A smorgasbord of applications around technologies like blockchain &amp; AI, are rapidly expanding <keyword id="6357332" type="General" weightage="20" keywordseo="gaming" source="Orion">gaming</keyword> formats and enthusiasts are being found in India’s hinterland is turning gaming into an opportunity that is ringing in the moolah for companies. Add to it the opportunity of <keyword id="14964825" type="General" weightage="20" keywordseo="predictive-gaming" source="Orion">predictive gaming</keyword>, and the ring of the $$$ could turn louder In a country like India, fans tend to get passionately involved with different forms of sports, with some of them like cricket that is almost like a religion. It has been more apparent in recent years as real-time predictive gaming events are the latest buzzword on the sports business landscape. It involves audience engagement in every moment of the game, aided by a handy smartphone that is aided by artificial intelligence (AI) and evolving algorithms that allows for on-the-go dedicated entertainment experiences. All that it takes is a few taps on a screen to enable streaming matches, checking and predicting scores, scanning sports-related news and articles, or building a fantasy team. For the sports buffs, it presents an opportunity to consistently interact with the game on various social platforms. Given the popularity of instant digital access to sports, it is no wonder that gaming has prospered into one of the most profitable entertainment industries in the world. This is music to the ears of India’s<a href="https://economictimes.indiatimes.com/news/international/business/big-bang-growth-of-indias-gaming-industry/articleshow/92053190.cms?from=mdr"> $930 million</a> gaming industry. What’s more, the mobile technology boom has fundamentally changed the industry and benefitted a new generation of gamers. Notably, the gaming industry has primarily gained traction because of affordable mobile phone proliferation, high-speed internet and dipping data prices. <div type="image" title="Quotes" msid="94154308" hostid="261" sizebytes="79152"></div> How does it work? A prediction game allows users to guess the outcome of future events, and it is generally operated online. Points are awarded to players who most accurately predict the outcome of an event, and those points are converted into cash prizes. These speculative games offer varying topics such as entertainment, sports, finance and current events. Besides, predictive gaming websites have a clear-cut following from the same types of players who enjoy fantasy sports, according to Wikipedia. Moreover, knowledge of team statistics and player rankings is said to be of great competitive advantage. Booming landscape in India India’s online gaming space is currently at $290 million. Significantly, around half of all smartphone users in India play <keyword id="642643" type="General" weightage="20" keywordseo="mobile-games" source="Orion">mobile games</keyword>. <a href="https://www.chaseyoursport.com/Sports/Regulate-or-ban-MP-Sushil-Modi-demands-regulation-of-India%E2%80%99s-online-gaming-industry/3659">As per government statistics,</a> out of the total Indian 760 million internet users, an estimated 365 million online players access their games by way of mobile phones. The <a href="https://www.thehindubusinessline.com/data-stories/data-focus/india-proves-to-be-a-nation-of-gamers-as-numbers-spike/article65482841.ece">user base</a> is projected to swell from 433 million in 2021 to 657 million in 2025 which is an over 50 percent increase. These include casual gamers, real-money gamers, online fantasy sports and esports. Additionally, some Indian companies are putting forward<a href="https://www.livemint.com/news/india/india-is-a-huge-market-for-play-to-earn-nft-games-here-s-why-11656782488182.html"> crypto-based earnings</a> in e-sports competitions. Correspondingly, they are developing blockchain-based games where users can play to <a href="https://www.techcircle.in/2021/11/14/indian-gaming-firms-foray-into-blockchain-nfts-in-games/">earn NFT</a> – digitally stored data representing items like real estate and artwork. <div type="image" title="Tip of the week" msid="94154786" hostid="261" sizebytes="72062"></div> Furthermore, the growth of predictive apps is part of a greater trend of companies seeking new solutions to building online communities. India is expected to become one of the world’s leading markets in the gaming industry. According to a KPMG report, growing exponentially for the last five years, the Indian market is expected to grow three-fold in value and reach $3.9 billion from the present $1.71 billion by 2025. Especially triggered by covid-19, the total number of online gamers grew 8 percent from 360 million in 2020 to 390 million in 2021. As interactivity and prediction become significant drivers of fan engagement, the Indian gaming industry clearly has a lot of room for growth. Learn more about <a href="https://www.gameon.app/">GameOn </a>here. Disclaimer: This is a sponsored article in partnership with <keyword id="7055646" type="General" weightage="20" keywordseo="gameon" source="Orion">GameOn</keyword>.

