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29.11.[News of the day] • India: “There is no proposal to recognize BTC as a currency,” says the Finance Minister and other articles

5 min read

Welcome to today’s cryptography overview:

MARKETS

Since last Friday, when there were reports of a new variant of the COVID-19 virus, the price of the primary cryptocurrency has been suffering. From a daily high of more than $ 59,000, it reached a minimum of $ 53,500 in a matter of hours, resulting in the liquidation of nearly $ 1 billion on a daily basis for leveraged traders.

There was a brief recovery attempt over the weekend, in which the BTC exceeded $ 55,000, but it did not last long because the bears intercepted the move. The result was around $ 53,500.

Here, however, the situation has changed. Instead of moving further south, BTC began to regain ground and jumped more than $ 4,000. He subsequently touched $ 58,000, but has now retreated slightly to just over $ 57,000.

The Altcoins also went down. ETH sank below $ 4,000, and although it tried to cross the $ 4,100 over the weekend, it stayed below most of the time. Now, however, the 7% daily increase has driven out the second largest cryptocurrency, well above $ 4,300.

BTC analysis – the price erased the fall in a few hours. Is this the end of the correction?

AXS analysis – a reverse pattern is created. What resistance does the price have to overcome?

Cryptocurrencies

Thailand is trying to attract crypto-rich as part of the latest tourism campaign

Thai Tourism Authority (TAT) is trying to attract wealthy cryptoinvestors as part of its latest effort to revive the damaged tourism industry in the Kingdom of Southeast Asia. The State Tourism Authority is targeting the “new crypto millionaire” as it seeks to breathe life into a decimated tourism industry.

As Bloomberg reported last week, TAT Governor Yuthasak Supasorn has teamed up with local crypto companies and exchanges to be able to pay with digital tokens for travel.

A country dependent on tourism has lost $ 80 billion in revenue due to the pandemic. In front of Covid, it once boasted up to 40 million foreign arrivals a year.

BTC still seems to be “discounted”, the whale has gained almost 1000 BTC

The third largest BTC whale is still in accumulation fever, recently adding nearly 1,000 BTC to its wallet as the price dropped from $ 59,250 to $ 54,000 in just two days. It happened after the options on BTC expired on Friday and caused a huge panic sale.

Crypto whales prove well a long-term investment strategy – that wealth too often shifts from the impatient to the patient. Since April, the trend of accumulation by whales has prevailed. Such accumulation dispels the myth that BTC is in a long-term decline and reinforces the notion that it is only a matter of time before the crypto begins to rise again.

A detailed look at the whale wallet – which now holds a total of 114,999 BTC – shows that this is the 11th accumulation purchase this month. All coins were purchased for between $ 54,000 and $ 67,000, and the last purchase was perhaps the lowest accumulation price.

Banks, crypto exchanges, companies

Singapore crypto exchange is entering India amid regulatory uncertainty

Despite India’s unpredictable stance on crypto regulations, Singapore’s crypto-exchange Coinstore has set aside $ 20 million to set up three new branches in the Indian cities of Bangalore, Delhi and Mumbai.

Coinstore has announced that it will launch its web and application platform for spot and futures trading in India, opening up a new investment path for cryptocurrencies for Indian investors. The platform orders Know Your Customer verification before allowing users to buy and sell more than 50 cryptocurrencies.

Chinese state media warn of the risks associated with metaverse

Chinese companies are competing to develop their metaverse ideas, although state media have recently warned of the risks involved in the new technology.

An opinion published yesterday by the State Economic Daily said that the more the metaverse burns, the more the public should remain calm.

The author wrote that in the future, as technology matures, social, ethical and legal issues will arise in the construction and management of the metaverse, which would entail great uncertainty. For small and medium-sized investors, it is like “licking blood on the edge of a knife” to throw themselves into the metaverse and invest in it, the article said.

CBDC, Regulation

Crypto exchanges are subject to a 2% tax in the UK through the Digital Services Act

The British tax administration Her Majesty’s Revenue and Customs (HMRC) has stated that cryptoplatforms will be subject to a 2% tax under the digital services tax system. Cryptocurrency groups are already lobbying against the law.

The UK-based Her Majesty’s Revenue and Customs (HMRC), a tax collection office, said the crypto exchanges would be subject to a new technology tax. The Telegraph reported on November 28 that cryptoplatforms will be subject to a 2% digital services tax, which first came into force last year.

The HMRC has also explicitly stated that a crypto assets are not a financial instruments. As a result, it is not possible to claim an exception that they are a financial markets.

India: “There is no proposal to recognize BTC as a currency,” said the finance minister

The winter session of the Indian parliament began today, and as expected, cryptocurrencies are also on the agenda. Of the 26 bills to be submitted, the crypto bill is one of them, with the content of the same recently prompted by many FUDs.

Now the country’s finance minister has said there is no proposal to recognize BTC as a currency. The above answer was part of the written answer of the lower house of parliament.

Although more clarity will emerge in this regard, some reports indicate that the Indian administration plans to make cryptocurrencies available as an asset. In addition, others suggest that cryptocurrencies will not be accepted as legal tender.

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