<ul><li><keyword id="6359140" type="General" weightage="20" keywordseo="binance" source="Orion">Binance</keyword>’s freeze on <keyword id="1985091" type="General" weightage="20" keywordseo="dogecoin" source="Orion">Dogecoin</keyword> withdrawals could get extended by another week, and tech billionaire <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> isn’t happy about it.</li><li>The Dogefather told Binance that investors in Dogecoin, “should be protected from errors that are not their fault.”</li><li>The crypto exchange claims it is rebuilding its wallet for <keyword id="1990795" type="General" weightage="20" keywordseo="doge" source="Orion">DOGE</keyword>, which is why it’s taking longer than originally expected to raise the freeze.</li><li>The developers behind Dogecoin claim that Binance knew about the ‘database glitch’ a little over a year ago and chose to ignore the team’s advice.</li></ul>Changpeng Zhao’s Binance has been making headlines for all the wrong reasons this year, and this time it's caught the ire of tech billionaire Elon Musk. The crypto exchange has been facing issues with respect to Dogecoin withdrawals, which Musk — the Dogefather — felt may be indicative of something ‘shady’. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1442634650703237120/mXIcYtIs_normal.jpg" favoritecount="17218" retweetcount="3016" status="@CoinDesk @binance @egreechee Hey @cz_binance, what’s going on with your Doge customers? Sounds shady." createdat="1637661648000" id="1463085111600205825"></div> However, Binance claims that there’s nothing ‘shady’ afoot — just a <a href="https://twitter.com/binance/status/1463094150828412933">technical glitch</a> that they’re sorting out. Whatever the case may be, Musk has <a href="https://twitter.com/elonmusk/status/1463096278171148290">advocated</a> that investors in his preferred currency, Dogecoin, “should be protected from errors that are not their fault.” Shortly after Elon Musk’s initial tweet, Binance’s Twitter account wrote out a thread to explain the issue around Dogecoin withdrawals. While apologising and recognising that the situation must be frustrating for many, the crypto exchange disclosed that it’s rebuilding its setup for its DOGE wallet entirely. And, because of that, it may take another week — or even longer — before withdrawals are activated again. <div type="twitter" handle="binance" handlename="Binance" image="http://pbs.twimg.com/profile_images/1455769580115091467/i0KjbCry_normal.jpg" favoritecount="152" retweetcount="8" status="Since the incident occurred, DOGE Network has been providing us with support, but we have to rebuild the wallet ent… https://t.co/lvhYmwp2xO" createdat="1637663588000" id="1463093249468366848"></div> <cmsannotation type="cmsannotation" annotationid="Binance Dogecoin withdrawal freeze is getting extended by another week" comment="subhead" text="Binance Dogecoin withdrawal freeze is getting extended by another week">Binance Dogecoin withdrawal freeze is getting extended by another week</cmsannotation> This new snafu comes in the footsteps of Binance’s <a href="https://markets.businessinsider.com/news/currencies/binance-dogecoin-crypto-exchange-withdrawals-suspend-glitch-network-update-2021-11">two-week withdrawal freeze</a> for the meme currency after a glitch in their software executed a large number of Doge transactions from last year. This is after Binance had already <a href="https://markets.businessinsider.com/news/currencies/binance-halts-withdrawals-crypto-exchange-outage-bitcoin-trading-investing-2021-11">suspended all crypto withdrawals</a> due a database glitch, ten days earlier. That’s two separate occasions that Binance’s ‘database glitches’ have led to investors being unable to withdraw their funds from a market that fluctuates hour-on-hour within just one month. The most recent development is that the ‘two-week’ freeze is likely to be extended as Binance rebuilds its DOGE wallet. According to the crypto exchange, “The issue occurred on Binance - and not other platforms - because we have a different technical wallet set-up for DOGE.” <cmsannotation type="cmsannotation" annotationid="Binance knew about the pending Dogecoin transactions even last year" comment="subhead" text="Binance knew about the pending Dogecoin transactions even last year">Binance knew about the pending Dogecoin transactions even last year</cmsannotation> The ‘database glitch’ highlighted by Binance is with respect to old transactions linked to 1,674 users. And, according to the developers behind Dogecoin, the crypto exchange knew about this issue since last year. <div type="twitter" handle="dogecoin_devs" handlename="Dogecoin Developers" image="http://pbs.twimg.com/profile_images/456149117991784448/Mzpy0ktv_normal.png" favoritecount="2111" retweetcount="378" status="Providing some clarification the Binance situation: 1) A bit over a year ago, Binance notified us that they had stu… https://t.co/SdwBgDGIjD" createdat="1636656430000" id="1458868925039464451"></div> The developers claim that Binance ‘<a href="https://twitter.com/dogecoin_devs/status/1458868926469730304">opted</a>’ to resend these transactions even though they had been instructed to instead invalidate them by the Dogecoin team. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/jack-dorseys-new-decentralised-crypto-exchange-doesnt-want-to-define-trust-amid-regulatory-uncertainty/articleshow/87852451.cms">Jack Dorsey’s new decentralised crypto exchange doesn’t want to define ‘trust’ amid regulatory uncertainty</a> <a href="https://www.businessinsider.in/cryptocurrency/news/government-may-change-income-tax-laws-to-tax-cryptocurrency-gains-in-budget/articleshow/87802508.cms">Government plans to tax cryptocurrency gains in Budget 2022</a>

Elon Musk wants Dogecoin investors to be ‘protected’ as Binance extends withdrawal freeze by another week