Predictive gaming is gaining ground in India – here’s what it means for the Indian sports business landscape

<ul class="summary-list"><li>An <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> exhibition in <keyword id="24349" type="COMPANY" weightage="60" keywordseo="Hong-Kong">Hong Kong</keyword> honors the history of old and new internet <keyword id="1605152" type="PERSON" weightage="60" keywordseo="Memes">memes</keyword>.</li><li>Visitors can get temporary tattoos, make custom memes in photo booths, or play in a 4D interactive zone.</li><li>The "meme museum" exhibition was launched in July with meme website 9GAG.</li></ul>Memes are front and center at a new exhibit held in Hong Kong.The exhibition runs through early September and is being touted as the world's first Meme Museum. It features seven main areas that showcase the internet's most renowned inside jokes, according to <a href="https://www.instagram.com/p/CRYDiaiLQ5u/?utm_source=ig_embed&amp;ig_rid=cc862bda-ddd3-4d9a-b612-e38849431fe91fe9">K11 Art Mall's Instagram page.</a> The seven-story mall in Tsim Sha Tsui looks to <a href="https://www.k11.com/corp/brand-story/#vision">"bring art back into everyday living"</a> by featuring exhibits on its shopping premises.The exhibition was launched in July with 9GAG, a Hong Kong-based website known as a <a href="https://www.businessinsider.com/viral-meme-platform-9gag-is-launching-a-media-company-2019-8">meme-sharing platform.</a>Visitors can walk down a "time tunnel" to see the history of memes via rows of TV screens. The displays include some viral Hong Kong-style jokes and also honors worldwide classics like the <a href="https://www.businessinsider.com/mining-doge-meme-stock-playbook-earnings-season-shorts-insider-investing-2021-7">doge,</a> <a href="https://www.insider.com/distracted-boyfriend-meme-interview-with-couple-2017-8">"distracted boyfriend,"</a> and <a href="https://www.insider.com/never-gonna-give-you-up-rick-astley-remastered-4k-roll-2021-2">Rick rolls.</a> More recent memes get the spotlight, too, such as Japanese singer <a href="https://www.youtube.com/watch?v=Ct6BUPvE2sM">Piko Taro's pen-pineapple-apple-pen</a> and the <a href="https://www.vice.com/en/article/xgxvxd/disappointed-cricket-fan-meme">"disappointed cricket fan,"</a> who tweeted his delight at being featured.A photo of the Pakistani man went viral over his irate reaction to a dropped ball in the 2019 Cricket World Cup.There's also a temporary tattoo station that offers meme prints, photo booths that create custom memes, and a 4D interactive zone. An augmented reality exhibit brings models of 2D memes to life as they pass a screen on a conveyor belt, as seen in this YouTube video by Lisa Tang.One of the highlights at the meme museum, according to organizers, is 9GAG's <a href="https://9gag.com/gag/azMDnex">debut NFT</a> - a collage of memes that it auctioned off for <a href="https://foundation.app/@9gag/in-meme-we-love-59902">$25,000 in July.</a>The exhibition is located in the second basement of K11 Art Mall and runs until September 5. Visitors can register on the <a href="https://www.hk.k11.com/">mall's website</a> or queue there for access, it said.

