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Parth Dubey

Crypto market crashes on Indian exchanges amidst ban FUD

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Amidst the huge regulators’ involvement and FUD, Indian crypto exchanges witnessed a sudden panic selling which resulted in a midnight crash dumping the dollar-linked stable coin tether (USDT) by 25% to nearly 60 Indian Rupees ($0.8061). This happened just after the news on the cryptocurrency bill went viral on Wednesday.

The global crypto market has started gaining some bullish momentum after around a 20% global drop in the past few weeks, but the Indian market saw something totally different.

The crash wasn’t just limited to Tether but also reflected on multiple top coins, including king coin Bitcoin (BTC), largest altcoin Ethereum (ETH), meme coins Shiba Inu (SHIB) and Dogecoin (DOGE), and Metaverse hero Sandbox (SAND).

The crypto price crash

The crash occurred soon after the so-called “government-funded” media channels created FUD around crypto. An interview on a local media channel even said that the only choice Indians have is to sell all their cryptocurrencies and never return back.

As per local sources, the Indian government is reportedly planning to roll out a bill seeking to ban private tokens while allowing specific exceptions to support blockchain technology.

The announcement of the bill came through the Parliament, which stated that the country would introduce and list 26 new bills, including the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the upcoming Winter session.

The bill seeks a legislative vote and discussion over creating an official virtual currency while banning “all private cryptocurrencies,” starting Monday.

The major sell-off on the Indian exchange platform WazirX this morning at 3:30 am UTC slipped the Bitcoin price by around 15%, from 4,600,000 rupees (around $61,800) to 3,917,659 rupees (around $52,600) within two hours. Other popular coins like Ethereum and Cardano also fell by double-digit losses on the exchange.

Statements from founders

Nischal Shetty, CEO of the WazirX, said that the Indian market usually trades above the global market. He added that the latest events might lead to Indian markets reaching the global market levels.

Bitcoin market CEO Caroline Bowler said that the current ban is for the short-term and would be a step backward. He added that banning could not protect investors.

Close fight between CRO and SHIB for the 12th position

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With a surge in price and market capitalization by more than 7% and 15%, respectively in the past 24 hours, Crypto.com Coin (CRO) has gained the 12th position in the world’s top-20 cryptocurrencies in terms of market capitalization. The coin has replaced Shiba Inu (SHIB) which has now slipped to the 13th position.

CRO took over SHIB recently but around 9 AM GMT+5:30, the SHIB regained its rank. But SHIB couldn’t survive for long in front of the burning heat of CRO. SHIB has slipped by 41% in the last 30 days after rising by more than 800% in the month of October. 

On the other hand, CRO has risen from 0.65 to $0.92 this week, marking a new all-time high at $0.92, at the time of publication. It has seen five continuous huge green candles on the weekly chart and surged its price by more than 300% in a month.

CRO’s latest partnerships contributed to the surge

The market cap of CRO is roaming around $22.2 billion whereas SHIB currently has a market cap of $21.5 with a price down by 6.5%.

The continuous upward rally of the coin can be attributed to the partnerships platform has recently made. Crypto.com recently announced its partnership with the MMA promotion and is seeking to release UFC NFTs. The digital asset provider has also signed a huge $700 million deal with AEG to rename the Staples Centre for 20 years. These increased activities along with the use cases have surged the price of the token.

On the other hand, meme token Shiba Inu seems to be losing its craze. However, after going down one position in the biggest cryptocurrency list, the huge SHIB community is trying to cheer itself up. A user on Twitter claimed that SHIB is coming back to 8th position really soon. 

As the bulls are returning after the recent market correction, we can expect CRO crushing some more spots to mark itself under the top-10 biggest crypto tokens.

Shiba Inu team warns investors about social media scams

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The meme coin Shiba Inu’s team recently issued a public warning against the recent digital scams mainly targeting SHIB investors. The team released the proactive scam alert through its Twitter handle, where it mentioned the possible methods to dupe unsuspecting victims from the SHIB community.

“A fake Shiba Inu Telegram group is being shared across all social media. The scammers impersonate official accounts and create fake users. These scammers reply to general posts.”

The warning stated

While the meme coin keeps attracting crypto enthusiasts by making efforts to solve real-world problems, the community has been attacked by bad actors who target unwary investors on social media platforms, including Telegram and Twitter.

One of the very common methods that these scammers use to contact potential victims is by impersonating SHIB’s official accounts and targeting hashtags like #shibarmy, #shib, and #bone. 

Shiba Inu investors, ‘Stay Alert!’