<ul class="summary-list"><li><keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">Solana</keyword>'s sol jumped by as much as 24% on Friday to hit $146.37, its highest level on record.</li><li>It's now the 7th biggest coin by market capitalization at $42 billion, pushing <keyword id="11955066" type="UNKNOWN" weightage="60" keywordseo="doge" source="Orion">doge</keyword> down into 8th place.</li><li>Solana has gained popularity for its DeFi capabilities, including smart contracts, and its scalability.</li></ul>Solana's sol hit an all-time high on Friday, extending a run that has seen it double in value in the space of two weeks, thanks in part to the booming popularity of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> applications such as non-fungible tokens. Sol rallied by as much as 24% to a high of $146.37 earlier in the day and was last up around 8% at $138.83. Its market value is now around $42 billion, according to <a href="https://coinmarketcap.com/">Coinmarketcap</a>, meaning it has knocked <keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword> at $38 billion into 8th place in terms of market capitalization.So-called alt-coins have rallied sharply in recent weeks. That's thanks in part to a series of network upgrades and to the growing capabilities of various blockchains, including solana, to house applications such as non-fungible tokens (NFTs) or decentralized finance (DeFi) projects. "The love for Solana is best attributed to the growing opportunities its <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> capabilities are ushering in," Yuri Mazur, head of data analytics at CEX.IO broker, told Insider. "To catch on the innovative NFT projects being rolled out atop the blockchain, users need to hold a certain amount of sol tokens to mint their favorite NFTs. This added use case of sol is causing an increased demand for the digital currency, and ultimately, for its price," he said.Sol's popularity centers on the Solana blockchain's DeFi capabilities, including the smart contracts that make it a rival to <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>. It currently hosts around 400 projects on its network."Various digital currencies have their distinctive traits, and solana is not an exception. Bolstered by the scalability of its underlying blockchain network, the coin comes very handy for cheap transactions, offering a more required convenience to users," Mazur said.Sol's whitepaper was released by Solana's founder and CEO <a href="https://www.crunchbase.com/person/anatoly-yakovenko">Anatoly Yakovenko</a> in <a href="https://dyor-crypto.fandom.com/wiki/Solana_(SOL)#Basics">2017</a>. It was released on the Binance cryptocurrency exchange in April 2020, when it debuted at around $0.21."At this rate, nothing is likely to stump the growth of the coin from crossing beyond the $200 price mark in the next two weeks. With the positive sentiment the digital currency has garnered in the NFT metaverse, this new high may be attained sooner than later," Mazur said. "No doubt, Solana can compete with the top 10 and reach the top 5," Dmitry Mishunin, founder and CEO of HashEX, a smart contract audit company said. The top five <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> by market cap are bitcoin, ether, cardano's ada, binance coin and the tether stablecoin, according to data from Coinmarketcap.

Solana's sol token rallies over 20% to record highs and overtakes dogecoin in market value, driven by the surge in new NFT projects

<ul class="summary-list"><li><keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> may be the most know <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>, but there is a world of altcoins out there with their own specific uses. </li><li>Apart from currencies, these cryptoassets have various utilities from "<keyword id="11186908" type="General" weightage="60" keywordseo="proof-of-stake" source="Orion">proof of stake</keyword>" to decentralized finance.</li><li>Insider collected the most common types of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> and 15 examples from a wide world of digital assets. </li></ul>Investing in cryptocurrencies has been synonymous with investing in bitcoin, especially for those new to the digital asset space. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a>, after all, is often regarded as the first modern <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrency</a>, founded by an anonymous developer under the pseudonym Satoshi Nakamoto in 2009. "We think bitcoin had the first-mover advantage," Ian Balina told Insider. Balina is the founder and CEO of <keyword id="6937186" type="General" weightage="60" keywordseo="token" source="Orion">Token</keyword> Metrics, a data-driven investment research platform for cryptocurrencies. Today, bitcoin boasts of a $1 trillion dollar market capitalization and enjoys the support of 22 public companies, according to <a href="https://www.coingecko.com/en/public-companies-bitcoin">data by CoinGecko</a>. These include major firms from <a href="https://markets.businessinsider.com/currencies/news/michael-saylor-microstrategy-buys-15-million-of-bitcoin-btc-2021-4-1030274270">MicroStrategy</a> to <a href="https://markets.businessinsider.com/currencies/news/tesla-bitcoin-price-holdings-grew-2-billion-tsla-btc-2021-4-1030358711">Tesla</a>. Not included in that number are major corporations adopting bitcoin such as <a href="https://markets.businessinsider.com/currencies/news/goldman-sachs-restarts-crypto-trading-and-will-begin-trading-bitcoin-futures-report-2021-3-1030137170">Goldman Sachs</a>, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-bny-mellon-transacting-cryptocurrency-market-btc-bank-investment-management-2021-2-1030073231">Bank of New York Mellon</a>, and <a href="https://www.businessinsider.com/more-companies-accepting-bitcoin-cryptocurrency-paypal-starbucks-2021-4">PayPal</a>. <a href="https://markets.businessinsider.com/currencies/eth-usd">Ether</a> comes in at a close second. The global and open-source platform for decentralized applications that runs on the ethereum blockchain, is the runner-up to bitcoin with a valuation of $318 billion. Many analysts predict it will <a href="https://markets.businessinsider.com/currencies/news/ether-versus-bitcoin-price-crypto-analysis-experts-why-2021-4-1030358382">surpass the king of cryptocurrencies</a> down the road, citing <keyword id="6709758" type="General" weightage="60" keywordseo="Ether" source="Orion">ether</keyword>'s