Hong Kong has a 'meme museum' that lets visitors relive internet history in 4D

<ul><li>More than half of the 100 largest banks in the world are investing in vital crypto and blockchain-based companies or projects.</li><li><keyword id="6356454" type="UNKNOWN" weightage="20" keywordseo="Standard-Chartered">Standard Chartered</keyword> has invested $380 million so far, followed by BNY Mellon at $321 million, and Citi at $279 million.</li><li>Banks are actively trying to get a foothold in cryptocurrency projects that intend to upgrade the conventional banking system by close-knit integration.</li><li>The demand for custodian services for digital assets is consistently rising, and the banks are most suited to take advantage.</li></ul>Governments may not have made up their minds about cryptocurrencies, central banks may still be uncertain but private banking majors are doubling down on <keyword id="6357624" type="UNKNOWN" weightage="20" keywordseo="blockchain-technology">blockchain technology</keyword>. If we talk about cryptocurrencies and blockchain, Bitcoin is probably the first thing that comes to mind. It has skyrocketed in value over the last few years, and new <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> are entering the space almost every day. And, while Bitcoin is the largest by market value — can be used to buy something in a country like <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">El Salvador</a> and investors treat it like an asset — the underlying blockchain technology is what is powering the financial revolution in the conventional banking sector. According to a <a href="https://app.blockdata.tech/blog/general/banks-investing-blockchain-companies">report</a> by Blockdata, more than half of the 100 largest banks by assets under management (AUM) are investing in vital crypto and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">blockchain</a>-based companies or projects. These investments are complicated — some of them are done directly, some via subsidiaries, and some even via partnerships. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></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;">Number of investments </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;">Total size of funding </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;">Standard Chartered </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;">6 </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;">$380 million </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;">BNY Mellon </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;">5 </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;">$321 million </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;">Citi </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;">14 </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;">$279 million </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;">UBS </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;">5 </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;">$266 million </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;">BNP Paribas </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;">9 </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;">$236 million </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;">Morgan Stanley </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;">3 </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;">$234 million </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;">JPMorgan Chase </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;">8 </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;">$206 million </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;">Goldman Sachs </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;">8 </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;">$204 million </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;">MUFG </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;">6 </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;">$185 million </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;">ING </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;">6 </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;">$170 million </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;">BBVA </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;">5 </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;">$167 million </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;">Nomura </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;">5 </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;">$146 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Blockdata Research (July 2021) Standard Chartered has invested $380 million so far, followed by BNY Mellon at $321 million, and Citi at $279 million. The list further includes a-list names such as BNP Paribas, <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>, Goldman Sachs, and Nomura. Banks are actively trying to get a foothold in cryptocurrency projects that intend to upgrade the conventional banking system by close-knit integration. Standard Chartered has invested in Ripple, a blockchain-enabled payment settlement provider known for its quick and affordable transfers. Bank of America and American Express are <a href="https://finance.yahoo.com/news/bank-america-exec-lifts-lid-140019347.html">already</a> some of its largest customers, and the list will undoubtedly expand. This year, America's oldest bank, BNY Mellon, started offering custodian services and has strategic investments in Fireblocks, a digital assets infrastructure provider. Fireblocks offers financial institutions an inclusive platform that can enable a digital assets business, providing a foundation to store, transfer and issue them. