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India’s top 10 favourite cryptocurrencies in 2022

<ul><li>India’s long awaited crypto bill is expected to be tabled at the <keyword id="444217" type="General" weightage="20" keywordseo="winter-session-of-parliament" source="Orion">Winter Session of Parliament</keyword>.</li><li>It has sparked widespread speculation that the government may not have softened its stance on digital currencies, impacting trades on crypto exchanges in India.</li><li>It’s worth noting that the bill wasn’t discussed in the February session despite being listed at the time.</li></ul>The prices of cryptocurrencies on Indian exchanges slumped to massive discounts of up to 25% after talks of a possible government ‘ban’ started — yet again — yesterday. The <keyword id="44734" type="General" weightage="20" keywordseo="indian-government" source="Orion">Indian government</keyword> listed a bill on the agenda of the upcoming Winter Session of the Parliament, which apparently seeks to “<a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">prohibit private cryptocurrencies</a>” in the country. <div type="Article" hostid="261" msid="87874900" title="India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago" mstype="2" mssubtype="0"></div> “Cryptocurrencies are trading at 205 to 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,” Hitesh Malviya, founder of itsblockchain.com, told Business Insider India. The fear, uncertainty and doubt (FUD) comes from the uncertainty around what the Indian government means by ‘private’ cryptocurrencies. According to experts, there will only be clarity on the subject once a formal draft of the bill comes into the public domain, which is yet to happen. <div type="ExtQuote" text="“For time being, this [what is a private cryptocurrencies] continues to be a speculation and from my understanding, the parliament did not meet its intended agenda in the last session and that has come for consideration now. That could be the reason why there hasn't been a change in the title of the agenda itself.”" auname="Sathvik Vishwanath, co-founder and CEO of Unocoin, told Business Insider India"></div> <cmsannotation type="cmsannotation" annotationid="So, what exactly happened before the FUD?" comment="subhead" text="So, what exactly happened before the FUD?">So, what exactly happened before the FUD?</cmsannotation> The government, on Tuesday, November 23, listed the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, to be discussed in the upcoming Parliament session. The agenda mentioned for this session was exactly the same as the one listed in January, ahead of the February-March session of the Parliament. <div type="image" title="crypto bill agenda" msid="87891812" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill listed for the Winter Session of Parliament, which will kick of on November 29&amp;lt;/p&amp;gt;"></div> The item’s description outlines that the Indian government would ‘prohibit’ private cryptocurrencies in the country, which many have translated to mean a possible ban being on the cards. This led to widespread speculation, both amongst users and the media, which in turn led many to withdraw their crypto holdings in fear of losing it. <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies fell harder in India" comment="subhead" text="Cryptocurrencies fell harder in India">Cryptocurrencies fell harder in India</cmsannotation> Cryptocurrencies in India usually trade at a premium against global markets, which continues. However, Bitcoin’s price dropped to a low of ₹33,50,535 from a high of ₹46,13,182 less than two days ago on the Indian crypto exchange, WazirX. As of 4:00pm Indian Standard Time (IST), Bitcoin had recovered to ₹41,75,218. Similarly, the second largest cryptocurrency in the world, Ethereum, also dropped in the market. The price of ETH went from ₹3,45,500 less than 48 hours ago to a low of ₹2,50,849. It too had recovered to ₹3,14,961 at the time of writing. It’s worth noting that global markets registered a drop too, but has since recovered. Bitcoin registered a drop of about $2,000 between 2:00pm IST to midnight IST yesterday, while Ethereum fell by under $1000. Both have recovered their prices too, but Ethereum is closer to its original price than Bitcoin. <cmsannotation type="cmsannotation" annotationid="No crypto ban on the horizon" comment="subhead" text="No crypto ban on the horizon">No ban on the horizon</cmsannotation> What many seem to have missed though is that the two lines of text on the agenda may quite possibly be a copy-paste of what was mentioned in the February session agenda, something that many pointed out on Twitter yesterday. “The expectation for a crypto currency investor in India should be to align themselves to this reality and plan accordingly. In so far as banning private cryptocurrencies in India is concerned, Indian investors may continue to have access to virtual currencies traded on international exchanges and via wallet-to-wallet transfers,” Namita Viswanath, a partner at IndusLaw, told Business Insider. The purpose of the crypto bill seems to be to set up a regulatory framework to deter illicit activity and protect investors. One part is to come up with an official digital currency under the governance of the central bank, the Reserve Bank of India (RBI). And, the other is to ‘prohibit’ private cryptocurrencies barring some exceptions, which are yet to be highlighted. SEE ALSO: <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/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">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/cryptocurrency/news/as-india-looks-to-reign-in-crypto-heres-a-look-at-how-theyre-regulated-across-the-world/slidelist/87889544.cms">As India looks to reign in crypto, here's a look at how they're regulated across the world</a>

FUD takes over Indian crypto markets after government lists crypto bill for discussion