ability in storing computer codes that power contracts and applications. Beyond these two, there is a wealth of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto assets</a> in the nascent space all with different utilities. "We're thrilled about the growing adoption of crypto beyond bitcoin," Greg King, CEO of Osprey Funds, a crypto asset manager that launched Osprey Bitcoin Trust, told Insider. "Investor and market appetite continues to grow for funds providing access to some of the most exciting coins and tokens." While cryptocurrencies are difficult to separate into neat and comparable categories, London-based fintech entrepreneur Viktor Prokopenya said the underlying popularity metrics can be borrowed from more traditional asset analysis. He named market capitalization, price volatility, and momentum as examples. "I believe we will see an increasing disregard for traditional portfolio theory and a reduction in diversification by many retail investors," he told Insider. "Of course, this could work out for the better but conventional prudence is advised." Insider, with the help of experts, lists here the five most common types of crypto uses with 15 examples of coins from across the space. <h3>1. Currencies </h3>This is the most commonly known utility of cryptocurrencies. Several companies have allowed the purchase of their products using cryptocurrencies such as <a href="https://markets.businessinsider.com/currencies/news/2-reasons-buying-tesla-with-bitcoin-bad-idea-2021-3-1030247584">Tesla car,</a> while <a href="https://markets.businessinsider.com/currencies/news/mark-cubans-dallas-mavericks-will-accept-dogecoin-for-tickets-2021-3-1030151539">dogecoin can be used to buy Dallas Mavericks' tickets and merchandise</a>. Other currency examples are <a href="https://litecoin-foundation.org/businesses/">litecoin</a> and <a href="https://www.egifter.com/buy-gift-cards-with-bitcoin-cash">bitcoin cash</a>. <h3>2. Stablecoins </h3>A stablecoin is a type of cryptocurrency that is backed by a reserve, which could be a cryptocurrency, a fiat currency, or a commodity. For instance, <a href="https://markets.businessinsider.com/currencies/usdt-usd">tether</a> is pegged to the US dollar. USD coin-created by Coinbase and Circle-and dai are also both pegged to the American currency. <h3>3. Proof of Stake </h3>This is a mechanism that regulates the process of transactions between users, ensuring that these are verified and added to a blockchain's public ledger. PoS was born out of another popular algorithm, Proof of Work. Both have the same goal of reaching consensus in the blockchain, <a href="https://academy.binance.com/en/articles/proof-of-stake-explained">Binance Academy explained</a>, and only differ in the process. Examples of cryptocurrencies that use PoS are ether (decentralized applications), <a href="https://markets.businessinsider.com/currencies/ada-usd">cardano</a> (academic research), and solana (blockchain applications). Read more: <a href="https://www.businessinsider.com/crypto-arbitrage-trading-strategy-alameda-research-sam-bankman-fried-billionaire-2021-4" target="_blank">A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities</a> <h3>4. Decentralized Finance </h3>Also known as <a href="https://www.businessinsider.com/how-to-invest-defi-bitcoin-crypto-cio-launches-new-fund-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank">DeFi</a>, this is an umbrella term for various applications that use public blockchains and crypto assets to disrupt the traditional financial sectors. DeFi is an alternative to a system that is tightly controlled and held together by decades-old infrastructure, according to a <a href="https://ethereum.org/en/defi/">website funded by the Ethereum Foundation</a>. DeFi, an industry now worth <a href="https://defipulse.com/" target="_blank">over $66 billion,</a> is a major reason for ether's recent record-breaking week during the end of April. Other cryptocurrencies that use DeFi applications according to Balina are: uniswap, a decentralized exchange for trading ethereum-based tokens via an automated order book; chainlink, a decentralized oracles network for bringing off-chain data onto the blockchain; and aave, a decentralized lending platform. "In the last few years, we have seen DeFi also take up a significant spot within any listing category," Ben Weiss, CEO of bitcoin ATM operator CoinFlip, told Insider - adding that many factors remain to be seen after the <a href="https://www.coindesk.com/ethereum-improvement-proposal-1559-london-hard-fork">London upgrade in June</a>. Weiss continued: "I would expect the DeFi space to grow as the momentum of both DeFi usage as well as innovation is growing in the billions of dollars every other day. Decentralized market makers like uniswap and pancakeswap changed what it means to be liquid and crypto accessibility in general." <h3>5 . Non-Fungible Tokens </h3>NFTs are <a href="https://markets.businessinsider.com/news/stocks/nfts-majority-americans-surveyed-digital-art-more-than-a-fad-2021-4-1030272455">unique digital assets</a> secured on a blockchain supported by ethereum. Each <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> has its own signature, which can be verified in the public ledger and cannot be duplicated. When people buy NFTs, they gain the rights to the <a href="https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank">unique token</a> on the blockchain, and not the <a href="https://markets.businessinsider.com/news/stocks/nft-art-market-rapid-growth-slowdown-non-fungible-tokens-2021-4-1030371073">artworks</a>, <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4">collectibles</a>, or <a href="https://markets.businessinsider.com/currencies/news/cryptocurrency-market-trends-this-year-according-to-pwc-bitcoin-2021-3-1030255805">tweets</a> linked to the NFTs themselves. Many of these are built on ether, Osprey said, but flow, tezos, and algorand also support NFTs. "The potential applications of NFT technology are virtually endless," he added. Other examples are theta network (video streaming blockchain) and chiliz (sports industry).

