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<ul><li>The global <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> marketcap plunged from $1.7 trillion from the start of May to $929 billion, as of June 24, 2022, as per the data by CoinMarketCap.</li><li>Crypto firms are now taking cautious steps to survive the ongoing crypto market crash.</li><li>Ihe Indian crypto industry is likely to hire more to grow in the current year, Mudita Chauhan of <keyword id="6416838" type="General" weightage="20" keywordseo="CoinDCX" source="Orion">CoinDCX</keyword> told Business Insider.</li></ul>For the last two months, <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> did not just fall, they crashed. The market lost tens of billions within a matter of weeks as the global crypto market cap plunged from $1.7 trillion in the beginning of May to $929 billion as of June 24. In a market which depended heavily on investor interest with no physical assets, it led to quick and fast retrenchments. Crypto exchanges <keyword id="1972612" type="General" weightage="20" keywordseo="Coinbase" source="Orion">Coinbase</keyword> laid off at least 1,100 employees last month. However, its effect on the Indian hub was much less than the global average. “We made the difficult decision to reduce the size of our team which affected 18% of Coinbase's global workforce. Although this did impact our India hub, the cuts were much lower than the global average. Approximately ~ 8% of our India team was affected,” said Durgesh Kaushik, senior director at Coinbase, in a <a href="https://twitter.com/durgesh_kaushik/status/1536937680587862018?ref_src=twsrc%5Etfw">tweet</a>. Other crypto players like BlockFi, Crypto.com, Gemini and Rain Financial also announced layoffs and paused all their hirings. According to media <a href="https://www.cnbctv18.com/cryptocurrency/crypto-crash-bitcoin-ethereum-solana-and-cardano-down-job-losses-in-crypto-13812932.htm">reports</a>, the crypto sector was the worst in May - it had more job losses this month than the previous four months combined. And things have been bad since the beginning of the year. After the <a href="https://www.businessinsider.in/cryptocurrency/news/the-proposal-for-crypto-tax-policy-will-be-up-for-discussion-in-indian-parliament-today/articleshow/90414919.cms">Government of India</a> announced a tax of 30% on virtual digital assets, Indian crypto trading dropped 40%, as per a report by Credit Rating for Exchanges, Blockchains and Coin Offerings (<keyword id="12596336" type="General" weightage="20" keywordseo="CREBACO" source="Orion">CREBACO</keyword>). Players however believe that taxes and crashes don’t stop this sector which is known for its risk-taking – with investors who like to bet against the odds. In fact, almost every second year has a large crash and then a spike - and the sector is used to the volatility. A few experts call it just a phase and this too shall pass. “Firms are trying to survive the crypto winter and recession and laying off is a sign that a company is confident about what it is doing. Any marketing or advertising in India is not going to be lucrative as customers are not going to invest right now,” <a href="https://www.livemint.com/companies/news/crypto-industry-goes-slow-on-hiring-amid-market-downturn-11655489646621.html">said</a> Sidharth Sogani, founder and CEO of CREBACO. <cmsannotation type="cmsannotation" annotationid="Three top crypto firms say – they will continue to hire" comment="subhead" text="Three top crypto firms say – they will continue to hire">Three top crypto firms say – they will continue to hire</cmsannotation> While there have been layoffs, a few of them are hiring as well. Binance CEO Changpen Zhao <a href="https://www.cnbctv18.com/cryptocurrency/crypto-crash-bitcoin-ethereum-solana-and-cardano-down-job-losses-in-crypto-13812932.htm">said</a> at a recent event that the company is planning to expand its footprint and will continue to hire. Zhao further explained that his company hasn’t incurred any big hefty losses as it’s not involved in promotional activities. According to Mudita Chauhan, head of human resources at CoinDCX, the Indian crypto industry's hiring pace is likely to grow for the current year. The Web 3.0 industry, like any other sector, requires a variety of roles to build the web3 ecosystem and survive the test. Indian crypto players <keyword id="6672551" type="General" weightage="20" keywordseo="WazirX" source="Orion">WazirX</keyword> and CoinDCX have similar plans too. Sricharan C, head of human resources at WazirX told Business Insider India that the company is on a hiring spree. It has a workforce of over 250 professionals in over 70 cities. “We are looking to optimize operations with the current talent base this year. We are doing this by deploying skill development programs across the organization. We aren't looking at trimming the size of our employees. Instead, we are actively hiring as per business need for strategic roles through internal referral programmes and external job listings,” he said. CoinDCX too is looking forward to expanding its workforce to 1,000 people, and is bullish on hiring. “We plan to build for scale and therefore, invest in functions that will strengthen our core. We are on the lookout for more such crypto enthusiasts to join our team and grow along with CoinDCX. We aim to continue being the most compliant crypto platform, and we’ll continue investing in resources for that,” Chauhan told Business Insider India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-platform-voyager-digital-cuts-daily-withdrawal-limit-to-10000-after-revealing-660-billion-exposure-to-struggling-crypto-hedge-fund/articleshow/92419870.cms">Crypto platform Voyager Digital cuts daily withdrawal limit to $10,000 after revealing $660 million exposure to struggling crypto hedge fund</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/28-gst-on-crypto-transactions-india-is-reportedly-mulling-another-tax-levy-next-week/articleshow/92407767.cms">28% GST on crypto transactions? India is reportedly mulling another tax levy next week</a>

