, Ethereum, surged 0.54% to above the $1,750 level. Broader markets, including crypto, reflected positive gains as investors prepare for the Fed meeting scheduled for Wednesday, and the release of the U.S. jobs report. The crypto fear and greed index also continues to stay in the greed zone despite a four-point drop; currently at 68/100, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

cryptocurrency market cap was trading at around $1.05 trillion, falling 0.25% in the last 24 hours. Bitcoin was down 0.25% at $26,229 as of 11:55 a.m., while Ethereum was flat at $1,590. «The crypto market remained flat during the last 24 hours as traders await the Fed chief’s speech on Thursday, which will give us a clear picture of future rate hikes,» said Shivam Thakral, CEO of BuyUcoin. Meanwhile, Edul Patel, Co-Founder & CEO of Mudrex, said, «Bitcoin’s price has consolidated above the $26100 level. This could be because of the US 10-year Treasury yield moving up to 4.55%, matching its highest level in about 16 years.»

Meanwhile, the global cryptocurrency market cap was trading lower, around $1.15 trillion, falling 1.43% in the last 24 hours. «Bitcoin has been trading above the $29000 level. This might be attributed to the U.S. retail sales report for July, which indicates a growth of 0.7%, surpassing the predicted rise of 0.4%. Additionally, Europe’s First Spot Bitcoin ETF Listed in Amsterdam yesterday,» said Edul Patel, Co-founder and CEO at Mudrex. On Wednesday, the market cap of Bitcoin, the world's largest cryptocurrency, was around $566 billion. Bitcoin's dominance is currently 49.06%, according to CoinMarketCap.

BTC volume stood at approximately $18.1 billion, rising 34.35% in the last 24 hours. «Bitcoin’s price breached the $30000 mark in the early hours of today but consolidated to trading above the $29500 level. This movement could be because of the fall in Chinese trade numbers for July and the U.S. 10-year Treasury yield descending lower by 11 basis points to 3.98%,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens, BNB, XRP, Dogecoin, Solana, Polygon, and Polkadot were also trading higher on Wednesday.

Fitch Ratings downgraded the US long-term debt rating on fiscal concerns. Fitch Ratings has downgraded the United States' sovereign credit grade by one level from AAA to AA+ on the basis of 'ballooning fiscal deficits and erosion of governance' that have caused repeated debt limit emergencies over the past two decades. Bitcoin (BTC) surged 2.61% to $29,657, meanwhile, its largest peer, Ethereum, was also trading higher and climbed above the $1,850 level.

«Bitcoin surged to US$30,000 yesterday after the positive developments from Fitch downgrade of U.S Treasurys and Microstrategy plan to purchase more bitcoin. However, soon after a news website wrote about Binance could face US fraud charges, BTC immediately started to drop,» Edul Patel, Co-founder and CEO at Mudrex, said. «Currently, it is trading above the US$29,100 level. On the other hand, institutional investors await the US SEC's decision on the approval of a Bitcoin Spot ETF. Despite the excitement surrounding Litecoin's halving event, the coin's value plummeted by more than 5% in the last 24 hours. In the same timeframe, Uniswap's token also experienced a significant decline of over 7.8%,» he added. Bitcoin (BTC) fell 2% to $29,030, meanwhile, its largest peer, Ethereum, was also trading lower and declined below the $1,850 level.

cryptocurrency markets were trading lower in Wednesday's trade. Bitcoin (BTC) declined 1.72% to $28,895, whereas Ethereum (ETH) was below the $1,850 level. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.16 trillion, falling 1.74% in the last 24 hours.

Fitch Ratings downgraded the US long-term debt rating on fiscal concerns. Fitch Ratings has downgraded the United States' sovereign credit grade by one level from AAA to AA+ on the basis of 'ballooning fiscal deficits and erosion of governance' that have caused repeated debt limit emergencies over the past two decades. Bitcoin (BTC) surged 2.61% to $29,657, meanwhile, its largest peer, Ethereum, was also trading higher and climbed above the $1,850 level.

cryptocurrency markets were trading lower in Wednesday's trade. Bitcoin (BTC) declined 1.72% to $28,895, whereas Ethereum (ETH) was below the $1,850 level. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.16 trillion, falling 1.74% in the last 24 hours.

cryptocurrency markets were trading mixed in Monday's trade. Bitcoin and BNB were trading with gains, while Ethereum, Tron, Dogecoin, and Polkadot were trading with cuts. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 0.04% in the last 24 hours. «After an eventful weekend, Bitcoin’s value slightly rose to the $29461 level. Bitcoin continues to trade in a range between $29000 and $29500 as it has over the last week,» Edul Patel, Co-founder and CEO at Mudrex, said. «The market seems to have digested the news about Curve Finance being the victim of an exploit. Curve’s CRV token price fell by over 15.87% over the last 24 hours. Ethereum successfully breached the threshold level of $1850 and is now trading at around $1871,» Edul added.