From Solana to Chainlink to Chiliz, here are 15 altcoins headlining a world of tokens that extends well beyond bitcoin - and what they're all used for

<ul class="summary-list"><li>Bitcoin and most cryptos extended losses Wednesday as worries built about the FTX fallout.</li><li>Sol plunged 31% and the crypto market cap dropped 11% on fears the troubles would spread.</li></ul>Bitcoin and other cryptocurrencies extended their losses Wednesday as worries built that the FTX troubles that led to Binance's bailout could spread to other big digital-asset players.In a stunning turn of events, FTX CEO Sam-Bankman Fried announced Tuesday that the crypto exchange had agreed to be taken over by rival Binance. The <a href="https://markets.businessinsider.com/news/currencies/binance-ftx-acquisition-sam-bankman-fried-insolvency-rumors-contagion-fears-2022-11">emergency deal</a> sent chills through the crypto world, reviving fears about liquidity risks that could lead to company collapses. Cryptocurrency prices fell across the board Wednesday, building on losses logged the previous day after the announcement. The overall value of the crypto market dropped over 11% to $871 billion over the last day, according to CoinMarketCap data.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 10% in the last 24 hours to $17,724 — its lowest level in a year — while other large tokens such as <a href="https://markets.businessinsider.com/currencies/ada-usd" target="_blank" rel="noopener">cardano</a> also sank. <a href="https://markets.businessinsider.com/currencies/eth-usd" target="_blank" rel="noopener">Ether</a> lost 19%, while Solana's <a href="https://markets.businessinsider.com/currencies/sol-sol" target="_blank" rel="noopener">sol</a> crashed 31% and meme crypto <a href="https://markets.businessinsider.com/currencies/usd-doge" target="_blank" rel="noopener">dogecoin</a> dropped 16%.Fears about contagion risks and insolvency have swirled in the crypto world since a report last week said Alameda Research — a crypto trading firm overseen by Bankman-Fried — was heavily exposed to FTX's native token FTT. Binance CEO Changpeng Zhao said <a href="https://twitter.com/cz_binance/status/1590013613586411520?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1590013613586411520%7Ctwgr%5E3b76ee26e933b77e2b8f37d2948fba9e1d21cead%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmarkets.businessinsider.com%2Fnews%2Fcurrencies%2Fbinance-ftx-acquisition-sam-bankman-fried-insolvency-rumors-contagion-fears-2022-11">on Twitter</a> Tuesday the deal was to "help cover the liquidity crunch" at FTX — which revived fears about risks to other industry players, like those seen last summer when Three Arrows Capital imploded from its exposure to failed stablecoin Terra."This is a major setback for many investors in cryptos who viewed SBF as a white knight and one of the leaders in the space that was supposed to thrive once we got beyond this crypto winter," OANDA analyst Ed Moya said."Many crypto companies will likely be vulnerable to further selling pressure here, given the current macro backdrop, but that probably won't deter a lot of the institutional money that is still coming in or or is locked into the space," he added.