India’s crypto players bullish on hiring; say crash is just a phase

<ul><li><keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> has raised funds three times this year, totaling to $19.4 million so far.</li><li>The latest Series B funding round was led by Block.one and included Coinbase Ventures, DG, Jump Capital, among others.</li><li>The company says it will use these funds towards developing its new flagship <keyword id="10474372" type="UNKNOWN" weightage="20" keywordseo="coindcx-go">CoinDCX Go</keyword> app.</li><li>This app is a part of the company’s #TryCrypto campaign, which aims to onboard 50 million Indians.</li></ul>CoinDCX, one of the largest <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchanges in the world, has raised $13.9 million in its latest Series B funding round. The round was led by Block.one and included investors like Coinbase, DG, Jump Capital, Polychain Capital, among others. This is the third round of funding for CoinDCX in 2020. In March 2020, it raised $3 million, followed by a $2.5 million funding in May 2020 – both at a time when the COVID-19 pandemic was at its peak. With the third round of funding now, it has raised $19.4 million in 2020 so far. Some of the prominent investors in CoinDCX include Block.one, Coinbase Ventures, which is the investing arm of San Francisco-based cryptocurrency trading platform Coinbase. CoinDCX has tripled its workforce this year Sumit Gupta, CEO and co-founder of CoinDCX said, “While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively.” “The funds raised in the past as well as the current round will help us develop our newly launched <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> &amp; Crypto Investment App CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies,” he further added. CoinDCX aims to onboard 50 million Indians into the cryptocurrency market CoinDCX recently launched its flagship app CoinDCX Go. This is a part of the company’s #TryCrypto campaign which aims to onboard 50 million Indians. In the past six months, CoinDCX says it has seen a three-times growth in the overall volume traded. In the same time, it has seen a four-time jump in daily active users, suggesting increased interest in cryptocurrency. This should not be surprising – <a href="https://www.businessinsider.in/stock-market/news/bitcoin-price-has-smashed-past-the-20000-mark-for-the-first-time-doubling-in-value-since-the-beginning-of-2020/articleshow/79775482.cms">Bitcoin has doubled investor wealth in 2020</a>, going from $11,100 at the beginning of the year to hitting $24,200 recently. <a href="https://www.businessinsider.in/stock-market/news/bitcoin-price-has-smashed-past-the-20000-mark-for-the-first-time-doubling-in-value-since-the-beginning-of-2020/articleshow/79775482.cms">Industry insiders believe there’s more to come</a>. Making Bitcoin a mass movement CoinDCX says the latest round of funding will help it develop its new app which is aimed at the masses – including onboarding 50 million Indians. But it is not alone. Payment giant PayPal has signaled its intent by allowing users to buy and sell cryptocurrencies, giving this idea a major push towards mass adoption. Visa and MasterCard have also thrown their weight behind Bitcoin – while <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">Visa has launched a credit card</a> that rewards purchases in Bitcoin, MasterCard has <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">invested in Bitcoin company Digital Currency Group</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/bitcoin-price-has-smashed-past-the-20000-mark-for-the-first-time-doubling-in-value-since-the-beginning-of-2020/articleshow/79775482.cms">Bitcoin has doubled investor wealth in 2020 — and industry insiders say there's more to come</a> <a href="https://www.businessinsider.in/stock-market/news/the-winklevoss-twins-said-buying-bitcoin-is-the-trade-of-the-century-and-predicted-a-30x-return-in-a-recent-interview-here-are-the-9-best-quotes/articleshow/79722959.cms">The Winklevoss twins said buying Bitcoin is the 'trade of the century' and predicted a 30x return in a recent interview. Here are the 9 best quotes</a> <a href="https://www.businessinsider.in/stock-market/news/insurer-massmutual-scoops-up-100-million-worth-of-bitcoin-and-billionaire-mike-novogratz-noted-it-as-the-most-important-news-in-crypto-this-year/articleshow/79681890.cms">Insurer MassMutual scoops up $100 million worth of Bitcoin, and billionaire Mike Novogratz noted it as the most important news in crypto this year</a>

Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled

<ul><li>Google, Amazon, IBM and many more are hiring business analysts across the countryIndia is currently a hotbed of crypto companies looking to hire new talent.</li><li>The jobs on offer include everything from designers to engineers to managers for specific projects.</li><li>In addition to Coinbase, other burgeoning crypto exchanges like CoinDCX, WazirX, CoinSwitch Kuber and Kraken are on the hunt for experts in their respective fields.</li></ul>Despite the regulatory uncertainty in India, cryptocurrency companies are firmly expanding. From homegrown firms like CoinDCX and WazirX to global players like Kraken — there’s a hiring frenzy in the works. Earlier this month, crypto exchange Coinbase announced that it is looking to hire <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-coinbase-expansion-plans-in-india-include-hiring-hundreds-of-engineers/articleshow/84134912.cms">‘hundreds’ of engineers</a> as it expands its operations in India. It’s also looking to hire people for its human resources (HR), product, design and user interface teams. In order to attract the best talent, Coinbase is even offering $1000 in crypto to those who get selected as a kind of signing bonus. And, the thing about India is — like with mobile applications — everyone wants a piece of the pie because of its vast population. Here’s a quick look at the wide range of crypto jobs that companies are hiring for right now: Coinbase - Senior manager for product design Coinbase is one of the leading cryptocurrency platforms with its presence in more than 100 countries. The company is looking for a senior manager to lead a team of product designers. The role involves proactively identifying blockers, opportunities and improvements to the team’s product area. The candidate must have over five years of experience leading a team of designers. Fluency in Figma and prototyping tools, and experience driving user research studies are required for this. Preferred skills include strong mentorship, and management experience. Interested candidates can apply <a href="https://www.coinbase.com/careers/positions/3132236">here</a>. Coinbase - Director for product Coinbase is also looking for a director for product who will lead a product management team. In addition to delivering the company’s product vision and strategy, the role also includes hiring, managing and growing a team of product managers. The candidate should have over 10 years of direct product management experience. Interested candidates can apply <a href="https://www.coinbase.com/careers/positions/3174475">here</a>. Coinbase - Senior software engineer for data platform Another opening at Coinbase is for a senior software engineer for the company’s data platform. For this role, the candidate should have over give years of engineering experience, and in using Airflow, Spark, Flink, Hadoop, Presto, Hive and Kafka. The role involves building and operating Coinbase’s foundational data infrastructure. Interested candidates can apply <a href="https://www.coinbase.com/careers/positions/3198696">here</a>. CoinDCX - Growth lead CoinDCX is one of the largest cryptocurrency exchanges in India. The company is looking for a candidate with over five years of experience to define its growth plan and define metrics to track performance. The role also involves owning and strategising the entire lifecycle marketing of CoinDCX users, and building a growth hacking culture for the company. The candidate will need to have experience in growing fintech products in India. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/2664510705/">here</a>. Community moderator - WazirX WazirX is looking for someone who can moderate and grow the platform’s Telegram Discuss group and other social platforms to drive engagement in the community. The community moderator will have to drive engagement with new initiatives, organise and participate in events to build community and boost brand awareness. The candidate should have between one to three years of experience in a similar role, and have an active role on social communities like Bitcointalk, Reddit and Telegram. Interested candidates can apply <a href="https://careers.wazirx.com/jobs/S17l0QDxeOV_/community-moderator-remote">here</a>. The company is also looking for a community moderator to specifically look after its non-fungible tokens (NFTs) vertical. The requirements are the same, except that the person should probably have a knack for NFTs. Interested candidates can apply <a href="https://careers.wazirx.com/jobs/LWiaNqWrN-ve/community-moderator-nft-remote">here</a>. User interface designer for NFTs - WazirX Since WazirX is <a href="https://www.businessinsider.in/tech/news/indian-crypto-exchange-wazirx-has-announced-a-nft-marketplace-for-indian-artists/articleshow/81909932.cms">doubling down</a> on NFTs in India, it’s also hiring for a number of other posts, including a user interface designer. The candidate will take care of a product from conception to launch. The responsibilities include designing marketing material for promotion, producing multiple concepts and prototypes. The candidate should have two to five years or design experience in building and shipping applications or software. Interested candidates can apply <a href="https://careers.wazirx.com/jobs/ejB1eXe_pgoz/ui-ux-designer-nft-remote">here</a>. Software development engineer - CoinSwitch Kuber Indian crypto exchange CoinSwitch Kuber is looking for a software development engineer with over four years of experience. The role involves design and developing large scale distributed services. The chosen candidate will also have to act as the primary owner of one or more components, proactively research and evaluate new tools, technologies and techniques. Interested candidates can apply <a href="https://in.linkedin.com/jobs/view/software-development-engineer-ii-iii-at-coinswitch-kuber-2645762554?utm_campaign=google_jobs_apply&amp;utm_source=google_jobs_apply&amp;utm_medium=organic">here</a>. Blue Team analyst for the Asian Pacific (APAC) region - Kraken Digital Asset Exchange (Remote) Kraken is looking for a cyber security analyst to join the company’s Blue Team that detects, investigates and responds to security events and attacks against the company. The chosen candidate will be a member of the global security team, and provide monitoring, triage and analysis of security events. The candidate for this position should have an experience in the same field with strong background in Detection Engineering, Incident Response, Threat hunting or Digital forensics. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/2652605656/">here</a>. Cryptocurrency and blockchain consultant - Goldstein, Roth &amp; Co. Investment banking firm Goldstein, Roth &amp; Co. is looking for a cryptocurrency and blockchain consultant. The candidate requirements include having a well-rounded knowledge of the crypto and blockchain environment. The candidate should also have more understanding of international exchanges than the Indian ecosystem. It also includes knowledge of international rules and regulations and an analytical eye towards crypto and blockchain. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/2639185940/?eBP=CwEAAAF69nnSABliqnZ-7yt28Vc2VR87LVrk_uMbmdSqDAHpGf4DG5sDZMuKWjcNdZIx381L6rFYVutxI0vQhI0p7gM29cmvsQKmuB2hO_qlq1lhPNp-pqsAZ7QROePmbzQ5mgZw8XrKd9z1eEIWebJPp3In884uvzuxOUJovImhvwnkkSIFebulY9a4YeisiEj3FFuohS9AEcUXqxCQve2hCRfJCkMlBPAm3ZwFOuRBM1jzNlhY9PXWVU4N0v20MzQMBFhYkBaV4EjtJE6vUGnzIZ-vrIWMb5fvQYD0glOShbpq52z9_JAPw3-HV7dPrXAvJY50pYkxWWNGq1gAMc7q6UyGt8kv9Koo2IcV1OM9WcscL2kMfEQ&amp;recommendedFlavor=ACTIVELY_HIRING_COMPANY&amp;refId=oIlgCZlNliPGViuSIdhR%2FA%3D%3D&amp;trackingId=%2F0GV4IdohUZG3myj9hcPIw%3D%3D&amp;trk=flagship3_search_srp_jobs">here</a>. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/google-amazon-ibm-paytm-cognizant-hiring-business-analysts-across-the-country/articleshow/84847736.cms" data-type="tilCustomLink">Google, Amazon, IBM and many more are hiring business analysts across the country</a> <a href="https://www.businessinsider.in/careers/news/gaming-industry-list-of-renowned-colleges-and-institutions-across-india-for-gaming-courses/articleshow/84786679.cms" data-type="tilCustomLink">Gaming industry: Build your career in one of the fastest growing sectors in India</a>

Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too

<ul><li>A bear market in the crypto sector is time for innovation, increasing capacities and building new products for Indian crypto players.</li><li>The global lull has resulted in trading volumes dropping by at least 50% on exchanges like <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, <keyword id="10245463" type="COMPANY" weightage="20" keywordseo="coinswitch-kuber">CoinSwitch Kuber</keyword> and <keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword>.</li><li>CoinSwitch Kuber CEO, Ashish Singhal, told Business Insider that the crypto maket’s volatility is just a part of market building.</li></ul> The slowdown in the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> market over the past couple of months has given crypto exchanges, especially in India, a chance to take stock of their services. “Bear market brings in an opportunity for us to further strengthen security and work on building educational initiatives to bring more awareness around crypto as an asset class,” Ashish Singhal, CEO and co-founder of CoinSwitch Kuber told Business Insider. “Volatility is just a part of market building. We are hopeful that the market will see a steady recovery.” With regulatory troubles, overwhelming trading volumes and more, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">exchanges</a> have all hands on deck. But with the pressure easing now, they are looking to build capacities for when the next big boom in crypto happens. <div type="ExtQuote" text="“Of course, with a strong and clear regulatory framework in place, the entire crypto industry would benefit from the measures and help propel the next growth phase of crypto adoption in our country.&quot;" auname="Sumit Gupta, the CEO &amp; Co-Founder of CoinDCX, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="The crypto bear market is a global phenomenon" comment="subhead" text="The crypto bear market is a global phenomenon">The <keyword id="11600120" type="UNKNOWN" weightage="20" keywordseo="crypto-bear-market">crypto bear market</keyword> is a global phenomenon</cmsannotation> Globally, the ratio of Bitcoin held on exchanges in comparison to the total number of coins in circulation has fallen to 13% in July — <a href="https://www.businessinsider.in/cryptocurrency/news/the-amount-of-bitcoin-held-on-exchanges-is-at-its-lowest-in-6-months-while-ether-reserves-are-at-record-lows-indicating-any-sell-offs-could-be-a-lot-more-modest/articleshow/84181378.cms">the lowest level in 6 months</a> — according to data from crypto analytics group <a href="https://app.santiment.net/charts?settings=%7B%22slug%22%3A%22bitcoin%22%2C%22ticker%22%3A%22BTC%22%2C%22from%22%3A%222021-01-05T08%3A00%3A00.000Z%22%2C%22to%22%3A%222021-07-06T06%3A59%3A59.999Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22metrics%22%3A%5B%22price_usd%22%2C%22percent_of_total_supply_on_exchanges%22%5D%2C%22axesMetrics%22%3A%5B%22price_usd%22%2C%22percent_of_total_supply_on_exchanges%22%5D%2C%22colors%22%3A%7B%22price_usd%22%3A%22%2326C953%22%2C%22percent_of_total_supply_on_exchanges%22%3A%22%23AC948C%22%7D%2C%22settings%22%3A%7B%22percent_of_total_supply_on_exchanges%22%3A%7B%22node%22%3A%22area%22%7D%7D%7D%5DD%5D">Santiment</a>. Similarly, the amount of Ether held on exchanges as a percentage of total supply fell to just 18% in June. <div type="ExtQuote" text="&quot;The crypto market is down globally. This isn't India specific. Moreover, factors like China's crackdown and Elon Musk's current stance, could also be the reason for the current market state.&quot;" auname="Ashish Singhal, CEO and co-founder of CoinSwitch Kuber told Business Insider"></div> Meanwhile in India, the trading volume within most Indian exchanges has more than halved since the peaks of April and May, when Bitcoin and other cryptocurrencies were on a bull run. <cmsannotation type="cmsannotation" annotationid="Fall in trading volumes likely means that more people are HODL’ing" comment="subhead" text="Fall in trading volumes likely means that more people are HODL’ing">Fall in trading volumes likely means that more people are HODL’ing</cmsannotation> A fall in the amount of cryptocurrency held on exchanges isn’t necessarily a ‘bad’ thing. In fact, it suggests that more people are buying tokens and holding them in their own private wallets — off the exchange — which means there is less scope for a big sell-off. "Consolidation is widely considered to be a sign of the crypto markets maturing with more investors adopting a longer-term approach towards crypto assets,” Gupta told Business Insider. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6674415"></div>]]></cdata></div> CoinDCX currently has 3 million users on all its platforms with an eventual goal of onboarding 50 million users by the end of 2021. <cmsannotation type="cmsannotation" annotationid="Indian exchanges want to use the lull to build up more services" comment="subhead" text="Indian exchanges want to use the lull to build up more services">Indian exchanges want to use the lull to build up more services</cmsannotation> As the price of Bitcoin and other cryptocurrencies continues to drop and the trading volume remains limited — it gives crypto firms the time to innovate, whether that’s exchanges or decentralised finance (DeFi) apps. Like CoinDCX and CoinSwitch Kuber, WazirX is also looking to add new features and improve the platform and has hired over 100 new people for marketing, tech and support purposes, according to the Economic Times (<a href="https://economictimes.indiatimes.com/tech/technology/crypto-exchanges-use-trading-lull-to-build-capacity-improve-systems/articleshow/84173761.cms?from=mdr">ET</a>). <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6673981"></div>]]></cdata></div> More importantly, though, the bear market allows the peripheral — and arguably more important — side of the crypto industry to build its base. DeFi apps may not be huge right now, but with the focus away from the prices of Bitcoin, Ethereum and others, many large investors may look to invest in innovation using public blockchains. A DeFi app built on the Ethereum chain ultimately will benefit the Ether currency too, so it is in a large investor's interest to promote firms that are truly innovating using blockchains. But crypto firms may not have a lot of time on their hands. The recent rise in stocks linked to Bitcoin mining — like Riot Blockchain, Marathon Digital, and Nvidia — may be <a href="https://www.businessinsider.in/cryptocurrency/news/rise-in-bitcoin-mining-stocks-may-be-a-bullish-signal-that-investors-are-returning-to-the-space-fundstrat-says/articleshow/84237515.cms">a positive signal</a> for the cryptocurrency prices, according to research firm Fundstrat. David Grider, the lead digital asset strategist at the company, explained that bitcoin mining stocks tend to rise and fall ahead of bitcoin. However, others, like <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-may-have-to-tumble-to-25000-before-major-investors-really-buy-back-in-says-ceo-of-crypto-unicorn-amber-group/articleshow/84233944.cms">Amber Group CEO Michael Wu</a>, believe that Bitcoin will have to drop to at least $25,000 before investors get back on the horse. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-crackdown-is-not-with-bitcoin-mining-only-stablecoins-software-influencers-are-also-on-its-radar/articleshow/84229285.cms">China’s crypto crackdown is not likely to stop with Bitcoin mining — stablecoins, software, influencers are also on its radar</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-exchanges-can-run-into-trouble-with-investors/articleshow/84205889.cms">Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-sports-sponsorships-are-heating-up-again-as-ufc-bags-a-multi-million-dollar-deal-from-crypto-com/articleshow/84229910.cms">Crypto sports sponsorships are heating up again with multi-million dollar deals on the table</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ceo-of-the-worlds-largest-cryptocurrency-said-that-financial-assets-like-cryptocurrencies-only-come-along-once-in-a-generation/articleshow/84164488.cms">The CEO of the world’s largest cryptocurrency asset manager reckons that crypto as an asset class is ‘here to stay’ — Here are 12 of his best quotes</a>

