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The Art of a Good Unicorn | Curating a Product Marketplace for Your Cryptocurrency Startup
So, cryptocurrencies, like Bitcoin, seem to have their ups and downs. These cryptocurrencies are built on decentralized Blockchain technology and one can understand the motivations of the West to adopt such technology. After all, it seemed that the fundamental trust in the traditional financial system had been somewhat shattered, giving rise to the genesis of something like cryptocurrency. The idea may have been to have something decentralized with limited circulation without a central entity controlling the fortunes.
PREMIUM Being a cryptocurrency entrepreneur in India could present herculean challenges, because, from a regulatory perspective, it is a difficult relationship with cryptocurrencies without much legitimacy.
And among those who think they are part of the crypto space, what about seeing it as a monetary system or a medium of exchange or a barter system based on which the future economy will be built, as opposed to a way to exchange goods and services ? Is cryptocurrency seen as a key economic tool for the future or just another method for transactions?
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Being a cryptocurrency entrepreneur in India could come with herculean challenges, because, from a regulatory perspective, it is a difficult relationship with cryptocurrencies without much legitimacy. And if someone invests his hard-earned salary in cryptocurrencies and something goes wrong, he may not be able to knock on regulators’ doors, because policymakers may see cryptocurrencies as a gamble.
In an interview, Vikram Subburaj, CEO and co-founder of Giottus, a cryptocurrency exchange portal, answered a series of questions on crypto entrepreneurship in India.
So, what does the cryptocurrency landscape look like for entrepreneurs in India?
Cryptocurrencies are a parallel technology, like the Internet, where more than one sector is being redefined and transformed and where new sectors are also created. Furthermore, it is a horizontal technology capable of creating a network in a decentralized way. Traditionally, the benefits and value of a network reside only in the entity or company that creates it and this is where cryptocurrency comes in to spread that value to everyone. Think about those old dial-up connections where the network was really slow, but could still do certain things; the promise of what he could do was what needed to be kept in mind. Right now we are at that stage where there is a limitation of transactions per second, but the problem is being resolved.
But what could this mean from a consumer perspective?
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You might not want a centralized corporate entity dictating the terms of the digital media that people are consuming. People should have a say in defining the rules of the technology, which demonstrates the need for a decentralized system… Let’s say there are people who invest in or have ownership of a particular cryptocurrency project. They have a say in what the rules of the project should be, how the network should work, what the punishment could be, such as a certain percentage deduction or being banned from the network, and more.
So, they are defining the rules by having ownership of the network. And if this network gets really big, it becomes like a decentralized nation with people sitting in different parts of the world. But imagine it on a smaller scale, where rules, habits and characteristics are defined and a culture is formed if the network survives.
But what could the concrete use cases of cryptocurrencies be?
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Cryptocurrency use cases are already considered better than existing systems, such as payments in the remittance market. One area or challenge where adoption has not yet grown dramatically is due to regulations. So, there are industries where regulation is the obstacle, not the product. And the amount of monetary gain this will give to the people who adopt it is much higher than that of existing systems and processes…
In parallel, when there are no issues from a regulatory perspective and the adoption would be more established, it is the gaming sector, which has an imminent need in the form of NFTs, which will be very important in that sector. In 10 years, I predict that the majority of the infrastructure underlying the payments and remittance markets will be operated via cryptocurrency networks.
And how can you curate your product market placement in the cryptocurrency realm?
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Of the 8-10 players in circulation, we are the only ones who are self-financed and it is said that we are among the top 4 based on volumes. And we didn’t spend any money acquiring customers, it was just our product and the referral program that we had, which led to a customer base of about 1 million to 1.5 million…
At one point, an RBI circular banned crypto entities from having a bank exchange. At that point there were about 50 trades and we were down to about 10, which made our job a lot clearer. And then, a Supreme Court verdict lifted this ban a couple of years later… We also created models through which customers could buy and sell cryptocurrencies in India and were the first in the market to launch these models. That’s how we got our initial customer base. If we build really good technology, our competition could build it within the next couple of months too, so that won’t be a differentiator, so we had to build something that people feel like they care about.
So, what about the regulatory hurdles for crypto entrepreneurs in India?
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From a regulatory perspective for India, what is really needed is fiscal pain… There are some laws or regulations which have the potential to kill the industry directly or create a scenario where the industry moves out of India with foreign entities effectively incentivized. So, there should not be a disparity created due to taxation. We see something like this even in an interstate form, where one state has a higher tax than the other, leading to a lot of illegal goods flowing from one state to another.
As crypto entities, we want to ensure that we are part of the engine that seeks to do good for the nation, rather than being sidelined or blamed for the problems.
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Shrija Agrawal is a business journalist. The opinions expressed are personal
Bitcoin AND Etherealalong with the rest of the top 10 cryptocurrencies by market cap, appear to be in hibernation on Thursday morning.
