WazirX Sign-Ups Show Significant Increase; Shiba Inu's Price Rises

WazirX shows an increase in registrations amidst opposition by the Reserve Bank of India to crypto investing. Meanwhile, Shiba Inu sees price go up by 0.68 per cent

Outlook Money Team

Updated on: 17 February 2022 7:23 pm

WazirX shows an increase in registrations amidst opposition by the Reserve Bank of India

Binance-owned WazirX, India’s most considerable crypto trading platform, has seen daily registrations on its platform leap nearly 30 per cent since February 1, when the government revealed the levy on the transfer of digital assets in its annual budget. At rival CoinSwitch, the daily growth was 35 per cent, according to founder Ashish Singhal.

While it might seem odd that a vertical increase in tax would cause people to flock to digital tokens, the step was actually seen as legitimizing an industry that’s been in a mess amid fierce opposition from the Reserve Bank of India (RBI), says a Bloomberg Report.

In the cryptocurrency market, the price of Bitcoin (BTC) was down by 2.24 per cent. The cryptocurrency was trading at $43,194.24 at 5:30 pm. Its dominance in the crypto market is currently at 42.00 per cent, down by 0.09 per cent in the last 24 hours, according to Coinmarketcap.com.

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Ethereum (ETH) was trading at $3,064.88, with a fall of 2.01 per cent in the last 24 hours, while Binance Coin (BNB) was trailing by 1.34 per cent over the same period and was trading at $424.76. Solana (SOL) was down by 3.01 per cent to $99.45 and Cardano (ADA) was down by 1.86 per cent to $1.07.

Meme Coins

Among meme coins, Dogecoin was down by 1.55 per cent, and was trading at $0.1472 at 5:30 pm. Rival Shiba Inu was up by 0.68 per cent and was trading at $0.00003089. Dogelon Mars was down by 2.35 per cent and was trading at $0.0000009772, while Samoyedcoin was trading at $0.0236, recording a rise of 3.48 per cent.

Overall Scenario

The global crypto market cap was at $1.95 trillion, registering a decrease of 2.10 per cent in the last 24 hours, while the total crypto market volume was $76.25 billion, up by 7.40 per cent.

No one (NOONE) became the biggest gainer, recording a rise of 1002.70 per cent. It was trading at $0.00000104 at 5:30 pm, as per Coinmarketcap data. In contrast, Verify DeFi (VERIFY) witnessed the maximum loss, falling 97.89 per cent. According to Coinmarketcap, it was trading at $0.01779.

Latest Updates

According to a Bloomberg report, the United Arab Emirates is in discussions to allocate federal licenses for providers of virtual asset service provider (VASP) by the end of the first quarter to lure some of the world’s most significant crypto enterprises. The Securities and Commodities Authority is in the final stage of altering decree to permit VASPs to set up, said a UAE official.

Twitter has decided to authorize Ethereum addresses on its platform to send leads and show aid to Twitter users for their rewarding insights. This comes after Twitter introduced Bitcoin earnings to its Tips Jar segment. Reverse engineering expert Jane Manchun Wong had informed that Twitter might be working towards integrating Ethereum wallets earlier in November.

The biggest bank of the US, JPMorgan, has embarked into the world of metaverse with the commencement of a lounge in the blockchain-technology based Decentraland. JP Morgan has become the first bank to venture into the metaverse.