Shiba Inu team’s latest tweet about scams highlighted that the community is not offering any promotions, including bonuses, giveaways, etc., and will display on the official page if something comes up. We also suggest the readers and investors refrain from sharing their credentials, wallet keys, and following fake accounts on social media.

The coin is struggling hard to resume its upward motion as it is down after attaining its all-time high (ATH) at $0.000086 on October 28.

After witnessing the huge success of SHIB, many meme tokens have flooded the market. The development team of Shiba Inu has also released another token named Doge Killer (LEASH), which also surged by 130% recently.

The recent drop has removed the coin from the top-10 cryptocurrencies list as per the market capitalization, and it is currently sitting at 12th position. SHIB is currently trading at $0.00004476, with a price decrease of 2% on the daily chart. The trading volume of the coin has also decreased by 18% from yesterday, which is attributed to the coin’s drop from the top-10 list.

Ripple [XRP] remains bearish for a second day; Set to fall to $1?

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Ripple (XRP) price analysis is bearish for Nov 22. The token opened the day at $1.05 and continues in the same range for the time being. The current levels seem to be a correction of the bullish prices experienced in late October and early November.

The nearest resistance for the bulls stands firm at $1.11, which is not letting the prices move upward. This is followed by support present at $1.06. The current prices stand at $1.04, and it seems that the support didn’t remain firm. If the daily candle closes below this level, we might see the onset of lower prices.

Considering the historical data, the prices remain bullish, rising from $0.5 in July to above $1. This is more than a 100% gain.

As per data from CoinMarketCap, the trading volume rose by 15.35% and is currently at $2.6 billion. On the other hand, the market cap of the token stands at $49.5 billion, with a rank of 7 in the market.

Ripple (XRP) price analysis on the 1-day chart

The Ripple (XRP) price analysis on the daily chart by TradingView shows that the token’s prices continue to progress above the 50-day and 100-day Moving Averages. Furthermore, the price action fell down to the lower end of the Bollinger Bands, as we witnessed a bearish breakout a few days ago.

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Daily chart by TradingView

The RSI indicator shows that the prices remain active in the lower region and move towards the oversold region. The gradient of the line is negative, as prices fall and movement is sluggish and bearish as well.

The MACD indicator also shows a bearish movement as the orange line (signal line) broke above the blue line (MACD line) just a few days ago. The MACD histogram is filled with bearish red bars as selling pressure increases, and buyers are unable to keep up.

Ripple
Daily chart by TradingView

Conclusion

Indicators are pointing towards bearish price action, and if the scenario continues, Ripple might fall further. The bearish movement is also pointing towards good buying opportunities.

Futuristic Shiba Inu ATM demonstration of by a Twitter user

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Shiba Inu (SHIB) is working hard to get a legitimate space in the crypto world by finding real use-cases in the real world as a better problem-solver is always welcomed in the crypto industry. A Twitter user, Joe (@3rmac), shared a video of SHIB ATM’s structure and demonstration. He tagged Shytoshi Kusama and ShibInformer, and captioned the tweet as “I thought a demonstration is better than a presentation.”

Crypto ATMs in Europe are getting popular each day, with Spain having around 158 Bitcoin ATMs, which is the highest in the continent. 

Del Crxpto, the famous crypto analyst, loved the Demonstration of SHIB ATM and expressed his thoughts on the coin’s potential. He urged investors to hold SHIB as it could someday be a reality as SHIB is available on many crypto ATMs, but it has not publicly launched any ATM dedicated to itself yet.

”If you sell your Shiba Inu after seeing this… you deserve the heartache that follows. This is your wake-up call!”

The analyst stated.

Along with the Demonstration, Joe also showed credit and debit cards of SHIB in the form of a wallet. These cards will be used to scan the QR code displayed on the screen and initiate the transaction. The Twitter user connected the Shiba Swap to a demo ATM where investors could purchase or sell SHIB. Though the ATM is still in the development phase, we can see it roll out for public use if planned and implemented well.

Shiba Inu community loved the demonstration

Several Shiba Inu holders showed their excitement by commenting and praising Joe for “demonstrating the future.”

SHIB has recently been added to India’s oldest cryptocurrency market, Zebpay. It has been looking for ways to enter into the real world by solving real-world problems. The token has been used to help India in its COVID-19 fight. The efforts by the token make the “SHIB is just a meme token” statement an underestimation. However, the origin of the coin didn’t have any meaningful purpose.