Bitcoin and other cryptos spiral lower as worries about the fallout from FTX's troubles grow

<ul class="summary-list"><li>Mohamed El-Erian said the FTX crypto chaos will keep regulators up at night. </li><li>That's because they will be playing "massive" catch-up, after FTX revealed a liquidity crunch. </li></ul>Top economist Mohamed El-Erian said the latest mess in crypto markets spurred by FTX will keep regulators up at night as they scramble to play catch-up. In an interview with <a href="https://www.cnbc.com/2022/11/08/stock-futures-are-little-changed-as-wall-street-awaits-results-of-midterm-elections.html">CNBC</a> on Wednesday, the chief economic adviser at Allianz said what's happening with cryptocurrencies is "stunning." "The good news is, unlike banks they are not part of the payments and settlement system so we don't have to worry about big systemic effects," El-Erian said. He warned that crypto regulators will be playing "massive" catch-up in response to the market downfall. "The amount of irresponsible leveraging that has been taken, the cross ownership of assets. This sort of thing should not happen," El-Erian said. "What they are seeing, I suspect, will keep them up at night." The Securities and Exchange Commission and the Commodity Futures Trading Commission opened investigations into FTX months ago as to whether the the crypto exchange mishandled customer funds, <a href="https://www.wsj.com/articles/sec-investigates-crypto-platform-ftx-11668020379">according to the Wall Street Journal</a>. Cryptocurrencies took a tumble on Tuesday after Binance's <a href="https://markets.businessinsider.com/news/currencies/crypto-prices-bitcoin-bnb-binance-ftx-takeover-liquidity-crunch-sbf-2022-11">eye-popping announcement</a> that it intends to buy FTX. In a bizarre turn of events, Binance on Wednesday U-turned on the <a href="https://markets.businessinsider.com/news/currencies/crypto-ftx-bankruptcy-binance-justin-sun-solution-2022-11">deal</a>, saying issues at Sam Bankman-Fried's crypto exchange are beyond their ability to control or help. The initial news of the rescue deal however, which came in response to a liquidity crunch at FTX, sent chills through the crypto market because it renewed fears about liquidity risks in the industry. The market was still under pressure on Thursday after Bankman-Fried said FTX could go bankrupt if it doesn't receive a cash injection of $8 billion. In the last 24 hours, Bitcoin dipped 0.7% to $17,474, extending its slide so far this week. While other tokens like ether mildly recovered, dogecoin and solana experienced still experienced falls, sliding 6.81% and 19%, respectively. Meanwhile, the global crypto market cap slipped less than 0.1% to $871.23 billion, per <a href="https://coinmarketcap.com/">CoinMarketCap</a>.

Top economist Mohamed El-Erian says the FTX crypto fiasco will keep regulators up at night as they scramble to catch up

Happy Tuesday Opening Bell crew. I'm Phil Rosen — it's been a moment since we've checked in on the cryptocurrency sector. Rest assured it's still humming along, with bitcoin seeing nearly a 70% gain in the first three months of the year. Even meme token <a href="https://markets.businessinsider.com/news/currencies/dogecoin-price-elon-musk-crypto-twitter-logo-lawsuit-meme-token-2023-4">dogecoin saw a 20% jump late Monday</a> after the Shiba Inu mascot replaced Twitter's bird logo.I caught up with Shark Tank investor Kevin O'Leary, an active crypto investor and market veteran, to get his take on the <a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-cryptocurrency-regulation-wonderfi-ftx-exchange-markets-2023-4">digital asset sector and recent regulatory action</a>.<hr />If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><hr /><a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-cryptocurrency-regulation-wonderfi-ftx-exchange-markets-2023-4"></a>1. The TV personality known as Mr. Wonderful told me Monday afternoon that his stance on cryptocurrencies hasn't changed all that much since FTX collapsed, but he has shifted his stance on <a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-cryptocurrency-regulation-wonderfi-ftx-exchange-markets-2023-4">where to keep his assets</a>. Since November, he's moved his holdings to Canada, where he uses WonderFi, a name he's backed as an investor. He told me he first got a sense of the coming regulatory crackdown speaking to policymakers following hearings in December, when FTX's implosion was still top of mind."Talking to the senators after the hearings, I realized the frustration they had," O'Leary said. "They were really pissed off, and they have <a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-cryptocurrency-regulation-wonderfi-ftx-exchange-markets-2023-4">released the hounds</a>. They told regulators 'go get them,' and all of a sudden we have a mountain of enforcement action."Just in the last few weeks <a href="https://markets.businessinsider.com/news/currencies/crypto-industry-sec-investigations-coinbase-lindsay-lohan-jake-paul-charges-2023-3?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1lc2ysl*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY4MDU1MDY4NS43MTguMS4xNjgwNTUzNDU2LjIuMC4w">US regulators have taken aim</a> at Coinbase and Binance, as well as a string of celebrities and influencers with ties to crypto. The SEC said it's "neutral" about the technology at hand, yet "<a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-cryptocurrency-regulation-wonderfi-ftx-exchange-markets-2023-4">anything but neutral</a> when it comes to investor protection."That's led O'Leary to forecast that many of the crypto founders that helped jumpstart the sector are going to be <a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-cryptocurrency-regulation-wonderfi-ftx-exchange-markets-2023-4">forced out by regulation</a> in the near future.Part of that is because those business leaders have never had to operate under the burden of compliance costs and rules."They don't know how to make money in a regulated environment," O'Leary said."I think they'll all be sued into oblivion by their own regulators. These rockstar crypto guys, they're not going to make it. I bet if you looked at who's managing these companies 36 months from now, <a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-cryptocurrency-regulation-wonderfi-ftx-exchange-markets-2023-4">all the current guys are gone</a>."What do you think happens next in the crypto industry in light of the deepening regulatory crackdown? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. <hr />In other news:<a href="https://markets.businessinsider.com/news/commodities/oil-price-today-crude-opec-supply-cut-china-demand-outlook-2023-4"></a><div type="image" title="oil" height="2000" width="4000" msid="99240075" hostid="261" sizebytes="229572"></div>2. US stock futures rise early Tuesday, as investors continue to weigh the impact of the OPEC+ group's surprise output cut on global inflation. Plus, keep an eye out for the latest number from the monthly Job Openings and Labor Turnover Survey, due out later this morning. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves</a>. 3. On the docket: Credit Suisse, Nokia, and Scotiabank, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. This batch of stocks have a market-beating combination of upside and outsized dividend growth, according to UBS. These 30 names can beat a volatile market as they surge through 2023 and keep raising their dividend payments, analysts said — <a href="https://www.businessinsider.com/best-stock-picks-investing-high-upside-dividend-growth-profit-ubs-2023-4">get the full list</a>.5. Morgan Stanley's top stock strategist said the blistering rally in tech stocks won't last. Even as the tech-heavy Nasdaq 100 is coming off its second-best quarter in a decade, the downside risk isn't quite gone yet, Mike Wilson explained: <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-sector-bear-nasdaq-defensive-bank-crisis-2023-4">"We see little evidence that a new bull market has begun and believe the bear still has unfinished business."</a>6. Wall Street pros are more bearish on stocks than at any point since 2008. That said, that might be good news for investors, as Bank of America's sell side indicator suggests <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bearish-sentiment-wall-street-great-financial-crisis-2023-4">the S&amp;P 500 will surge 16% over the next 12 months</a>.7. Tesla could extend its massive rally this year, according to Wedbush's Dan Ives. Price cuts to the company's Model Y and Model 3 vehicles "have paid major dividends for Musk and co.," he wrote in a research note. Musk's price war, in Ives' view, <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-news-elon-musk-electric-vehicle-price-war-wedbush-2023-4">has clearly stoked up demand to start the year</a>.8. These 20-year-old college dropouts built a 28-unit real estate portfolio with less than $1,000 in savings combined. Caleb Hommel and Chuck Sotelo followed a mentor's advice in finding a great deal first. Then they raised the money to buy it. <a href="https://www.businessinsider.com/invest-in-real-estate-with-zero-money-upfront-seller-financing-2023-4">The pair did three deals in 2022 and used seller financing for each one</a>.9. Morningstar analysts listed out cheap stocks that will maintain higher-than-average dividends even in an economic slowdown. Investors can expect stable payouts regardless of what the broader economy is doing, the firm said. <a href="https://www.businessinsider.com/stock-picks-dividend-recession-proof-investing-undervalued-cash-flow-morningstar-2023-4">See their list of 10 names to buy now</a>.<a href="https://markets.businessinsider.com/news/commodities/oil-price-today-crude-opec-supply-cut-china-demand-outlook-2023-4"></a><div type="image" title="Brent crude price on April 4, 2023" height="918" width="1120" msid="99240076" hostid="261" sizebytes="25352"></div>10. Oil prices rallied following OPEC's unexpected supply cut. On Sunday, the oil cartel announced it would cut production by more than 1 million barrels per day, with Saudi Arabia leading the way with a 500,000 barrel-a-day reduction. <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-crude-opec-supply-cut-china-demand-outlook-2023-4">Brent crude hovered at $85 a barrel early Tuesday.</a><hr />Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Shark Tank investor Kevin O'Leary breaks down his latest crypto bet as regulators look to crush 'rogue' operators

<ul><li>The Indian government plans to put its cryptocurrency bill up for discussion during the Winter Session of Parliament, which will run from November 29 to December 23.</li><li>It had put the bill on its agenda in February as well, during the Budget Session, however the proposed laws were never presented.</li><li>Questions remain around what the Indian government means when referring to ‘private’ cryptocurrencies and what it deems to be ‘exceptions’.</li></ul>The Indian government plans to put its cryptocurrency bill up for discussion in Parliament during the upcoming Winter Session. But, as we saw during the Budget Session in February — when the cryptocurrency bill was originally listed on the Parliament’s agenda — just because something is listed on the agenda, doesn’t necessarily mean it’s going to see the light of day. Not only is the name of the bill to be introduced identical — The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 — whoever drafted the agenda didn’t even change the description of what the government is looking to discuss. However, the more prominent point of debate is that the proposed law “seeks to prohibit all private cryptocurrencies in India,” while allowing for “certain exceptions.” Despite the complexities of what this may represent, the crypto community in India — especially those at the helm of startups and crypto exchanges — welcome the news. Sources told Business Insider that the law is likely to be a more relaxed version of the <a href="https://prsindia.org/billtrack/draft-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019">2019 cryptocurrency bill</a>, wherein all cryptocurrency activity would have been prohibited. However, no official version of the cryptocurrency bill has been made public so far. <div type="ExtQuote" text="“This is a big moment for India. From a banking ban in 2018 to listing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Parliament's winter session… It speaks volumes about how India is determined to dominate the web 3.0 era.”" auname="Nischal Shetty, the founder of Indian crypto exchange WazirX, told Business Insider in a statement"></div> <cmsannotation type="cmsannotation" annotationid="Could there be another crypto ban on the cards?" comment="subhead" text="Could there be another crypto ban on the cards?">Could there be another crypto ban on the cards?