<ul><li>Hike is looking to hire 30 new employees and will hand out referral bonuses in <keyword id="695282" type="General" weightage="20" keywordseo="eth" source="Orion">Eth</keyword>er (ETH), the native cryptocurrency of the Ethereum blockchain.</li><li>It’s looking to find people to fill the roles of ‘chief meme officer’ and ‘<keyword id="12774280" type="General" weightage="20" keywordseo="crypto-game-economist" source="Orion">crypto game economist</keyword>’.</li><li>Having raised funds for the first time in five years in August, the company had said that it would use the new capital to hire new teams and expand its product strategy.</li></ul><keyword id="6567188" type="General" weightage="20" keywordseo="kavin-bharti-mittal" source="Orion">Kavin Bharti Mittal</keyword>, the founder of messaging app Hike and Indian telecom baron Sunil Mittal’s son, is offering anyone Ether (ETH) tokens in return for referring new employees for his company. The initiative is for Hike’s new gaming initiative, called the Rush Gaming Universe. The company is planning on adding around 30 new employees to its existing roster of 140. The <a href="https://hikeapp.notion.site/hikeapp/Work-at-Hike-e3b4884f45164bad8f67c10dae555ffd#2c2cebff92264113ac220fa487bec706">positions include roles</a> like ‘crypto game economist’, ‘chief meme officer’ and ‘senior product manager - crypto’. The company is offering ETH referrals for 10 roles, and there’s a total of 4 ETH – which is around ₹11.6 lakh at the time of writing — up for grabs. This includes 1 ETH each for referring a ‘crypto game economist’ and ‘chief of staff’ for Mittal’s office. Full list of roles Hike is hiring for as of December 20: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 451.276pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Role </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bounty </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Crypto Game Economist </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chief of Staff, CEO Office </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Product Manager - Crypto/Gaming </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chief Meme Officer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.25 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Engineering Manager, Gaming </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.25 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Principal ML Scientist </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.20 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software Engineer, DevOps </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.20 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Backend Engineer, Gaming </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.20 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Analyst, Product/Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.20 ETH </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SDET - iOS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.20 ETH </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="New funding to fuel new talent" comment="subhead" text="New funding to fuel new talent">New funding to fuel new talent </cmsannotation>The ailing firm, which shut down its messaging app earlier this year, had raised funds for the first time in five years this August. While Hike didn’t disclose the amount raised, the round included Tinder co-founders Justin Mateen and Sean Rad, SoftBank Vision Fund’s chief executive Rajeev Misra, Zeta co-founder Bhavin Turakhia and Cred’s Kunal Shah, among others. “The rapid technological evolution over the last few years has paved the way for massive disruption in social and gaming. There’s little to separate these two categories. Gaming is now inherently social, evolving into a new way for people to hang out and interact in the virtual world,” Mittal said at the time. Hike was going to use the new funds to expand hire across functions and expand its product strategy. And, a part of it at least, seems to involve cryptocurrencies and Web3. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/india-may-ask-crypto-exchanges-to-appoint-grievance-officers-in-crypto-bill/articleshow/88384965.cms"></a><a href="https://www.businessinsider.in/cryptocurrency/news/india-may-ask-crypto-exchanges-to-appoint-grievance-officers-in-crypto-bill/articleshow/88384965.cms">India’s crypto bill may take a page out of the new IT rules and ask exchanges to appoint a grievance officer</a> <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms">INTERVIEW: The Indian Government is asking experts these questions as it mulls over the crypto bill — and the metaverse isn’t one of them yet</a> <a href="https://www.businessinsider.in/cryptocurrency/news/imfs-gita-gopinath-wants-a-global-policy-on-cryptocurrencies-not-a-ban/articleshow/88316458.cms">IMF’s Gita Gopinath wants a global policy on cryptocurrencies – not a ban</a>

Kavin Bharti Mittal's Hike is offering ETH to anyone who find a 'chief meme officer' or a 'crypto game economist' for the company