Indian crypto exchanges aren’t worried about the lull in trading volumes — they see it as an opportunity

<ul><li>Singapore-based Coinstore has announced plans to enter the India market.</li><li>Its competitor CrossTower had also entered India in September.</li><li>Coinbase is setting up its offices in the country and has been on an aggressive hiring spree since July.</li></ul> Despite rumours of a <a href="https://www.businessinsider.in/investment/news/a-ban-on-crypto-in-india-will-only-lead-to-surge-in-black-market-trading-according-to-experts/articleshow/87914173.cms">possible ban</a>, Singapore-based cryptocurrency exchange Coinstore has decided to enter India. It has launched the web and mobile versions of its platforms in the country, and plans to start a branch each in Bangalore, New Delhi and Mumbai, according to a <a href="https://www.reuters.com/technology/cryptocurrency-exchange-coinstore-enters-india-despite-pending-curbs-trade-2021-11-28/">Reuters</a>’ report. <div type="twitter" handle="coinstore_en" handlename="Coinstore" image="http://pbs.twimg.com/profile_images/1459071636183785473/2s7pRqeq_normal.jpg" favoritecount="5" retweetcount="1" status="#Cryptocurrency exchange #Coinstore enters #India despite pending curbs on trade📰: https://t.co/6oltKCMEyp ✅… https://t.co/VHJXK8TDQR" createdat="1638155949000" id="1465158360676904960"></div> Coinstore’s entry into India follows in the footsteps of other global crypto giants like <a href="https://www.reuters.com/technology/cryptocurrency-exchange-coinstore-enters-india-despite-pending-curbs-trade-2021-11-28/">Coinbase</a> and <a href="https://www.businessinsider.in/investment/news/crypto-firm-crosstower-partners-with-south-asian-engagement-forum-to-celebrate-diwali-at-world-trade-center-in-new-york/articleshow/87484056.cms">CrossTower</a> looking to capitalise on the large base of investors in the country — estimated to be between 15 to 20 million by the industry. “With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” Charles Tan, head of marketing at Coinstore, told Reuters. He also said that the company plans to recruit 100 employees in India and spend about $20 million for marketing, hiring and development of the business in the country. The Indian government is expected to table its <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">bill on cryptocurrencies</a> at the Winter Session of the Lok Sabha, which has kicked off today. The government has listed the bill on the agenda for the session asone which seeks to “prohibit private cryptocurrencies” in the country. While experts opine that a ban wouldn’t be the right move for India, the announcement led to <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">panic selling</a> in Indian crypto markets. <div type="Article" hostid="261" msid="87887473" title="Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency" mstype="2" mssubtype="0"></div> “India has a huge potential to become a global leader in this technology. If India closes the avenues for crypto, it will be cut off like Nigeria. Being a digital-first country, this innovative technology needs the framework India provides to expand,” Vikas Ahuja, CEO of <keyword id="12040535" type="General" weightage="20" keywordseo="crosstower-india" source="Orion">CrossTower India</keyword> CEO, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Competition galore" comment="subhead" text="Competition galore">Competition galore </cmsannotation> India’s cryptocurrency market has been growing exponentially over the past one year. According to crypto exchange WazirX founder, Nishcal Shetty, the country <a href="https://economictimes.indiatimes.com/tech/technology/india-does-not-have-100-million-crypto-users-wazirx-founder/articleshow/87280576.cms">has around</a> 20 million crypto users.It is the largest exchange in the country in terms of trading volumes. The country has also produced two billion dollar crypto startups — ‘unicorns’ — CoinDCX and Coinswitch Kuber, both of which announced their new milestones within the past few months. Coinswitch Kuber is also the first company in India to receive funding from Silicon Valley-based venture capital firm Andreesen Horowitz. While CoinSwitch and CoinDCX have investments from global crypto giant Coinbase, WazirX is owned by Binance. Coinstore will also have to contend with smaller exchanges, like Giottus Cryptocurrency and many more. Seychelles-based OKEx had also entered India earlier this year, while Singapore-based CrossTower entered the country in September. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">FUD takes over Indian crypto markets after government lists crypto bill for discussion</a> <a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency</a> <a href="https://www.businessinsider.in/investment/news/a-ban-on-crypto-in-india-will-only-lead-to-surge-in-black-market-trading-according-to-experts/articleshow/87914173.cms">Experts fear that a 'ban' on crypto in India will only drive investors to the grey market</a>

After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto

<ul><li>One of the Big 4 audit and consulting firms in the word needs professionals from science, technology, engineering, and mathematics (STEM) backgrounds.</li><li>The new hires will be spread around across all member firms, including its global delivery centers.</li><li>EY has announced <keyword id="10487662" type="COMPANY" weightage="20" keywordseo="the-ey-techathon-2021">the EY Techathon 2021</keyword>: #iSolve4aBillion Challenge.</li></ul>EY India has revealed plans to hire around 9,000 techies from India in 2021. The company is looking to expand its <keyword id="4180799" type="PERSON" weightage="20" keywordseo="digital-capabilities">digital capabilities</keyword> and the new hires will be spread around across all member firms, including its global delivery centers. The new hires will be from STEM (science, technology, engineering, and mathematics) background and will fill technology roles in areas like artificial intelligence, machine learning, cyber security, analytics and other emerging technologies. “We are making bold investments in our organization particularly in technology, data and through strategic acquisitions while continuing to expand our alliance and ecosystem relationships. Today, our clients, both in government and private businesses, are embarking on technology-led transformation and we are supporting them in this journey,” said Rohan Sachdev, Partner and Consulting Practice Leader, EY India. “With the pace of digital adoption accelerating exponentially, we are strengthening capabilities in emerging technology roles and significantly intensifying our hiring efforts in the coming year,” added Sachdev. 36% of <keyword id="10487664" type="UNKNOWN" weightage="20" keywordseo="ey-employees">EY employees</keyword> are from the STEM background EY India currently has over 50,000 employees working in all member firms and out of this, 36% are from the STEM background. EY has hosted several hackathons in the cybersecurity and risk domains over the years and it has now announced the <keyword id="10487660" type="UNKNOWN" weightage="20" keywordseo="ey-techathon">EY Techathon</keyword> 2021: #iSolve4aBillion Challenge. The winners of the hackathon will win cash prizes, an opportunity for mentorship by EY leadership and a chance to work in EY’s Technology Consulting team. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/cryptocurrency-exchange-coindcx-raises-13-9-million-funding/articleshow/79850829.cms">Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled</a> <a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms">EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales</a> <a href="https://www.businessinsider.in/careers/news/ericsson-india-is-hiring-for-leadership-roles-in-artificial-intelligence-data-analysts-and-more-as-it-prepares-for-the-5g-era/articleshow/79406077.cms">Ericsson India is hiring for leadership roles in Artificial Intelligence, data analysts and more as it prepares for the 5G era</a>