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Banks are now betting high on custodial services" comment="subhead" text="Banks are now betting high on custodial services">Banks are now betting high on custodial services</cmsannotation></h2> The demand for custodial services for digital assets is consistently rising, and the banks are most suited to take advantage. Banking institutions have offered custodial services for a long time and it includes — gold or cash deposits, DEMAT accounts, and management of other securities. Similarly, a secure wallet is required to store crypto assets, and these can be safely handed over by the user for safekeeping. Crypto exchanges still aren't regulated and are based out of obscure or even non-existent offices. Amid the uncertainty, investors and regulators are eyeing a more trustable institution that's already knee-deep in the game. South Korea is <a href="https://www.businessinsider.in/cryptocurrency/news/south-korea-is-open-to-cryptocurrencies-and-making-an-effort-to-regulate-them/articleshow/83986459.cms">among the first</a> countries to release regulations for crypto-assets and their trade. In a bid to crackdown on money laundering and illegal transactions, banks have been tasked with ensuring real-name accounts and extending custodial services in partnership with crypto exchanges. Eyeing a similar opportunity in the future, banks globally have doubled down on their investment and are actively seeking new projects that can further help adopt blockchain technology. Simply put, more people would own bitcoin if they could do so through their existing banks, according to a <a href="https://nydig.com/research-and-insights/nydig-bitcoin-banking-survey/">survey</a> commissioned by NYDIG. According to a <a href="https://www.tcs.com/crypto-currency-digital-assets-custody">report</a> by Indian IT giant TCS, "The broad acceptance of these assets across institutional and retail investors can lead to crypto custody services gaining ground as a mandatory offering from banks, in their attempt to retain customers and increase the share of wallet." HQLAx, a Luxembourg based startup, leads the collateral management space and has received funding from BNY Mellon, Citi, BNP Paribas, JP Morgan, Goldman Sachs, ING, and more. They are expected to connect to the HQLAx platform to improve liquidity management and execution of live collateral swaps. Big banks were initially highly sceptical about crypto-based assets, and many weren't shy to show their disapproval. However, that has now changed as they realize the ice shall continue to melt, with or without them. They can either find a haven by accepting blockchain as an integral part of their operations or slowly go extinct like the dinosaurs. <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/messis-move-to-psg-includes-getting-partly-paid-in-the-clubs-fan-cryptocurrency/articleshow/85272256.cms">Messi’s move to PSG includes getting partly paid in the club’s cryptocurrency — the value of which has tripled since last week</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a> <a href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-axie-infinity-hits-1-billion-in-trade/articleshow/85180646.cms">NFT game Axie Infinity clocks highest-ever $1 billion in trade with its crypto-based virtual economy</a>

Standard Chartered, Citi and UBS are among the 100 biggest banks in the world investing in crypto and blockchain with custodial services leading the charge

Led by <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, the global <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency</a> market has zoomed past $2 trillion in market capitalisation amid a surge in institutional demand. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">Bitcoin</a> alone has contributed more than $1 trillion after its price more than doubled in 2021 and is currently hovering around $57,000 per digital coin. The other key <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> -- Ethereum, Binance Coin, Polkadot, Tether and Cardano -- have a combined value of about $422 billion. The electric car company Tesla has announced to start accepting Bitcoin as payment. Tesla has already invested $1.5 billion in Bitcoins. Tesla CEO <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> said late last month that people in the US can now buy a Tesla with Bitcoins, and the option to pay with the popular <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency</a> will be available to <keyword id="2386915" type="PERSON" weightage="20" keywordseo="other-countries">other countries</keyword> later this year. According to Shivam Thakral, CEO, BuyUcoin, the digital assets have beaten every other asset class as Bitcoin and Ethereum have grown 100 per cent and 190 per cent this year, respectively. "The growing global support for crypto industry is not surprising as think tanks/institutions across the globe have realised the importance of digital assets and want to take first mover advantage. There is no other asset class in the world which can provide such a strong hedge against inflation," Thakral said in a statement on Wednesday. In <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, with Union Finance Minister Nirmala Sitharaman saying that all windows on cryptocurrencies will not be closed down, industry stakeholders last month said that a positive move at this point can unleash a host of opportunities for the country. India's leading cryptocurrency players, represented by IAMAI (Internet and <keyword id="592650" type="COMPANY" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword>) have appealed to the government of India not to ban cryptocurrency, saying that a robust mechanism to regulate the ecosystem is needed. The government has listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction, consideration and passing in the current session of Parliament. Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC). This measure will be in line with many central banks which have begun planning to issue their own digital currencies. <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 target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a>

Global crypto market crosses $2 trillion, bitcoin accounts for over 50% of the market cap