<ul><li>Doge-INR and <keyword id="11095374" type="LOCATION" weightage="20" keywordseo="doge-usd">Doge-USD</keyword> are two different denominations of <keyword id="1985091" type="PERSON" weightage="20" keywordseo="dogecoin">Dogecoin</keyword>, denoted in Indian Rupee and US Dollar, respectively.</li><li>Buyers have the option of buying Dogecoin in either of these denominations, but sometimes there can be price differences.</li><li>There are two reasons for the difference in Doge-INR and Doge-USD prices.</li><li>Find out if you should buy Dogecoin in INR or USD.</li></ul>Disclaimer: The article is for informational purposes and should not be taken as investment advice. Dogecoin has been on a seemingly unstoppable rally upward, delivering returns of over 1000% since the beginning of April, this year. Since then, Dogecoin buyers have seen their investments multiply by nearly 12 times, with the cryptocurrency breaking all of its previous records in this time period. <div type="image" title="Dogecoin 01_04_21 to 11_05_21." msid="82544563" hostid="261" caption="&amp;lt;p&amp;gt;Dogecoin prices since the beginning of April this year&amp;lt;/p&amp;gt;"></div> However, buyers of the cryptocurrency in India have been witnessing a somewhat strange discrepancy – the prices of the Dogecoin are different in INR and USD. The explanation for this is simple – the prices are influenced by the demand and supply. In addition to this, the prevailing exchange rate of the US Dollar acts as a multiplying effect on this difference. As you can see, Doge-INR and Doge-USD are usually at similar prices. But the difference between the two was much wider during mid-April, suggesting that the gap between the demand for Doge-INR and Doge-USD was wider than usual. <div type="image" title="Doge INR USD difference 01_04_21 to 11_05_21." msid="82544587" hostid="261" caption="&amp;lt;p&amp;gt;Doge-INR and Doge-USD price comparison&amp;lt;/p&amp;gt;"></div> According to data obtained from WazirX, one of the largest cryptocurrency exchanges in India, there was a massive demand for Doge-INR in India since the beginning of May, when compared to Doge-USD, resulting in users seeing a difference in prices of the cryptocurrency in Indian Rupee as opposed to US Dollar. WazirX revealed to Business Insider that its Doge-INR volume (from May 1 to May 9) stood at 2.94 billion as opposed to just 444 million for Doge-USDT (USDT is USD Tether; the prices of Doge-USD and Doge-USDT are similar). USD Tether is a blockchain-based stable coin and has a value that is close to $1. In total, according to data obtained from crypto tracker Coinmarketcap, the total Doge-INR volume, globally, since April stood at a whopping 45,530 billion. In comparison, Doge-USD volume stood at 613 billion. The two factors that cause the prices of Doge-INR and Doge-USD to vary slightly are the difference in volume between the two, and the USD-INR exchange rate fluctuations. <cmsannotation type="cmsannotation" annotationid="Which one should I pick – Doge-INR or Doge-USD?" comment="subhead" text="Which one should I pick – Doge-INR or Doge-USD?">Which one should I pick – Doge-INR or Doge-USD?</cmsannotation> The answer to this is simple – you can pick whichever you like, as the differences are usually minimal. While all India-based cryptocurrency exchanges offer both, some US-based exchanges like Binance only offer Doge-USDT As you can see in the chart above, Doge-INR prices usually follow Doge-USD prices even after accounting for volume and USD-INR exchange rate fluctuations. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/elon-musk-wants-major-holders-of-cryptocurrency-dogecoin-to-sell-most-of-their-coins/articleshow/80920866.cms">Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’</a> <a href="https://www.businessinsider.in/stock-market/news/the-history-of-dogecoin-a-cryptocurrency-that-started-as-a-joke-on-reddit-years-ago-and-recently-surged-600-in-a-wall-street-bets-copycat-rally/articleshow/80592974.cms">The history of Dogecoin, the cryptocurrency that surged after Elon Musk tweeted about it but started as a joke on Reddit years ago</a> <a href="https://www.businessinsider.in/stock-market/news/ethereums-ether-pushes-past-4000-for-the-first-time-and-one-crypto-analyst-who-correctly-predicted-this-target-now-expects-it-to-hit-10000/articleshow/82521106.cms">Ethereum's ether pushes past $4,000 for the first time - and one crypto analyst who correctly predicted this level now expects it to hit $10,000</a>