EY is looking to hire 9,000 techies in 2021 to boost its digital services

<ul><li>The <keyword id="280418" type="General" weightage="100" keywordseo="wholesale-inflation" source="Orion">wholesale inflation</keyword> stood at 12.96% in the financial year 2021-2022. </li><li>This is close to the level that it was during the 1991 economic crisis. </li><li>This is due to factors such as the second wave of COVID-19, the Russia-Ukraine war and supply chain issues. </li></ul>The Narendra Modi-led government has a major headache to deal with – inflation. While it’s not necessarily entirely the government’s doing, wholesale inflation is now near the same level as it was during the 1991 economic crisis that changed <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> forever. Wholesale inflation stood at 12.96% in the financial year 2021-22. Several factors like the second wave of COVID-19, the Russia-Ukraine war and other supply chain bottlenecks have resulted in increase in inflation, making essentials like food items and commodities more expensive. In 1991, when India was undergoing a major economic crisis that threatened to push the country to default, the wholesale inflation stood at 13.7% for FY 1991-92. Inflation has been surging across the world as a combination of multiple factors has continued to strangle the global supply chains, leading to a surge in prices across the world. Markets around the world have been underperforming, fearing a <a href="https://www.businessinsider.in/stock-market/news/heres-why-the-us-is-increasing-interest-rates-and-how-it-impacts-indian-markets/articleshow/90926842.cms">hike in interest rates by the US Fed.</a> as the Biden administration tries to bring inflation under control. In India, too, the Reserve Bank of India has shifted its focus from stimulating growth to mitigating the impact of rising inflation. This has put a spanner in the government’s efforts to post healthy GDP growth – the RBI has lowered the GDP growth forecast to 7.2% from 7.8% for the fiscal year 2022-23. <cmsannotation type="cmsannotation" annotationid="How the rise in wholesale inflation has impacted the common man’s pocket" comment="subhead" text="How the rise in wholesale inflation has impacted the common man’s pocket">How the rise in wholesale inflation has impacted the common man’s pocket</cmsannotation> At the end of the day, though, the common man suffers as a result, with prices of commodities and essential items like edible oil, pulses, spices, vegetables and fruits surging all over India. Wholesale price index (WPI), which is used to calculate wholesale inflation, tracks prices of commodities sold in bulk between businesses, instead of goods bought by individuals. What the WPI-based inflation measures is the increase or decrease in price that businesses pay to buy goods. This is an important metric because if the prices that businesses pay increase, then it is passed on to retail buyers like you and me. One of the major contributors to wholesale inflation is the drastic increase in crude oil prices, and as a result, the prices of petrol and diesel have surged by nearly 20% when compared to the same time last year. Fuel prices have a spillover effect on the prices of food items, commodities and everything else since transportation costs are one of the major contributors to the price of products. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-why-the-us-is-increasing-interest-rates-and-how-it-impacts-indian-markets/articleshow/90926842.cms">Here’s why the US is increasing interest rates and how it impacts Indian markets</a> <a href="https://www.businessinsider.in/investment/coindcx-is-now-the-most-valued-cryptocurrency-exchange-in-india-and-its-hiring/articleshow/90927867.cms">CoinDCX is now the most valued cryptocurrency exchange in India and it is hiring for 600 positions</a> <a href="https://www.businessinsider.in/tech/apps/news/qr-codes-product-tagging-exclusive-content-and-other-upcoming-instagram-features/articleshow/90928407.cms">Upcoming Instagram features: QR codes, Product tagging, exclusive content and more</a>

Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis

<ul><li><keyword id="6567188" type="General" weightage="20" keywordseo="kavin-bharti-mittal" source="Orion">Kavin Bharti Mittal</keyword>’s Rush by Hike has partnered with the layer-2 blockchain platform, <keyword id="2462624" type="General" weightage="20" keywordseo="polygon" source="Orion">Polygon</keyword>.</li><li>The <keyword id="13026722" type="General" weightage="20" keywordseo="rush-gaming-universe" source="Orion">Rush Gaming Universe</keyword> is currently a web2 platform with an endeavour to turn itself into a play-to-earn (P2E) game that functions on the blockchain.</li><li>The whitepaper is set to launch next month.</li></ul>Kavin Bharti Mittal’s ‘Rush by Hike’ has announced that its newest endeavour to turn into a play-to-earn (P2E) game will be done on the Polygon blockchain. The two startups have partnered up to bring Hike’s Rush Gaming Universe into the web3 era. In a previous interview with Business Insider, Mittal <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittal-dives-into-what-hikes-version-of-the-metaverse-is-going-to-look-like/articleshow/89109609.cms">revealed</a> that the game plans to launch its whitepaper in February. The company’s engineers had been experimenting with coding languages like Rust for Solana and Solidity for Ethereum, but seem to have finalised on Polygon’s MATIC which uses Golang, which is an open-source programming language compatible with Ethereum networks, for the next phase of development. <div type="ExtQuote" text="“With Polygon, we’re going to bring The Rush Gaming Universe on-chain in 2022 on top of the vast and vibrant Ethereum ecosystem to deliver on this vision.&quot;" auname="Kavin Bharti Mittal said in a statement"></div> According to him, the Rush Gaming Universe won’t be anything like Decentraland, Axie Infinity or any of the P2E games that users are familiar with so far. <cmsannotation type="cmsannotation" annotationid="What is the Rush Gaming Universe?" comment="subhead" text="What is the Rush Gaming Universe?">What is the Rush Gaming Universe?</cmsannotation> As things stand, the Rush Gaming Universe is a web2 platform. It’s available to play on mobile, where users can earn money — with a ₹3.5 cap a day in the free version — by playing different games like Quizzy and Carom. Mittal plans for going web3 were initiated a while back but the issue was scalability. Most blockchain-based platforms are smaller when they start out and they start on-chain. With the Rush Gaming Universe, however, the platform is already live and is doing 100 million gameplays every three months. That scale needs to be brought onto the blockchain now. According to Hike, Polygon has scaling solutions that remove that bottleneck in a cost-effective way. In the 12 months since it has launched, the platform is now bringing in $50 million annual recurring revenue (ARR). SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittal-dives-into-what-hikes-version-of-the-metaverse-is-going-to-look-like/articleshow/89109609.cms">EXCLUSIVE: Kavin Bharti Mittal dives into what Hike’s version of the metaverse is going to look like</a> <a href="https://www.businessinsider.in/investment/news/profit-from-bitcoin-mining-is-shrinking-with-prices-in-the-dumps-and-difficulty-on-the-rise/articleshow/89106547.cms">Bitcoin mining profit is shrinking with prices in dumps and difficulty on the rise</a> <a href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a>

Kavin Bharti Mittal's Hike partners with Polygon to bring the Rush Gaming Universe onto web3

<ul><li><keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword>’s gas fees can move from a few dollars to a few hundreds in a matter of seconds.</li><li>According to an analyst at <keyword id="44660" type="General" weightage="20" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword>, Ethereum might be losing out to competitors like <keyword id="5294933" type="General" weightage="20" keywordseo="cardano" source="Orion">Cardano</keyword> and <keyword id="1905050" type="General" weightage="20" keywordseo="solana" source="Orion">Solana</keyword> already.</li><li>Ethereum’s valuation has dropped by $200 billion in less than six months.</li></ul>Ethereum’s high gas fee has been a concern for many, and is a key hurdle in the platform’s scaling ability. Now, investment bank JPMorgan has said that the platform is losing ground to rivals like Solana in the non-fungible token (NFT) sector due to these high gas fees. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Gas fees is the fee paid to miners for validating a transaction on the Ethereum network. It is known to be as volatile as the price of Ether itself, and can add hundreds of dollars to the cost of a transaction. At the time of writing, the gas fee was averaging at around $6, but the value has been known to jump to over $150 quite often since it depends on the traffic on the network. "It looks like, similar to <keyword id="12997000" type="General" weightage="20" keywordseo="defi-apps" source="Orion">DeFi apps</keyword>, congestion and high gas fees has been inducing NFT applications to use other blockchains,” <a href="https://markets.businessinsider.com/news/currencies/ethereum-eth-killers-nfts-defi-solana-cardano-wax-crypto-investing-2022-1">said</a> JPMorgan analyst Nikolaos Panigirtzoglou, in a note. “If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum's valuation," he added. Panigirtzoglou isn’t the only one who feels this way either. To be sure, Ethereum’s market capitalization has dropped from a massive $568 billion in August 2021 to around $373 billion today, according to data from <a href="https://coinmarketcap.com/currencies/ethereum/">Coinmarketcap</a>. <cmsannotation type="cmsannotation" annotationid="NFT market scaling fast" comment="subhead" text="NFT market scaling fast">NFT market scaling fast</cmsannotation> On the other hand, the market for <keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword> and decentralised applications (Dapps) have been scaling at a breakneck pace. For instance, NFT marketplace OpenSea was <a href="https://www.bbc.com/news/technology-59880739">valued</a> at a massive $13 billion earlier this month, when the company raised $300 million. At the time, the company said that trades on the platform grew by 600 times over 2021. NFT projects like Bored Ape Yacht Club (BAYC) and Cryptopunks are other examples of billion dollar NFT projects and how fast the industry has been growing. This is where the scaling problem comes in, since many or even most NFT projects are built on the Ethereum network and its smart contracts feature. And with more NFT transactions, the load on the Ethereum network keeps growing too. <cmsannotation type="cmsannotation" annotationid="Solving the problem" comment="subhead" text="Solving the problem">Solving the problem</cmsannotation> To be fair, Ethereum’s developers are well aware of the problem too. In August 2021, right around the time when Ethereum had hit its $500-plus billion market cap, the platform saw an an update called the London Hard Fork, which was the first big step towards moving to the second generation of the network — Ethereum 2.0. With the London Hard Fork, the platform introduced the ‘proof-of-stake’ system, which is meant to reduce the overall gas fees and its volatile nature. The problem is that Ethereum 2.0 will still take at least a few months to kick in and no concrete date has been set just yet. With Cardano and Solana already based on the same proof-of-stake system, experts like JPMorgan are concerned that developers will migrate to these competing platforms rather than depending on Ethereum for too long. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/cardano-jumps-on-the-metaverse-bandwagon-with-pavia-heres-everything-you-need-to-know-about-adas-entry-into-play-to-earn/articleshow/89012262.cms">Cardano jumps on the metaverse bandwagon with Pavia — here’s everything you need to know about ADA’s entry into play-to-earn</a> <a href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a> <a href="https://www.businessinsider.in/investment/news/one-of-the-largest-cryptocurrency-swapping-platforms-just-lost-1-3-million-as-users-failed-to-update-approvals/articleshow/88992186.cms">One of the largest cryptocurrency swapping platforms just lost $1.3 million as users failed to update approvals</a>

Ethereum may not have too long to get its high gas fee issue in check, according to JPMorgan