At the time of writing, the Bitcoin Price is still below $65,000 and 2.2% lower than it was this time yesterday, according to CoinGecko data. Things are worse for the Ethereum Pricewhich is 3.7% lower than 24 hours ago at $3,185.22. The drop in ETH’s price is identical to that of Lido Staked Ethereum (stETH), a liquid staking token for Ethereum.
In recent days, falling prices have led to the liquidation of derivative contracts worth $225 million, according to Coin glassAnd about half of that, about $100 million, was liquidated in the last 12 hours.
When a trader is liquidated, it means that their position in the market has been forcibly closed by an exchange or brokerage due to a margin call or insufficient collateral. Margin is especially important when it comes to leveraged positions, which allow traders to control a multiple of their deposit, such as opening a $10,000 position with only $1,000 in their account.
Now that Bitcoin has been in the red for three days in a row, there is a chance that the world’s oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt.
“Bitcoin has closed in the red for three days in a row, with one-way trading showing limited resistance from bulls. Ethereum had a slightly positive Monday with strong resistance from bears who have won the last two days,” he wrote. “This momentum could take BTC to the $62,500 resistance or even the $58,000 territories.”
Looking ahead, Fournier said BRN’s strategy will be to “reduce exposure to Bitcoin and Ethereum and find a better entry point after the dip.”
This is despite Federal Reserve Chairman Jerome Powell’s comments yesterday on interest rates being widely regarded as accommodating and indicative of FOMC rate cuts in September.
Singapore-based cryptocurrency trading firm QCP Capital said the rally in stocks, which sent the S&P 500 up 1.6% from Wednesday’s close, was not felt in cryptocurrency markets.
“Cryptocurrencies have seen a broad sell-off overnight and into this morning,” the firm wrote in a trading note. “The market remains poised as traders pay close attention to daily ETH ETF outflows and further supply pressure from Mt Gox and the US government.”
Meanwhile, the other top-ranking coins are showing mixed performance.
Solana (SOL) is down 7.2% since yesterday to $169.13. Things are even worse for its most popular meme coins. In the past 24 hours, the most popular meme coins Dogwifhat (WIF) are down 12% and BONK (BONK) is down 9%, according to CoinGecko data.
Their dog-themed competitor, Ethereum OG Dogecoin (DOGE), the only meme coin in Coingecko’s top 10, is down nearly 4% since yesterday and is currently trading at $0.1205.
XRP (XRP) dropped to $0.608, which is 7% lower than it was at this time yesterday.
Binance’s BNB Coin (BNB) has kept pace with BTC and is currently trading at $571, down 2.4% from yesterday. Toncoin (TON), the native token of The Open Network, is down just 0.4% over the past day.
This leaves the stablecoins USDC (USDC) and Tether (USDT), both of which are stable as they maintain their 1:1 ratio with the US dollar.
The Securities and Exchange Commission (SEC) will hold another closed-door meeting with Ripple on Thursday, as the market hopes for a possible resolution to the legal battle between the two entities.
However, the cryptocurrency market remains relatively bearish, with the price and trading volume of XRP down in the last 24 hours.
Ripple holders take no risk
At press time, XRP is trading at $0.60. The altcoin’s price has dropped 6% over the past 24 hours. During that time, trading volume was $27 million, down 27%.
The SEC met before with the digital payment company on July 25. While the outcome of that meeting remains unknown, the Sunshine Act Notice for Thursday’s meeting includes one additional topic of discussion from the July 25 closed meeting: the instituting and resolving injunctive relief. That has market participants speculating whether a settlement is imminent.
In an exclusive interview with BeinCrypto, Ryan Lee, Lead Analyst at Bitget Research, noted that:
“This meeting will discuss possible resolution options for the Ripple Lawsuit. The founder of Ripple Labs said that a legal settlement could be announced soon. If an official settlement plan is released, it could positively impact XRP’s price movement.”
However, an assessment of XRP’s price movements on a 4-hour chart shows a spike in bearish bias as the market awaits the outcome of this crucial meeting. Its Moving Average Convergence/Divergence (MACD) indicator readings show that its MACD line (blue) has crossed below its signal line (orange).
XRP 4 Hours Analysis. Source: Trading View
Traders use this indicator to gauge price trends, momentum, and potential buying and selling opportunities in the market. When an asset’s MACD is set this way, it is a bearish signal that suggests selling activity is outweighing buying momentum.
Additionally, the altcoin relative strength index (RSI), at 46.08, is currently below its neutral 50 line and in a downtrend. This indicator measures overbought and oversold market conditions for an asset.
To know more: How to Buy XRP and Everything You Need to Know
XRP 4 Hours Analysis. Source: Trading View
At 43.83 at the time of writing, XRP’s RSI suggests a growing preference among the market participants for tokin distribution.