Here’s why Doge-INR and Doge-USD prices can be slightly different

<ul><li>The cryptocurrency markets witnessed a major upheaval in the week gone by.</li><li>A massive crash in cryptocurrency prices wiped out $1 trillion of wealth, reports suggest.</li><li>Check out everything that happened in the cryptocurrency market last week. </li></ul>The week gone by has seen a lot of upheaval in the world of cryptocurrencies. From China reinforcing its stance against cryptocurrencies to cryptocurrency fans turning against their former idol Tesla’s <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword>, a lot has happened in the span of a few days. Here’s our weekly roundup of the best cryptocurrency news from the week gone by: <cmsannotation type="cmsannotation" annotationid="Is this the third crypto bubble that has burst?" comment="subhead" text="Is this the third crypto bubble that has burst?">Is this the third crypto bubble that has burst?</cmsannotation> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-rally-loses-steam-after-china-reportedly-bans-banks-from-cryptocurrency-business/articleshow/82745554.cms">China’s move to ban</a> financial institutions and payment providers from offering services related to cryptocurrency transactions tanked prices of many cryptocurrencies, including the popular ones like <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, <keyword id="2810876" type="COMPANY" weightage="20" keywordseo="ethereum">Ethereum</keyword>, <keyword id="6359140" type="COMPANY" weightage="20" keywordseo="binance">Binance</keyword> Coin and Dogecoin, among others. And this is not the only piece of news that triggered the fall – Tesla revealed that it will <a href="https://www.businessinsider.in/international/news/tesla-wont-allow-bitcoin-payments-on-cars-anymore-due-to-the-negative-impact-on-the-environment-from-mining/articleshow/82593236.cms">no longer accept Bitcoin</a> as a mode of payment, going back on its earlier <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">announcement</a>. Most of these cryptocurrencies are still reeling from the after-effects of these announcements – Bitcoin is down by 20% over the last 7 days, Ethereum is down by over 30%, Binance Coin is down by over 36% and Dogecoin is down by over 26%. <cmsannotation type="cmsannotation" annotationid="Crypto crash wipes out $1 trillion wealth, over 8 lakh traders liquidated" comment="subhead" text="Crypto crash wipes out $1 trillion wealth, over 8 lakh traders liquidated">Crypto crash wipes out $1 trillion wealth, over 8 lakh traders liquidated</cmsannotation> The crypto crash wiped out $1 trillion investor wealth, according to a media <a href="https://www.reuters.com/technology/bitcoin-ethereum-plunge-crypto-market-cap-losses-nearly-1-trillion-2021-05-19/">report</a>. In addition to this, over 8 lakh traders liquidated their investments, according to data from <a href="https://www.bybt.com/LiquidationData">Bybt</a>, a crypto tracker. <cmsannotation type="cmsannotation" annotationid="Bitcoin falls by over 50% from its all-time high" comment="subhead" text="Bitcoin falls by over 50% from its all-time high">Bitcoin falls by over 50% from its all-time high</cmsannotation> The biggest news, by far, is the snap fall in <keyword id="2125900" type="PERSON" weightage="20" keywordseo="bitcoin-prices">Bitcoin prices</keyword>. Triggered mainly by the China ban, Bitcoin touched a low of $31,000 this week. This is more than 50% decline over the all-time high of $64,000 from mid-April this year. As a result, Bitcoin’s market capitalisation fell under $700 billion for the first time since February, this year. <cmsannotation type="cmsannotation" annotationid="WazirX and its struggles continue" comment="subhead" text="WazirX and its struggles continue">WazirX and its struggles continue</cmsannotation> WazirX continued to feel the heat of sudden surges in traffic in a week that experienced massive buying and selling activity. Despite being one of the largest cryptocurrency exchanges in India, <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">WazirX witnessed outage</a> for over an hour on May 19, causing users to vent their frustration on social media. Two weeks prior to that, <a href="https://www.businessinsider.in/stock-market/news/wazirx-users-dogecoin-cryptocurrency-report-failed-transactions-and-delays-in-orders/articleshow/82425709.cms">WazirX faced another outage</a> that resulted in transaction delays and failures. The company says it’s trying to solve this with Project Raftaar, but the results will only be visible once the server upgrades are done. Apart from this, WazirX has now announced that its users will not be able to deposit INR (Indian Rupee) into their accounts. This is likely due to the reported <a href="https://economictimes.indiatimes.com/news/economy/policy/rbi-tells-lenders-to-re-consider-ties-with-crypto-exchanges-traders/articleshow/82602081.cms">informal</a> diktat from the Reserve Bank of India on Indian banking companies. As a result of this, WazirX does not have a banking partner to accept and transfer money, leading to the company not accepting deposits for now. <cmsannotation type="cmsannotation" annotationid="Polygon’s Matic token defies crypto market trends" comment="subhead" text="Polygon’s Matic token defies crypto market trends">Polygon’s Matic token defies crypto market trends</cmsannotation> Polygon’s Matic token, on the other hand, has defied crypto market trends. The token has surged by over 37% in the last 7 days – highest among the over 5,000 cryptocurrencies currently available in the market. As of May 21, Polygon ranks 17th among the world’s largest cryptocurrencies based on market value, which stands at $3.7 billion. Polygon was co-founded by three Indian software engineers – Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. <cmsannotation type="cmsannotation" annotationid="Fake crypto trading apps on the rise" comment="subhead" text="Fake crypto trading apps on the rise">Fake crypto trading apps on the rise</cmsannotation> According to security research firm Sophos, there are over 160 fake apps out in the wild masquerading as crypto trading apps. These apps were found to be impersonating popular apps like Kraken, Bittrex and Goldenway. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail</a> <a href="https://www.businessinsider.in/stock-market/news/wazirx-users-dogecoin-cryptocurrency-report-failed-transactions-and-delays-in-orders/articleshow/82425709.cms">Dogecoin surge sends WazirX servers panting for help – users report failed transactions, delays in orders</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-says-bitcoin-can-shake-off-its-bad-climate-reputation-if-top-miners-prove-theyre-using-green-energy/articleshow/82826187.cms">Elon Musk says bitcoin can shake off its bad climate reputation if top miners prove they're using green energy</a>

Crypto roundup, 21 May 2021: Elon Musk effect, crypto crash, Bitcoin prices, $1 trillion wiped out and more