<ul><li>Cryptocurrency traders registered $10 billion in liquidations as cryptocurrencies plummeted due to a combination of negative news. </li><li>The first trigger was the unconfirmed rumours of the <keyword id="105472" type="COMPANY" weightage="20" keywordseo="US-Treasury">US Treasury</keyword> crackdown that linked cryptocurrencies with money laundering. </li><li>The second trigger was the <keyword id="751724" type="PERSON" weightage="20" keywordseo="power-blackouts">power blackouts</keyword> in China’s Xinjiang region, which is a major <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> mining pool. </li></ul><keyword id="11121846" type="UNKNOWN" weightage="20" keywordseo="cryptocurrency-liquidations">Cryptocurrency liquidations</keyword> hit a record $10 billion in an overnight crash triggered by rumours of US crackdown, and power blackouts in China’s Xinjiang province which resulted in a 50% decline in the Bitcoin hash rate. The total market capitalisation of cryptocurrencies – including Bitcoin – fell by a staggering $310 billion, from a peak of $2.2 trillion. This represents a 14% crash in the market value of cryptocurrencies. Since then, cryptocurrencies have staged a recovery – the latest data puts the total market value at $2.09 trillion. However, Bitcoin is still under $57,000, down by 15% from its all-time high of $65,000 on Wednesday, April 14. <cmsannotation type="cmsannotation" annotationid="Biggest liquidation in 2021 so far" comment="subhead" text="Biggest liquidation in 2021 so far">Biggest liquidation in 2021 so far</cmsannotation> The initial crash was triggered by <a href="https://twitter.com/Fxhedgers/status/1383611847144730626">unconfirmed rumours</a> of a US <keyword id="6374832" type="COMPANY" weightage="20" keywordseo="treasury">Treasury</keyword> crackdown on financial institutions for money laundering via cryptocurrencies. As a result of the flash crash, investors and firms with long positions on Bitcoin saw record liquidations to the tune of $10 billion, according to <a href="https://www.bybt.com/LiquidationData">Bybt</a>. Nearly 927,000 traders were impacted due to the crash. Cryptocurrency liquidations are triggered when the trader or investor is unable to fulfill the margin requirements needed for their positions – in this case, long positions, which means that the traders were bullish on Bitcoin prices. A crash means that the Bitcoin prices went in the opposite direction, thereby increasing the margin required to maintain long positions. When traders run out of cash to maintain these positions, they are liquidated. While Bitcoin price has crawled back up, the long positions will be marked as losses. Before this, the biggest liquidations in 2021 were between February 20 and 23, totalling $7.16 billion as Bitcoin plunged from $56,000 to under $49,000. <cmsannotation type="cmsannotation" annotationid="Power blackouts in China also contributed to the crash" comment="subhead" text="Power blackouts in China also contributed to the crash">Power blackouts in China also contributed to the crash</cmsannotation> While the crackdown rumours played their part, another aspect that led to the flash crash in cryptocurrencies was power blackouts in China’s Xinjiang region. The blackout caused half of Bitcoin’s mining network to go offline. Popular Bitcoin analyst Willy Woo states that Bitcoin’s price and hash rate are correlated. A 50% fall in the hash rate has subsequently caused a crash in Bitcoin’s price, too. <div type="twitter" handle="woonomic" handlename="Willy Woo" image="http://pbs.twimg.com/profile_images/1061456386746269696/-0v6Qw17_normal.jpg" favoritecount="4719" retweetcount="1137" status="Price and hash rate has always been correlated.This is BTC price vs today's hash rate collapse (from the Xinjiang… https://t.co/T5iAXjwMPz" createdat="1618728213000" id="1383672529995190281"></div> “Another probable reason could also be the massive power outage in China’s Xinjiang region, which is one of the largest mining pools which may have prompted the sell-off,” said Sumit Gupta, co-founder and CEO of CoinDCX, in a statement to Business Insider. <cmsannotation type="cmsannotation" annotationid="Industry insiders rubbish US Treasury crackdown rumours" comment="subhead" text="Industry insiders rubbish US Treasury crackdown rumours">Industry insiders rubbish US Treasury crackdown rumours</cmsannotation> Industry insiders called these rumours “unsubstantiated” and “dubious”. “Market had reacted sharply based on series of unconfirmed and dubious tweets,” Vikram Subburaj, co-founder and CEO of Giottus Cryptocurrency Exchange said in a statement to Business Insider. He urged retail investors to not fall prey to these rumours and do more research before taking a decision. CoinDCX’s Sumit Gupta struck an optimistic note. “We believe this is a temporary phase and prices will recover soon as the Treasury has already refuted the rumours,” he added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/wisdom-from-a-crypto-billionaire-plus-a-risk-free-bitcoin-trade-that-could-pay-double-digit-returns/articleshow/82134946.cms">Wisdom from a crypto billionaire, plus a risk-free bitcoin trade that could pay double-digit returns</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-plummets-more-than-10-to-less-than-55000-in-its-biggest-drop-in-months-just-days-after-reaching-a-record-64800/articleshow/82129663.cms">Bitcoin plummets more than 10% in its biggest drop in months, just days after reaching a record high</a> <a href="https://www.businessinsider.in/stock-market/news/coinbases-first-employee-was-hired-after-he-emailed-his-undergraduate-thesis-on-bitcoin-to-the-founders-and-was-paid-in-cryptocurrency-for-3-years/articleshow/82104031.cms">Coinbase's first employee was hired after he emailed his undergraduate thesis on bitcoin to the founders - and was paid in cryptocurrency for 3 years</a>

You Searched For "coindcx hiring" and got 10 results

India’s crypto players bullish on hiring; say crash is just a phase

Vaamanaa Sethi

Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled

Rounak Jain

Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too

BI India Bureau

Indian crypto exchanges aren’t worried about the lull in trading volumes — they see it as an opportunity

BI India Bureau

After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto

BI India Bureau

EY is looking to hire 9,000 techies in 2021 to boost its digital services

Rounak Jain

Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis

Rounak Jain

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