<ul><li>India’s Finance Minister Nirmala Sitharaman reiterated that the country’s new laws around cryptocurrencies are currently awaiting approval from the Union Cabinet.</li><li>The Union Cabinet is India’s highest decision-making body.</li><li>However, this does not necessarily mean that the new laws will come into existence any time soon.</li></ul>India is racing to keep up with the cryptocurrency craze in the country. India’s Finance Minister Nirmala Sitharaman reiterated that the new regulations around cryptocurrencies in India — the Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 — are waiting on approval from the Cabinet before it can be introduced into the Parliament. She had <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">stated</a> this earlier as well, ahead of the Monsoon Session in July this year. The Union Cabinet is India’s highest decision-making body. Only the Prime Minister, Narendra Modi, and other ministers of rank are a part of the Cabinet. The supreme body needs to give the green light before the new laws can be introduced for debate in Parliament. <div type="ExtQuote" text="Cabinet note is ready on cryptocurrency. I am awaiting [sic] Cabinet to clear that." auname="India’s Finance Minister Nirmala Sitharman told reports on August 18"></div> Those in the know, requesting to remain anonymous, told Business Insider that the government is most likely mulling over a softer stance given the recent surge in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto</a> adoption and awareness within the country. This means that it's possible that the Cabinet will not approve the bill in its current form, as seen in the <a href="https://www.businessinsider.in/finance/news/indian-cryptocurrency-players-in-huddle-as-government-mulls-ban/articleshow/80610668.cms">draft</a> ahead of the Budget Session of Parliament in February. The <a href="https://www.businessinsider.in/stock-market/news/bitcoin-has-surged-to-a-record-60000-as-stimulus-hopes-and-big-name-backers-fuel-demand/articleshow/81486473.cms?utm_source=msn&amp;utm_medium=referral&amp;utm_campaign=msn_content_partnership">massive surge</a> in Bitcoin’s price earlier this year, coupled with <a href="https://www.businessinsider.in/finance/news/rbi-inflation-forecast-for-next-year-is-high-close-to-shaktikanta-das-target/articleshow/85092332.cms">high inflation</a>, has led young investors to invest in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> as an alternative financial instrument, despite their reputation for being heavily volatile. This is partly due to <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges like WazirX, CoinDCX, CoinSwitch Kuber, and others garnering new funding. And that funding is going towards <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms">heavy-weight sponsorships</a> in the mainstream — like the Euro Cup and the T20 cricket tournament between Sri Lanka and India — which is driving awareness among the masses. <cmsannotation type="cmsannotation" annotationid="What happens if the Cabinet does not approve India's crypto bill?" comment="subhead" text="What happens if the Cabinet does not approve India's crypto bill?">What happens if the Cabinet does not approve India's crypto bill?</cmsannotation> If the bill is rejected by the Cabinet, then it’s possible that things will have to start from scratch all over again, especially if the Indian government is looking to take a softer approach to cryptocurrencies. “The government seems to be still in the process of determining the way forward, which may through either an existing committee or a new one with industry consultation where required," Rameesh Kailasam, the CEO of IndiaTech, told Business Insider in an <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">earlier interview</a>. The way the passing of a bill works in India is that a committee is assigned to draft the bill. The committee is headed by one, or in this case, multiple ministries. Given the vast application of cryptocurrencies — even though the Ministry of Finance’s Department of Economic Affairs is leading the charge — other stakeholders like the Ministry of Electronics and Information Technology (MeitY), the Securities and Exchange Board of India (SEBI), and the Reserve Bank of India also are a part of the process. Once the committee has drafted the bill, it then needs to be approved by the Finance Ministry. Once they approve it, it goes over to the Ministry of Law for another layer of endorsement to ensure it ticks all the boxes and doesn’t include any language that could get the government into trouble. Only once the bill has cleared both those thresholds does it make its way to the Cabinet. The ministers then discuss the bill to ascertain if any changes are required. If they feel the bill isn’t up to the mark, it will be sent back to the Finance Ministry. If not, the bill is presented to the public for comments before being introduced into the lower house of Parliament, the Lok Sabha. They then have three readings of the bill before it is passed to the upper house, the Rajya Sabha. Even then, the bill nevertheless needs approval from the President before it is <a href="https://prsindia.org/files/parliament_track/1417684398--Parliament%20as%20a%20Law%20Making%20Body_0.pdf">eligible</a> to come into effect. Depending on the changes suggested, it’s possible that the bill may not clear the Cabinet approval stage of the process. They could request for the Finance Ministry and other stakeholders to form an entirely new committee to draft a new version of the bill. They could even ask for a change at the helm with a department other than the Department of Economic Affairs — that, however, is unlikely. “The government seems to be looking at this afresh considering that there needs to be a different take on how to regulate cryptocurrencies rather than push for an outright ban” said Kailasam. <cmsannotation type="cmsannotation" annotationid="How could a new crypto bill in India be different from the old one?" comment="subhead" text="How could a new crypto bill in India be different from the old one?">How could a new crypto bill in India be different from the old one?