<ul><li>There was a snap crash in cryptocurrencies yesterday evening, wiping out $1 trillion of investor wealth in a few hours.</li><li>Bitcoin, the most widely traded cryptocurrency, plunged to $31,000, less than half of its all-time-high of $64,800.</li><li>Users of major cryptocurrency exchanges like Binance, Coinbase and WazirX were left fuming after the exchanges crashed.</li></ul>Cryptocurrencies across the board crashed yesterday (May 19), wiping out nearly $1 trillion worth of investor wealth in the process. The victims of the cryptocurrency crash were not just users and investors alone – some of the largest crypto exchanges also went down after a major spike in traffic. The list includes big names like Binance, Coinbase, and India’s WazirX, which experienced outages due to a sudden surge in traffic. Bitcoin nearly halved from its peak to touch $31,000, while Dogecoin and Ethereum also registered more than 25% decline. <div type="twitter" handle="HederaStacker" handlename="Akhil Jain" image="http://pbs.twimg.com/profile_images/1394958165569986560/OqH2sJrS_normal.jpg" favoritecount="0" retweetcount="0" status="#wazirxcrash #wazirxdown What the hell I lost money because of you guys I was not able to cancel my sell order and… https://t.co/IdrkBAKFGM" createdat="1621481904000" id="1395222348064706563"></div> WazirX, one of the largest cryptocurrency exchanges in India, was also amongst those who went down due to the massive crash. But it was not the sell-off that brought WazirX down – instead, the spike was a result of users wanting to ‘buy the dip,’ the company said. <div type="twitter" handle="world_xenon" handlename="Xenon World" image="http://pbs.twimg.com/profile_images/1395255128559538177/wh__oX2g_normal.jpg" favoritecount="0" retweetcount="0" status="What's the matter with you guys? You guys are just putting India to shame. Your exchange is a sham. Who is accounta… https://t.co/S8kxxAfaEl" createdat="1621481729000" id="1395221615693074432"></div> ‘Buy the dip’ is a concept wherein traders and investors buy an asset after a fall in its prices, because they view this as an advantageous time to either get in or add to their existing holdings. <div type="twitter" handle="deepakoffline" handlename="Đeepak Bhakoo" image="http://pbs.twimg.com/profile_images/1159148830064959494/7_Xp0KwW_normal.jpg" favoritecount="3" retweetcount="1" status="20 May 2021, 9:04am. @WazirXIndia still not working properly. Please close this exchange #nischalshetty. @ETNOWlive… https://t.co/95QJoB7AXo" createdat="1621481663000" id="1395221338621497345"></div> “We’re seeing approximately 400% more traffic than what we witnessed in the previous month,” WazirX’s founder and chief executive Nischal Shetty told Business Insider. This is not the first time that WazirX has crashed this month – earlier, on May 6, when there was a massive spurt in Dogecoin prices, the <a href="https://www.businessinsider.in/stock-market/news/wazirx-users-dogecoin-cryptocurrency-report-failed-transactions-and-delays-in-orders/articleshow/82425709.cms">platform witnessed a delay in payments</a> and transactions. <cmsannotation type="cmsannotation" annotationid="WazirX not the only one facing outages" comment="subhead" text="WazirX not the only one facing outages">WazirX not the only one facing outages</cmsannotation> However, WazirX is not the only cryptocurrency exchange that crashed during the <keyword id="6214056" type="UNKNOWN" weightage="20" keywordseo="Bitcoin-Crash">Bitcoin crash</keyword> yesterday. Many global exchanges, including Binance – the world’s largest cryptocurrency exchange, also experienced outages. <div type="twitter" handle="TalhaKh26934209" handlename="Talha Khan" image="http://pbs.twimg.com/profile_images/1347845180443873283/di81-NU5_normal.jpg" favoritecount="0" retweetcount="1" status="My future mark price on the trade and the price the market is actually going on are totally different!!! BINANCE FU… https://t.co/q2zfEolxXH" createdat="1621439696000" id="1395045314533359624"></div> Others in the list include Coinbase and Robinhood, according to Downdetector. <div type="image" title="Binance" msid="82793281" hostid="261" caption="&amp;lt;p&amp;gt;Binance on Downdetector&amp;lt;/p&amp;gt;"></div> Shetty said that his company is working on a project to address these issues. “To accommodate the rapidly growing traffic and volume, we’re working on an upgrade for the WazirX trading engine named Project Raftaar. We are on track and the first version should be ready soon,” he added. <cmsannotation type="cmsannotation" annotationid="The reasons behind the crypto crash" comment="subhead" text="The reasons behind the crypto crash">The reasons behind the <keyword id="6873772" type="UNKNOWN" weightage="20" keywordseo="Crypto-Crash">crypto crash</keyword></cmsannotation> Cryptocurrencies across the board saw a major crash after China <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-rally-loses-steam-after-china-reportedly-bans-banks-from-cryptocurrency-business/articleshow/82745554.cms">banned</a> financial institutions and payment companies from enabling or providing any services related to cryptocurrency transactions. But that’s one piece of the puzzle. The other aspect is the impact of Tesla stating that it will <a href="https://www.businessinsider.in/international/news/tesla-wont-allow-bitcoin-payments-on-cars-anymore-due-to-the-negative-impact-on-the-environment-from-mining/articleshow/82593236.cms">no longer accept Bitcoin</a> as a mode of payment, going back on its earlier <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">announcement</a>. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-why-doge-inr-and-doge-usd-prices-can-be-slightly-different/articleshow/82544583.cms">Here’s why Doge-INR and Doge-USD prices can be slightly different</a> <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-ipo-from-2020-has-doubled-its-share-price-in-6-months/articleshow/82732413.cms">A super hit IPO from 2020 has finally doubled investors' money</a> <a href="https://www.businessinsider.in/business/telecom/news/airtels-india-business-is-back-in-the-black-after-a-very-long-time/articleshow/82709100.cms">Airtel's India business is back in the black after a very long time</a>

Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail

Crypto mining – PC enthusiast’s worst nightmare or necessary evil

<ul><li>With the dollar’s sudden drop to a two-year low, <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> are looking to India’s apex bank to do what it does best — resist currency appreciation.</li><li>Meanwhile Goldman Sachs expects the dip in the dollar to get twice as bad in the coming days.</li><li>Forex advisory firm’s CEO and founder Abhishek Goenka told Business Insider that the cross currency benefits can still come in, but it depends on how the Reserve Bank of India (RBI) steps in.</li></ul>Indian IT service companies like Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), HCL Technologies and <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> can’t be pumped that the dollar hit a two-year low. Being exporters, when the dollar is high, it’s a boon but when it’s not, the tables can turn quickly. According to HDFC Securities, the dent is only going to get twice as bad going forward. "The trade-weighted dollar has fallen 7% from its March peak, and Goldman Sachs expects the dollar slide to reach 15% from the highs," HDFC Securities said in a report dated September 2. When the dollar moves 25 basis points, or a quarter of a percent, it could hurt these companies’ earnings per share anywhere between 1.9% and 2.3%, according to a Goldman Sachs report. The dollar exchange rate has fallen over 5% (about 500 basis points) since mid-April. TCS has the strongest immunity to fluctuations in dollar exchange rates because it has nearly $8 billion of its revenue hedged for such shocks. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBIT margin sensitivity to 1% change in USD/INR </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Earnings per share (EPS) FY21 expectation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25-30 bps </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25-30 bps </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25-30 bps </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20 bps </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15-20 bps </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr></tbody></table>Source: Goldman Sachs report dated August 28 The sudden drop hasn’t quite hit the companies just yet — and it could be held at bay, provided the dollar can recuperate. One way of making it happen is for the Reserve Bank of India (RBI) to keep buying up dollars. Analysts believe that the factors which caused the dollar to dip may not be long term. Provided things turn around within the next six to 12 months, the drop won’t matter. “Until then it should not be a problem as IT companies do typically hedge upto those tenors,” CEO and founder of forex advisory firm IFA Global, Abhishek Goenka, told Business Insider. If the weak dollar is unable to climb back up, IT companies’ profit, revenue and other earnings in rupee terms will take a hit, according to him. “It will impact realisations,” he said. The dollar dip may not be long term Foreign exchange markets are ‘nowcasting’. Senior currency strategist at HSBC London, <a href="https://www.ft.com/content/a06115f3-c98d-4619-8c73-26e08e64a203">Dominic Bunning</a> believes that many of the factors that currency being used to explain the dollar’s weakness are unlikely to “hold sway” in the coming months. Arguments for softness in the dollar due to cyclical elements doesn’t amount to a forecast for weakness and Bunning doesn’t see any signs of it in economic data. The uncertainty caused by COVID-19 leaves estimates and forecasts unreliable. “The dollar might have been languishing for the past few months, but there is plenty of life in the old dog yet,” he wrote in the <a href="https://www.ft.com/content/a06115f3-c98d-4619-8c73-26e08e64a203">Financial Times on August 11.</a> RBI’s battle against inflation How strong the rupee will be against the dollar is in the hands of the RBI — whether or not it continues with the hands-off approach from last week allowing the rupee to appreciate or goes back to buying up more dollars will determine cross-currency headwinds. “Though USD/INR is likely to follow the theme of broad USD weakness, RBI reaction function may cause the rupee to underperform,” said Goenka. India’s banking regulator has been buying dollars to be the bucket load to ensure that the rupee’s value doesn’t slip below ₹74.50 per dollar in the last three months. However, last week, it let go of the reins and the rupee’s value appreciated to ₹ 73.50 per dollar. However, further intervention by the RBI in the coming weeks could offset any appreciation that’s already occured. SEE ALSO: <a href="https://www.businessinsider.in/india/news/pm-modi-twitter-account-hacked-heres-what-the-hacker-had-tweeted/articleshow/77902203.cms">Twitter account of PM Modi's personal website hacked — asks followers for Bitcoin and Ethereum donations</a> <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">TCS, Infosys and HCL Tech have the most to gain from post COVID wave of outsourcing</a> <a href="https://www.businessinsider.in/tech/apps/news/india-bans-pubg-wechat-and-118-other-mobile-applications/articleshow/77890776.cms">India bans PUBG, Ludo World, and 116 other Chinese mobile applications</a>

TCS, Infosys, HCL Tech and peers may not feel the tumbling US dollar yet — but the dent could be twice as bad going forward

