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India Embraces Crypto Amid Slashed Bank Interest Rates

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  • India saw a massive boost in cryptocurrency investments in 2020.
  • WazirX saw a 1000% growth in new users on their exchange amid the pandemic.
  • The Reserve Bank of India’s decision to slash interest rates may have also contributed to this development.

Founder and Chief Executive Officer of WazirX, Nischal Shetty, says that cryptocurrency investments have shot up greatly in India since mid-2020. There are two main reasons that could have driven India’s residents to invest in digital tokens.

Shetty believes people adopted crypto assets as they thought it a better fit for trading during the pandemic. Most consumers found themselves sitting at home with nothing to do. Therefore, they put their bank accounts full of savings to good use.

Consumers had a lot of time on their hands during the pandemic to learn and approach cryptocurrency. Whilst staying at home, unable to shop, most people seemed to have landed on the same conclusion — trading on crypto exchanges.

However, the pandemic may not have been the only driving force that pushed users to invest in crypto coins. In May 2020, the Reserve Bank of India slashed interest rates. The rate was set at 4.25%, its lowest since the year 2000.

This decision could have possibly influenced bank account holders to use their savings and invest in crypto instead. WazirX saw massive growth in investors on its platform.

Shetty says that the exchange saw over 1000% growth in the last year alone. More and more users signed onto the exchange. WazirX’s users kept doubling every couple of months or so.

The exchange had about 550,000 users in June but shot up to over a million soon after. Analytics confirms that over 70% of these users are below the age of 34.

Other India-based cryptocurrency exchanges like Unocoin and Zebpay too saw a spur in new users on their exchange in 2020 starting from the end of Q2.

Source: https://coinquora.com/india-embraces-crypto-amid-slashed-bank-interest-rates/

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Grayscale buys 174,000 Litecoin: LTC price swings 11% on news

LTC/USD is likely to break above $200 and target recent highs near $250 Litecoin…

The post Grayscale buys 174,000 Litecoin: LTC price swings 11% on news appeared first on Coin Journal.

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LTC/USD is likely to break above $200 and target recent highs near $250

Litecoin (LTC) has spiked by more than 11% in the past 24 hours, reaching intraday highs of $196. The LTC/USD pair is bouncing higher a day after it was revealed that Grayscale Investments purchased 174,000 LTC in February.

As per the data, the purchase accounted for nearly 80% of all mined LTC in the month. Grayscale Litecoin Trust has increased its holdings in assets under management to $244.5 million worth of LTC.

The fundamental signal has added to an improving technical picture, with the short-term move likely to see Litecoin’s price break above $200 again. If it does, bulls could target highs near $250. On the contrary, a strong rejection could send prices plummeting towards $176.

Litecoin price outlook

LTC/USD has traded higher on the day as bulls push for more gains after breaking above the 50-day simple moving average at $176. The upside also includes a break above the horizontal resistance line at $181 and $189, the latter hurdle marked by the 0.382 Fibonacci retracement level of the decline from $247 to lows of $153.

At the moment, bulls are battling selling pressure near the 100 SMA ($198), which is also flanked by the 0.5 Fib level ($200). If buyers make it above these hurdles, they are likely to reclaim $211 (0.618 Fib level) and $227 (0.786 Fib level).

The 4-hour chart has the MACD line looking to increase above the signal line. The RSI is also seeking an upward flip above 60, which could accelerate LTC’s uptrend if bulls take over fully. A fresh rally above $200 will therefore push LTC/USD towards $250, with short-term targets extending to $280 and $300.

LTC/USD 4-hour chart. Source: TradingView

On the downside, failure to take charge above $200 will expose bulls to renewed bearish pressure. If this scenario unfolds, a significant drop would see LTC prices retreat towards the main support area near $175.

Here we have the 50 SMA located at $176 and the 0.236 Fibonacci retracement level currently just below at $175. The horizontal line near $171 provides the next bearish target, with any more losses likely to extend LTC prices towards $150.

The post Grayscale buys 174,000 Litecoin: LTC price swings 11% on news appeared first on Coin Journal.