SHIB is undergoing revolutionary changes with the launch of the ‘Dog Park.’ As Shiba continues to be accepted by the various firms like AMC and Vegas Auto Gallery, another bull rally might just be around the corner.

Shiba Inu rises by 20% as Newegg teases accepting SHIB as payment

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This year has been a marvelous year for Shiba Inu which rose from $0.00000516 to $0.00008845 in the last 52 weeks. After dropping more than 50% in the last 3 weeks, the people’s favorite meme coin has started pumping again. The token rose by a maximum of 20% in the last 24-hours.

Prices opened at $0.00004252 and continued to rise to newer levels, reaching a daily high of $0.00005217. Furthermore, the token closed its candle at $0.00004851. On the other hand, today’s candle started at $0.00004850 and is currently at $0.00004888.

Payment acceptance

Furthermore, Newegg, an online retailer of items including computer hardware and consumer electronics, is also looking to accept cryptocurrencies as payment. Although no official confirmation is there, rumors have started to develop after a recent interaction on Twitter.

Shiba Inu’s long term outlook looks positive as the token’s price movement turned bullish. There are a number a factors that determine the price trajectory of a token and if these rumors are true, we can have another bullish few days for Shiba Inu.

While AMC has already announced that it will accept Bitcoin, Litecoin, Dogecoin, and Ethereum as payment, and in 30-120 days SHIB, there have been rumors that McDonald’s is also considering the same. According to a recent tweet reply, the firm is looking to “evaluate the payment’s experience.”

Shiba Robinhood listing

The prices turned bullish amidst rumors of Shiba Inu’s listing on the Robinhood exchange. While the petition for the listing has already got more than $500,000 votes, a report says that the listing won’t happen, at least this year.

“The short term gain that [Robinhood] might gain, is not worth the long term trade off for our users,” said COO of Robinhood, Christine Brown.

On the other hand, the listing of Shiba Inu on Kraken will happen as early as next week and Brian Hoffman, Kraken’s product lead, tweet on a SHIB meme, saying “feeling good about this week.” 

Ethereum regains bullish stance after market crash, new ATH ahead?

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Ethereum reached a new all-time high on Nov 10, at $4,859.50, and is currently 11% down from that price level. The market capitalization of the entire cryptocurrency market also rose by 4% today. Bitcoin also rose above the $55,000 price levels.

As per data from CoinmarketCap, the trading volume dropped by more than 23.88% in the last 24-hours with prices rising by more than 4.05% as of 12:11 pm GMT. The market capitalization of the world’s second-biggest cryptocurrency is up by 4.48% with a dominance of 19.53%.

After a few bearish candles, Ethereum continues to rise to make its second consecutive candle hinting that $3956 was its local bottom. It is expected that ETH will continue to be bullish as ETH 2.0 nears launch.

Ethereum price analysis on the chart using indicators

The 50-day and 100-day Moving Averages continue to progress below the price momentum while the buyers try to revive the bullish momentum that the ETH/USDT pair earlier had.

On the other hand, prices failed to break out from the lower end of the Bollinger Bands, preventing a further fall in prices. on the daily chart.

Ethereum
Ethereum price chart by TradingView

The chart below shows that the RSI levels are trying to recover as buying pressure increased and price action gained bullish strength. Also, the gradient is slightly positive and higher prices are possible.

The MACD line (blue) continues to progress below the signal line (orange) following the bearish divergence we witnessed a few days ago. The MACD histogram is also bearish with multiple red bars indicating that selling pressure is dominating currently.

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Ethereum price chart by TradingView

Conclusion

Ethereum has performed extremely well this year, rising from $485.50 to $4,891.70 in the last 52 weeks. As Ethereum continues to attract more DeFi investment and institutional capital, the chances of reaching a new all-time high is certainly possible.

FC Barcelona cuts ties with NFT Marketplace Ownix

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The popular football club, FC Barcelona, has canceled its deal with Ethereum-based top NFT marketplace Ownix. The deal was aimed to portray and honor 122 years of the football club and also, enhance the global exposure of the Club.

The NFT collection would include trophies from 95 domestic and international victories of FC Barcelona. The collection also included 26 national league and five UEFA Champions League titles NFTs. However, it seems that the deal has now fallen through.

The NFT collection was supposed to be launched in the first week of November but, there has been zero drops until now. The CEO of Ownix, Guy Elhanani, revealed that the deal also includes a few limited addition NFTs that will be released in the near future.