<ul><li><keyword id="11973832" type="General" weightage="100" keywordseo="terra" source="Orion">Terra</keyword> has two tokens, calle <keyword id="227563" type="General" weightage="20" keywordseo="ust" source="Orion">UST</keyword> and <keyword id="216973" type="General" weightage="20" keywordseo="luna" source="Orion">Luna</keyword>.</li><li>The UST token is a stablecoin whose price is maintained using the Luna token.</li><li>The value of these tokens have fallen massively in the past month, with Luna approaching zero.</li></ul>Indian crypto exchanges are following their global counterparts, and delisting the stablecoin Luna. At the moment, <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>, CoinSwitch Kuber and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword>, two of the top exchanges in the country in terms of trading volumes, have delisted the beleaguered tokens from their platforms, after prices of the stablecoin fell to nearly zero over the past seven days. The Terra crypto token was trading at around $80 on May 5, according to Coinmarketcap, but its value had dropped by 99.98% to around 5 cents at the time of writing. The platform itself has halted the blockchain, and Coinmarketcap warns users that there’s extreme volatility in the token right now. <div type="image" title="Coinmarketcap" msid="91539406" hostid="261" caption="&amp;lt;p&amp;gt;Coinmarketcap&amp;lt;/p&amp;gt;"></div> “The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come,” the company <a href="https://twitter.com/terra_money/status/1524935730308456448?s=20&amp;t=HUw6QhpFELqLyf3MXLlALQ">tweeted</a> through the Terra Twitter account, today. The token’s market cap has fallen from $30 billion to around $6 million in the meanwhile. <cmsannotation type="cmsannotation" annotationid="What is the Terra token and why did it fall?" comment="subhead" text="What is the Terra token and why did it fall?">What is the Terra token and why did it fall?</cmsannotation> The Terra ecosystem has two tokens, UST and Luna. Through a process called arbitrage, the Luna token is used to keep the UST stablecoin’s value pegged to one dollar. Through this, the company was able to keep the price of UST pegged to a dollar, while it earned profits through Luna, and also didn’t have to keep a reserve of USD at all times. The platform’s in-built algorithms track supply and demand of UST and Luna, and are designed to balance the two systems. The system sort of disintegrated earlier this month, when a broad sell-off of both UST and Luna tokens by investors led to big drops in both their prices. The developers of the Terra blockchain announced, at the time, that they would start buying Bitcoin in order to build a reserve for themselves. This, evidently, didn't work. <cmsannotation type="cmsannotation" annotationid="What happens to your Luna tokens?" comment="subhead" text="What happens to your Luna tokens?">What happens to your Luna tokens?</cmsannotation> To be sure, the Luna and UST tokens were both pretty cheap in INR terms, when compared to top cryptos like Ethereum and Bitcoin. The two cryptocurrencies, hence, may have been purchased by many in India as well. At the moment, the Terra blockchain has been halted, which means that trading in these tokens will not be possible, even through P2P trading. That said, some exchanges will allow users to withdraw the fiat values of these tokens. “We will enable Binance free transfer for users to withdraw their Luna funds," WazirX said in a statement on May 13, for instance. The platform is delisting Luna/USDT, Luna/WRX and Luna/INR pairs. CoinDCX, too, has said that it’s delisting both UST and Luna tokens with immediate effect. “Kindly note that users can continue to trade the above assets using other trading pairs available on CoinDCX Pro and CoinDCX Web Platform," the company said in a statement. On the other hand, CoinSwitch Kuber said that it will have “enabled a window” for users to sell and recover “some value” from their investments. The window will close at 5pm on May 13. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/last-day-to-apply-for-delhivery-ipo-grey-indicates-a-discounted-listing/articleshow/91526799.cms">Last day to apply for Delhivery IPO; grey indicates a discounted listing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-market-crash-how-an-algorithmic-stablecoin-differs-from-traditional-stablecoins/articleshow/91519914.cms">Crypto market crash — How an algorithmic stablecoin differs from traditional stablecoins</a>

WazirX, CoinDCX and CoinSwitch Kuber delist Terra's stablecoins from their platforms