</cmsannotation> Sources within the crypto space in India opine that it’s unlikely that the Indian government will ban all cryptocurrency. In the past, when the central bank — the Reserve Bank of India (RBI)-- tried to put a stop to all cryptocurrency trading in the country, it was overruled by the Supreme Court. “Yes, theoretically, a government can say yes to CBDCs and no to private cryptocurrencies but you have problems both from a development perspective — stifling the software ecosystem and creator ecosystem — as well as from a legal perspective, where it could be challenged that it is unconstitutional,” <a href="https://www.businessinsider.in/cryptocurrency/news/why-india-ban-on-cryptocurrencies-is-not-possible/articleshow/87390005.cms">Jaideep Reddy</a>, a technology lawyer with Nishith Desai Associates (NDA) specialising in the field of crypto, fintech and tech policy, told <a href="https://www.businessinsider.in/cryptocurrency/news/why-india-ban-on-cryptocurrencies-is-not-possible/articleshow/87390005.cms">Business Insider</a> during a webinar titled ‘The Framework: Crypto Regulation And India’. Moreover, the Central Board of Secondary Education (CBSE) and the Indian state of Maharashtra are using blockchain solutions to make certificates tamper proof. “A lot of these blockchain use cases won’t work without a thriving and enabled cryptocurrency ecosystem,” explained Reddy. <cmsannotation type="cmsannotation" annotationid="India knows it can’t ignore cryptocurrencies any more" comment="subhead" text="India knows it can’t ignore cryptocurrencies any more">India knows it can’t ignore cryptocurrencies any more</cmsannotation> Regardless of whether the Indian government is in favour of cryptocurrencies or not, there is too much happening in the space for it to continue turning a blind eye. <div type="ExtQuote" text="&quot;We welcome the move from the government. A well assessed and thought through regulation would pave the way for greater adoption of the technology and will help millions of Indians embrace this new age asset class. We are looking forward to the next steps on this.&quot;" auname="CoinDCX’s spokesperson told Business Insider in a statement"></div> Barely a week ago, during a forum hosted by the Australian Strategic Policy Institute, India’s Prime Minister <keyword id="6354477" type="General" weightage="20" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> issued a stern warning. “It’s important that all democratic nations work together on it and ensure it does not end up in the wrong hands, which can spoil our youths,” he said. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-wants-dogecoin-investors-to-be-protected-as-binance-extends-withdrawal-freeze-by-another-week/articleshow/87871139.cms">Elon Musk wants Dogecoin investors to be ‘protected’ as Binance extends withdrawal freeze by another week</a> <a href="https://www.businessinsider.in/investment/news/jrr-tolkiens-lawyers-shut-down-lotr-themed-cryptocurrency/articleshow/87871548.cms">JRR Tolkien’s lawyers shut down LOTR-themed cryptocurrency</a>

India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago

<ul><li>The Indian government has listed its new crypto bill on the agenda of the upcoming Winter Session of Parliament, which starts on November 29.</li><li>The description calls to “prohibit all private cryptocurrencies,” but has not defined what it means by ‘private’.</li><li>Experts are divided on whether this means all cryptocurrencies that aren’t controlled by the government, just <keyword id="12083763" type="General" weightage="20" keywordseo="privacy-coins" source="Orion">privacy coins</keyword> or in reference to cryptocurrencies not being deemed as ‘currencies’.</li></ul>Not every blockchain is the same, and neither is every cryptocurrency. And, the term ‘<keyword id="7897427" type="General" weightage="20" keywordseo="private-cryptocurrency" source="Orion">private cryptocurrency</keyword>’ can mean different things depending on your point of view. It can mean privacy coins like Monero, ZCash and others or it can simply mean anything that falls outside the ambit of a government controlled central bank digital currency (<a href="https://www.businessinsider.in/investment/news/what-is-cbdc-fight-for-fiat-currencies-to-remain-relevant-in-the-age-of-digital-cryptocurrencies/articleshow/86222386.cms">CBDC</a>). And, therein lies the conundrum. In India, the government is planning on introducing its new proposed <a href="http://coindcx.com">cryptocurrency</a> laws to the politicians for approval in the lower house of Parliament — the Lok Sabha — during the Winter Session, which kicks off on November 29. <div type="image" title="crypto bill agenda" msid="87887516" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill is included among the 26 bills set to be introduced during the Winter Session of Parliament&amp;lt;/p&amp;gt;"></div> The reference to “prohibit all private cryptocurrencies,” has caused panic in the crypto markets with the rate of exchange between Tether (USDT) and the rupee dipping to ₹69, as of this morning. <div type="ExtQuote" text="Cryptocurrencies are trading at 20-30% discount right now due to the chaos created by the government. The ruling government should have acted more responsibly to define the definition of private cryptocurrency since they mentioned the term for the first time back in February." auname="Hitesh Malviya, founder of itsblockchain.com, told Business Insider India"></div> Despite all the fear, doubt and uncertainty (FUD) in the air, the government hasn’t actually used the word “ban,” as reported by others in mainstream media. The description of the discussion even goes on to say that it will allow for “certain exceptions.” <div type="ExtQuote" text="We are yet to receive official communication from the government in this regard [private cryptocurrencies]." auname="Ashish Singhal, co-chair of the industry body Blockchain and Crypto Assets Council (BACC) as well as the founder and CEO of crypto exchange CoinSwitch Kuber told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Privacy coins, currencies not owned by the government or just no to the term ‘currency’" comment="subhead" text="Privacy coins, currencies not owned by the government or just no to the term ‘currency’">Privacy