FC Barcelona canceled the deal

FC Barcelona canceled the deal with Ownix marketplace following the arrest of well-known Israeli crypto tycoon Moshe Hogeg. He was charged with crypto-related fraud and sexual assault. In a report by The Associated Press, it was reported that Hogeg has ties to Ownix, whose website is still promoting the NFT collection launch.

In light of information received today that goes against the Club’s values, FC Barcelona hereby communicates the cancellation of the contract to create and market NFT digital assets with Ownix with immediate effect.”

FC Barcelona said in a statement on its website.

As per reports from various outlets, the crypto mogul, who was behind many blockchain-based startups and the blockchain-based firm Sirin Labs, was arrested with seven other people who were his partners and employees. According to the statement in the local outlets, “eight suspects were arrested on suspicion of committing fraudulent offenses in the field of cryptocurrencies, amounting to hundreds of millions of shekels.”

Another post said that the Hogeg was arrested along with a family member at the office of the Premier League football club he owned, Beitar Jerusalem. His alleged ties with Ownix are responsible for FC Barcelona’s cancellation.

DOT prices rebound as market tries to overcome bearish trend

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A few days ago, the market turned bearish as Bitcoin fell 16% from its all-time high at $69,000. DOT prices have also been bearish, currently 26.89% down from its all-time high witnessed on Nov 5.

While the market retains its bearish stance, the entire crypto industry is looking to regain lost support levels. As per data from CoinmarketCap, the 24-hour trading volume for Polkadot [DOT] rests at 2.1 billion USD, which is a hike from 31.30% in the last 24-hours.

On the other hand, the market capitalization of the token rests at $39.7 billion, awarding the 8th rank to Polkadot. The price action still lacks volume on the daily chart.

DOT price analysis on the daily chart

Polkadot recently hosted its first parachain auctions that turned the prices bullish for the token. The price action saw a new all-time high, with Acala winning the first round for the parachain auction.

Furthermore the technical indicators have turned bearish for the price action. The price momentum is trying to break down from the lower end of the Bollinger Bands as bears take over the market.

The 100-day Moving Averages remain below the price action while the prices drop below the 50-day Moving Average.

DOT
Polkadot price analysis on the chart by TradingView

The RSI entered the bearish zone, moving towards the 40-level. However, the market remains bearish on the whole. The gradient has turned positive, i.e., higher prices are possible for the near future.

The MACD line is also bearish with a histogram full of red bars and the orange line (signal line) progressing above the MACD line (the blue one). The selling pressure is high as buyers are unable to take the prices higher.

DOT chart
Polkadot price analysis on the chart by TradingView

Conclusion

As inflation continues to thrive, deflationary assets are now in-demand. While the entire market is still stabilizing, Bitcoin will definitely move higher in the coming weeks, and so will Polkadot.

Floki Inu scores partnership with Indian football club, Kerala Blasters FC

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Floki Inu, a meme token, has partnered with the most followed football club in India, the Kerala Blasters FC. Inspired by Elon Musk’s Shiba Inu token, FLOKI has also been a favorite of many meme coin investors. The meme coin took to Twitter to announce this new partnership.

India has the biggest amount of cryptocurrency investors (more than 100 million), and Floki Inu wants to grasp the optimal environment to its benefit.

Floki Inu to be Kerala Blasters’ sponsor

The partnership, which takes effect immediately, will have FLOKI be Kerala Blasters’ sleeve sponsor for the upcoming season of the Indian Super League (ISL).

As per the statement, the meme coin is ready to take over the Indian crypto market with the help of India’s most-followed football club. In the entire Hero Indian Super League 2021-2022, the logo of the meme coin will be visible on the right sleeve of the club’s jersey.

Currently, the Twitter handle of the football club has 1.8 million followers, while the Instagram account has more than $2 million followers.

India to ban crypto-related ads?

According to a recent discussion headed by the Prime Minister of India, Narendra Modi, the country is looking forward to stopping crypto frauds in its shoes. The government is looking for ways to track such tokens, and one such method is banning their promotion in the country. The Floki Inu promotion might get caught amidst the regulatory storm.

Furthermore, in his first public statement, the Prime Minister also said that cryptocurrencies influence the Indian youth and that it is necessary to tax and regulate cryptocurrencies. India is also looking to ban private coins, and only approved coins will be eligible for trading on exchanges. Although Floki Inu is a decentralized token, considering its meme coin status, the future of the currency in India remains unclear.

Holding other tokens would be equivalent to breaking the law. The Securities and Exchange Board (SEBI) will be looking after the regulation and taxation of cryptocurrencies. However, the country might impose as much as 40% crypto tax.