In the past year, cryptocurrencies have come into their own. In India, investments in crypto have grown from $200 million to nearly $40 billion — a growth of over 200 times in the past year — according to data by Chainalysis. And, it’s not just Bitcoin leading the charge. Other cryptocurrencies like Ether, Matic, and Doge are also a part of the hype despite the Indian Government and the central bank treading caution. With countries like El Salvador legalising Bitcoin, more countries could join the bandwagon. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;"><cmsannotation type="cmsannotation" annotationid="Trading cryptocurrencies" comment="subhead" text="Trading cryptocurrencies">Trading cryptocurrencies</cmsannotation> </h3>If you want to invest in cryptocurrencies in India, but don’t know where to begin, then understanding the basics, like opening a cryptocurrency trading account on India’s largest crypto exchange <a href="https://wazirx.com/">WazirX</a>, is probably a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">good place to start</a>. The easy way to dip your toe in the market is by buying Bitcoin from a crypto exchange like WazirX, which is backed by Binance - the world's largest crypto exchange. Crypto exchanges are similar to stock exchanges in the sense that they let you buy or sell tokens in real-time. However, unlike a stock exchange, crypto exchanges are self-regulated, and they operate 24x7, throughout the year. And, you don’t need to buy a full <a href="https://blog.wazirx.com/how-to-buy-bitcoin-in-india/">Bitcoin</a> in order to trade in india. You can buy or sell fractional shares of Bitcoins. WazirX offers a minimum capital requirement as low as ₹100. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;"><cmsannotation type="cmsannotation" annotationid="How to open a crypto trading account on WazirX" comment="subhead" text="How to open a crypto trading account on WazirX">How to open a crypto trading account on WazirX</cmsannotation></h3><ul><li>Download the WazirX app from the <a href="https://play.google.com/store/apps/details?id=com.wrx.wazirx&amp;hl=en_IN&amp;gl=US">Play Store</a> (Android) or <a href="https://apps.apple.com/in/app/wazirx/id1349082789">App Store</a> (iOS) or sign up directly from the website to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">create an account on wazirx</a>.</li><li>Open the app and you’ll be asked to log in or sign-up. Tap the sign-up option.</li><li>Enter your email address and desired password.</li><li>A confirmation email will be sent to your email ID. Go to your email inbox and tap on the link to verify your email.</li></ul> <div type="image" title="WazirX Image 1" msid="84373036" hostid="261" caption="&amp;lt;p&amp;gt;How to open a crypto trading account on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>The app will now prompt you to select your desired security options. One can choose the proven method of using your mobile number, where a one-time password (OTPs) will be sent to you via SMS. WazirX does give you the option to skip this step altogether, but that will leave your account without any added security.</li><li>Additionally, the app has an inbuilt passcode system that can add a layer of protection against snooping eyes.</li></ul><cmsannotation type="cmsannotation" annotationid="How to complete your account’s KYC on WazirX" comment="subhead" text="How to complete your account’s KYC on WazirX">How to complete your account’s KYC on WazirX</cmsannotation> <ul><li>Now you will be prompted to select your country of residence. WazirX currently serves only the Indian market and its official currency is the Indian Rupee.</li><li>Here, you can then select whether to skip KYC or continue with it. However, withdrawals or peer-to-peer transactions are not available without an approved KYC. </li></ul> <div type="image" title="WazirX Image 2" msid="84373087" hostid="261" caption="&amp;lt;p&amp;gt;How to complete your account&amp;#8217;s KYC on WazirX&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> <ul><li>To complete KYC, just enter your name, address, date of birth, and a copy of your identity card - government-issued Aadhaar Card and PAN card are necessary. You will be able to just take a picture of the document within the app. </li><li>Once the credentials are uploaded, you’ll hear back from the exchange in the next few days with a confirmation. Once received, you’re all set and the account is fully ready for your first transaction.</li></ul><cmsannotation type="cmsannotation" annotationid="How to buy cryptocurrencies on WazirX" comment="subhead" text="How to buy cryptocurrencies on WazirX">How to buy cryptocurrencies on WazirX</cmsannotation> <ul><li>Once your account is all set up, you will be able to trade and invest in cryptocurrencies. </li><li>You can visit the ‘’Quick Buy’ menu to instantly purchase new tokens like Bitcoin, Ethereum, and more.</li></ul> <div type="image" title="QuickBuy" msid="84373166" hostid="261" caption="&amp;lt;p&amp;gt;How to use the &amp;#39;QuickBuy&amp;#39; feature on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>Within the ‘Exchange’ menu, you can see the price of different cryptocurrencies against different bases. In addition to the Indian rupee, you can see the available exchange rates against the USD dollar, Tether — a stable coin based on the dollar — and against WazirX’s own token, the WRX.</li></ul> <div type="image" title="WazirX Image 3" msid="84373200" hostid="261" caption="&amp;lt;p&amp;gt;How to buy cryptocurrencies on WazirX&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="How to add money to your cryptocurrency account on WazirX" comment="subhead" text="How to add money to your cryptocurrency account on WazirX">How to add money to your cryptocurrency account on WazirX</cmsannotation> <ul><li>In order to actually purchase any cryptocurrency, you will need to deposit funds within the exchange. You can transfer Indian Rupee (INR) from your bank account to WazirX via UPI, which is directly from your bank account. </li><li>To do so, tap the “Funds” tab, then select INR. You’ll see a statement of your deposits or withdrawals.</li><li>Simply select “Deposit” and select how you’d like to fill up the wallet.</li><li>The UPI option prompts you to enter the desired amount, followed by your UPI VPA address. You need to go back to your payments app to authenticate the transaction. </li><li>It will take a few hours for WazirX to verify your account and get it ready to transfer funds. </li></ul> <div type="image" title="WazirX Image 4" msid="84373216" hostid="261" caption="&amp;lt;p&amp;gt;How to add money to your cryptocurrency account on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>The minimum amount that a user can deposit is ₹100. </li><li>Deposits will be charged a fee of 0.2%. So, if you transfer ₹100 — you will be charged ₹2 as fees for that transaction. </li><li>And, it may take up to 72 hours for the funds to reflect in your account once the transaction has gone through. </li><li>A total balance of all your holdings is visible in the ‘funds’ tab, on the bottom right corner of the screen.</li></ul>WazirX has a host of cryptocurrencies, each having its own unique selling point. Investing in cryptocurrencies is easier than ever and barely takes a couple of minutes to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">open an account</a>. There are no charges for signing up. Disclaimer: This is a sponsored article in partnership with WazirX <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/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-became-the-first-country-to-accept-bitcoin-as-legal-tender/articleshow/84343294.cms">El Salvador’s crypto-friendly plans are facing some important questions</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-world-bank-imf-and-bis-push-for-central-bank-cryptocurrencies-to-improve-cross-border-payments/articleshow/84345332.cms">The World Bank, IMF and BIS push for central bank cryptocurrencies to improve cross-border payments</a>

You Searched For "ethereum price inr" and got 10 results

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