coins, currencies not owned by the government or just no to the term ‘currency’</cmsannotation> It remains to be seen how India will define ‘private’ cryptocurrencies in the proposed legislation. And, without any official draft in the public domain, it could mean one of three things. According to Rajat Prakash, the managing partner at Athena Legal, “An inference can be drawn that generally anything not owned by the government is considered private. Also, it could mean that cryptocurrencies that are on private blockchain hence making them untraceable could be private cryptocurrencies.” It could also mean that non-government coins — which includes everything from Bitcoin to Tether to Shiba Inu — won’t be legal tender and could be classified as an asset. <div type="ExtQuote" text="So, if it [cryptocurrency] is managed by a particular founder or a company or a fund, we can call it private. Everything which is not issued by the government can be called private tokens and they are not backed by real money. They are coins of Blockchain which are backed by real dollars." auname="Sathvik Vishwanath, the co-founder and CEO of Unocoin told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies won’t be ‘currencies’" comment="subhead" text="Cryptocurrencies won’t be ‘currencies’">Cryptocurrencies won’t be ‘currencies’</cmsannotation> Rameesh Kailasam, the CEO of the advocacy group IndiaTech, believes that the Indian government’s stance on the issue could just mean that it isn’t looking at cryptocurrencies as ‘currencies’. “There has been an engagement process over the past few weeks and months. If I go by the word of the bill versus the sentiment that is currently there — they will ban cryptocurrencies for currency purposes. Which means, they won’t accord them the status of currencies,” he told Business Insider. Instead, like other democratic countries around the world have done, cryptocurrencies will be accorded the status of ‘assets’. This means that they will be monitored thoroughly for all security concerns, with respect to protecting investors as well as preventing illicit usage. "Effectively, the government’s earlier proposals were meant to restrict any crypto whatsoever from being a payment method or medium of exchange, and only the central bank digital currency (CBDC) being allowed," explained Nitin Sharma, partner and global blockchain lead at venture capital firm Antler Global. <cmsannotation type="cmsannotation" annotationid="What’s a privacy coin?" comment="subhead" text="What’s a privacy coin?">What’s a privacy coin?</cmsannotation> Within the crypto community, ‘private’ cryptocurrencies are normally considered to be ‘privacy coins’. As Kumar Gaurav, the founder and CEO of cryptocurrency bank Cashaa, explains, these are, “cryptocurrencies that offer anonymous transactions which hide a user's wallet balance and address and mix multiple transactions with each other to elude chain analysis. These are the same coins that have attained the most scrutiny for facilitating the movement of funds from illicit activities. Others, like Bitcoin and Ethereum, in contrast, aren’t intentionally built to be opaque and don’t disguise the addresses used by participants. “If the government goes by the technical definition both [Ethereum and Bitcoin] may skip the ban,” the director of the financial services company Market Maestroo, Ankit Yadav, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies that are owned by private players" comment="subhead" text="Cryptocurrencies that are owned by private players">Cryptocurrencies that are owned by private players</cmsannotation> On the other hand, if the Indian government isn’t just looking at privacy coins or cryptocurrencies being defined as a ‘currency’ in general, the third possibility is that it’s looking at centralised coins — those owned by private entities. The underlying philosophy behind most cryptocurrencies is to be decentralised, which means no single entity can have control over its supply, its tokenomics and other fundamental aspects. Instead, decisions are taken with all parties with a stake in the cryptocurrencies — either through ownership or governance tokens — voting on major decisions. “There are currently more than 11,000 cryptocurrencies in the market. All these cryptocurrencies, at one level or another, are created by private companies or individuals,” Edul Patel, the CEO and co-founder of crypto mutual fund platform Mudrex, told Business Insider But, centralised coins do exist — like XRP, NEO and EOS. This means the control of power is concentrated with just one organisation at the helm or a set of limited individuals. The larger question is around their governance. <div type="ExtQuote" text="If the interpretation of ‘private currency’ is limited to cryptocurrencies on permissioned blockchain managed by private entities — like Facebook — or privacy coins powered by private and anonymous blockchain like Monero, DASH, ZCash etc then the impact of proposed prohibition will be minimal and unlikely to disrupt the existing marketscape." auname="Ganesh Vasudevan, the research director for financial insights at the International Data Corporation’s (IDC) India wing, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="What’s next?" comment="subhead" text="What’s next?">What’s next?</cmsannotation> Nearly 15 million Indian retail investors representing 1.8% of the population have invested over $6.6 billion in crypto assets, according to CrossTower. Only once India’s crypto bill comes up for discussion in Parliament will stakeholders have a clearer view of what the government means by ‘private’ cryptocurrencies. And, it’s only once there’s a definition in place will the rest of the pieces of the puzzle fall into place. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency">India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago</a> <a href="https://www.businessinsider.in/investment/news/jrr-tolkiens-lawyers-shut-down-lotr-themed-cryptocurrency/articleshow/87871548.cms">JRR Tolkien’s lawyers shut down LOTR-themed cryptocurrency</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-wants-dogecoin-investors-to-be-protected-as-binance-extends-withdrawal-freeze-by-another-week/articleshow/87871139.cms">Elon Musk wants Dogecoin investors to be ‘protected’ as Binance extends withdrawal freeze by another week</a>

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