XRP Price Prediction: Derivatives Traders Exit Market
The XRP derivatives market has also seen a decline in trading activity over the past 24 hours. According to Coinglass, derivatives trading volume has plummeted 18% and open interest has dropped 10% during that period.
Open interest refers to the total number of outstanding derivative contracts, such as options or futurethat have not yet been resolved. When it drops, traders close their positions without opening new ones. This is a bearish signal that reflects a lack of confidence in any potential positive price movement.
According to Lee, the outcome of the meeting with the SEC “would have a significant impact on the price movement of the token.” If the outcome is favorable, the price of the token could rise towards $0.75 in August.
To know more: Ripple (XRP) Price Prediction 2024/2025/2030
XRP 4 Hours Analysis. Source: Trading View
On the other hand, if no favorable resolutions are reached, the price could plummet to $0.50.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.
Bitcoin is now the dominant force in the cryptocurrency market, surpassing 53% of the total cryptocurrency market, a stronger share than it has been in the past three years.
Bitcoin’s market cap now stands at $1.27 trillion, second according to CoinGecko data. In contrast, the total cryptocurrency market cap is $2.43 trillion, with Ethereum occupying 15.9% of the market, worth $389 billion.
Bitcoin’s rise to dominance this year is unusual, as altcoins typically do better than Bitcoin in a bull market. While meme coins made a strong comeback during Bitcoin’s rally to all-time highs earlier this year, the so-called “wealth effect” It has not been appreciated as much by mid-range coins, such as Ethereum and Cardano.
“ETF flows fundamentally alter market dynamics,” he wrote Meltem Demirors, former chief strategy officer at CoinShares, tweeted Wednesday: “BTC gains no longer translate to alts and the longer tail of crypto.”
Bitcoin’s takeover has continued even as the market cap of Tether (USDT) continues to grow, the world’s largest stablecoin and the third-largest cryptocurrency after BTC and ETH. Stablecoins are backed by fiat currencies and are excluded from some measures of Bitcoin dominance due to fundamentally different value models.
The surge continued to pace even after the launch of Ethereum spot ETFs last week, which ironically culminated in a news sell-off event, and net outflows from new investment products since they were launched. This went against the predictions of K33 Search so far, which predicted that ETFs would catalyze ETH’s growth over the next five months.
Despite the poorer performance of the alts, there is reason to believe that they are ready to bounce back very soon.
CryptoQuant CEO Ki Young Ju said Tuesday that whales are “preparing for the next altcoin rally,” as limit buy orders for assets other than BTC and ETH are on the rise.
The executive shared a chart showing how the “cumulative difference between purchase volume and sales volume” has increased in recent months.
“The indicator measures the difference between buy and sell orders over a year,” CryptoQuant told Decrypt. A buy/sell order is a pre-set request to buy or sell a cryptocurrency if it hits a certain price level, which creates resistance and support levels.
“If the trend is up, it means that more people are placing buy orders, showing strong interest in buying,” CryptoQuant said.
By Ryan-Ozawa.
After Monday’s crash, in which BTC fell by several thousand dollars, the scenario has repeated itself once again in the last 12 hours, with the asset falling to a 2-week low of $63,300.
Alt coins followed suit, with most of the market in the red today. SOL and XRP lead the way from the higher cap alts.
BTC Drops To $63.3K
After a violent Thursday last week, when BTC crashed to $63,400, the asset went on the offensive over the weekend and surged above $69,000 on Saturday, as the community prepared for Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville.
His speech was followed by more volatility before the cryptocurrency settled around $67,500 on Sunday. Monday started off rather optimistically for the bulls as bitcoin hit a 7-week high of $70,000.
However, he failed to maintain his run and conquer that level decisively. On the contrary, he was rejected bad and dropped to $66,400 by the end of Monday. Tuesday and Wednesday were less eventful as BTC remained still around $66,500.
The last 12 hours or so have brought another crash. Bears have pushed the leading digital asset down hard, which has fallen to a 2-week low of $63,300 (on Bitstamp), leaving over $200 million in liquidations.
Despite the current rebound to $64,500, BTC’s market cap has fallen to $1.270 trillion, but its dominance over alts is recovering and has reached 52.6%.
Bitcoin/Price/Chart 01.08.2024. Source: TradingView
The Alts are back in red
Ripple’s native token has been at the forefront of the market challenge in recent days as pumped up to a multi-month high of over $0.66. However, its run was also interrupted and XPR fell by more than 6% in the last day to $0.6.
The other big loser among the larger-cap alternatives is SOL, which has lost 8% of its value and is now struggling to get below $170.
The rest of this altcoin cohort is also in the red, with ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK all seeing drops between 2 and 5%.
The total cryptocurrency market cap lost another $70 billion overnight, falling below $2.4 trillion today on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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