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Source: https://coinjournal.net/news/grayscale-buys-174000-litecoin-ltc-price-swings-11-on-news/

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Dogecoin price reclaims $0.050 as crypto firm supports DOGE at 1800 ATMs

DOGE/USD is trading above $0.050 within a short-term symmetrical pattern Dogecoin saw significant volatility…

The post Dogecoin price reclaims $0.050 as crypto firm supports DOGE at 1800 ATMs appeared first on Coin Journal.

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DOGE/USD is trading above $0.050 within a short-term symmetrical pattern

Dogecoin saw significant volatility in the first weeks of the year, rising to an all-time high of $0.086 in early February. But the upside potential appears to have faded, despite continued tweeting from its most prominent supporter Elon Musk.

Today, however, saw the cryptocurrency’s bulls looking to capitalise on news from a different quarter as they eye a rebound to prices last seen on 25 February.

Yesterday, the crypto ATM firm CoinFlip announced that it had added DOGE to the list of coins available at its ATMs. According to the firm, retail buyers in the US now have an opportunity to purchase the popular cryptocurrency with cash at any of its 1,800 ATMs.

The market reaction to the news has seen the DOGE/USD price break above the resistance line at $0.050. The price movement now looks likely to extend upward in the short term, breaking what has been a downward trend for the 15th ranked cryptocurrency.

Dogecoin price outlook

DOGE/USD has largely traded downwards since the first week of February when a major pump saw it smash into the top ten by market cap by surging to an all-time high of $0.086.

The upside witnessed over the past 24 hours, therefore, moves DOGE price above the key support level at $0.048, marked by the 0.786 Fibonacci retracement level of the downswing from $0.060 high to $0.044 low.

On the 4-hour chart, DOGE/USD is looking to establish support above the 0.618 Fib level ($0.050). This will allow bulls to move higher towards the resistance line of a recently formed symmetrical triangle pattern.

DOGE/USD 4-hour chart. Source: TradingView

The RSI and MACD indicators are suggesting the upside path is most likely as bulls build momentum.

Another leg up could see buyers conquer resistance at the 0.5 Fib retracement level ($0.052). If the momentum holds and buying pressure sends the DOGE/USD pair above the down-trending line of the symmetrical pattern, bulls could retest the area around $0.056 (0.236 Fib level).

The next short-term targets would be in the range of $0.060—$0.065, above which lies the prize of $0.086.

On the contrary, a breakout needs to occur for the bullish perspective suggested by the RSI and MACD to validate. Otherwise, it is likely DOGE’s upside momentum could dissipate and allow prices to bounce lower towards the triangle support.

At the time of writing, DOGE is trading around $0.051, which puts bulls above the 20-day EMA ($0.0503). This zone could form the primary support zone if a swift rejection follows an upside to $0.052.

In this case, bears could seek targets around previous support zones at $0.048 and $0.044.

The post Dogecoin price reclaims $0.050 as crypto firm supports DOGE at 1800 ATMs appeared first on Coin Journal.

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Source: https://coinjournal.net/news/dogecoin-price-reclaims-0-050-as-crypto-firm-supports-doge-at-1800-atms/

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US crypto tax startup TaxBit to channel $100M raise into UK expansion

Utah-based startup TaxBit prepares to provide global crypto-oriented tax expertise with a newly raised $100 million.

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Utah-based startup TaxBit prepares to provide global crypto-oriented tax expertise with a newly raised $100 million.

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Source: https://cointelegraph.com/news/us-crypto-tax-startup-taxbit-to-channel-100m-raise-into-uk-expansion

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Bitcoin is technology but gold ‘is dead,’ Mark Cuban tells Peter Schiff

Schiff looks increasingly isolated in his Bitcoin hating as former skeptic Cuban tells him to “move on” from gold.

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Schiff looks increasingly isolated in his Bitcoin hating as former skeptic Cuban tells him to “move on” from gold.

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Source: https://cointelegraph.com/news/bitcoin-is-technology-but-gold-is-dead-mark-cuban-tells-peter-schiff

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