</cmsannotation> The original committee that drafted India’s crypto bill was headed by Finance Secretary Subash Chandra Garg. Other members included MeitY Secretary Ajay Prakash Sawhney, SEBI Chairman Ajay Tyagi, and RBI Deputy Governor BP Kanungo. The <a href="https://prsindia.org/billtrack/draft-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019">version</a> of the crypto bill proposed by them, the draft of which was released ahead of the Budget Session of Parliament in February, bans all ‘private’ cryptocurrencies and lays out a plan for India’s apex banking institution to launch its central bank digital currency (CBDC). <div type="ExtQuote" text="Under the draft Bill, mining, holding, selling, issuing, transferring or use of cryptocurrency is punishable with a fine or imprisonment of up to 10 years, or both." auname="Excerpt from the Draft Banning of Cryptocurrency &amp; Regulation of Official Digital Currency Bill, 2019"></div> The definition of ‘private’ cryptocurrencies was however ambiguous. Most speculate, as per the comments of RBI governor Shaktikanta Das, that this covers all cryptocurrencies traded on exchanges including Bitcoin, Ether, Dogecoin, and others. <div type="ExtQuote" text="The RBI has major concerns with respect to private cryptocurrencies. We have conveyed these concerns to the government. The government will examine the issue and act accordingly." auname="Reserve Bank of India (RBI) governor, Shaktikanta Das, during the RBI’s Monetary Policy press conference on 6 August 2021"></div> This, however, does not mean that the central bank is proposing to ban the underlying blockchain platforms. One can ban Ether but the Ethereum blockchain, which facilitates the implementation of smart contracts, does not necessarily have to be pulled down. But, if the government is looking to take a softer stance, in line with the Supreme Court’s judgement in 2020 that abolished the RBI’s ban on cryptocurrencies, a new bill will likely have to be drafted. And, that process will again take its own sweet time cutting through the red tape. This means, just because the crypto bill is awaiting approval from the Cabinet, that it’s a done deal — especially as more and more Indian citizens are investing in cryptocurrency. <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 target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a>

India’s crypto bill will still have a few hurdles to clear before becoming a law, even if the Cabinet approves

<ul><li>30% of surveyed users in India said they own cryptocurrencies.</li><li>The top five nations — including India — in terms of <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> adoption, are now in Asia.</li><li>Youngsters, between the ages of 18 to 34, in Tier II and III nations are leading the charge in terms of crypto adoption in the country.</li></ul>Asian countries are pulling ahead in terms of crypto adoption worldwide. While countries in the region do present a large market in terms of numbers, barring China, most others have been seen as insignificant in the crypto world. However, a new <a href="https://dvh1deh6tagwk.cloudfront.net/finder-us/wp-uploads/sites/5/2021/06/Crypto_Adoption_final-compressed-1.pdf">report</a> from research firm Finder says that the top five countries for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> ownership are all in Asia. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7018813"></div>]]></cdata></div> Vietnam had the largest percentage of crypto ownership at 40%, followed by Indonesia, India, Malaysia and Philippines, respectively. 30% of those surveyed in Indonesia and India said they owned cryptocurrencies, while Malaysia and Philippines had 29% and 28%, respectively. Meanwhile, the US and the UK had the least number of people who owned crypto, at 8% and 9%, respectively. This is an aberration from general tech trends since the two developed nations usually lead in terms of adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">new technology</a> worldwide. The company surveyed a total of 47,000 individuals around the world. “The US currently provides one of the most dynamic markets for cryptocurrencies. On the one hand it provides a progressive market that attracts many start-ups and tech companies, while on the other hand it still lacks regulatory clarity around cryptocurrencies, with multiple companies being retroactively punished for their operations,” the report said. <cmsannotation type="cmsannotation" annotationid="Youngsters lead the charge" comment="subhead" text="Youngsters lead the charge">Youngsters lead the charge</cmsannotation> One trend that remains consistent across the world though is that younger users are leading the charge in terms of crypto adoption. The Finders reported that 18 to 34 year olds accounted for over 40% of users around the world. In addition, 35-44 year olds accounted for 20% of the user base, while 45-54 year olds accounted for 17%. In countries like Colombia and Netherlands, crypto adoption came from the elderly, above the 65-year-old age range. <cmsannotation type="cmsannotation" annotationid="Smaller towns drive adoption in India" comment="subhead" text="Smaller towns drive adoption in India">Smaller towns drive adoption in India</cmsannotation> <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> adoption in India has been driven by smaller towns of late. The country’s largest crypto exchange by trading volumes, WazirX, recently <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-user-growth-2648-in-2021-so-far/articleshow/85264028.cms">reported</a> a 2,648% growth in user signups from Tier II and Tier III cities in the country. The exchange has over 7.3 million users and has amassed trading values worth over $21.8 billion in 2021 alone. To be fair, signups from urban centres in India were also growing, with 2,375% growth in user signups from Tier I cities. India’s crypto industry has been abuzz recently, with the government working on regulations and investors pouring in money into crypto firms. Coinbase backed CoinDCX became the country’s first billion dollar startup in the crypto space last week. “The cryptocurrency industry is steaming hot. 2021 has seen an accelerated interest in the crypto space as companies look to gain exposure to the market. A number of sectors floundered in FY21, given the challenges of doing business in a pandemic environment. Fintech, for the most part, was not one of them," Sharan Nair, chief business officer of Coinswitch Kuber, another top exchange in the country, told <a href="https://www.livemint.com/companies/news/vc-interest-in-crypto-firms-rising-despite-regulatory-uncertainty-11628621392415.html">Mint</a>. <cmsannotation type="cmsannotation" annotationid="Hurdles remains" comment="subhead" text="Hurdles remains">Hurdles remains</cmsannotation> That said, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto adoption</a> in these countries doesn’t necessarily mean the industry is out of hot water just yet. Most countries, including India, remain uncertain in terms of regulations. While concerns about an overarching ban have been allayed to some extent, what regulations will come remain unclear. China, of course, is the leader in terms of crypto adoption but the country has been cracking down on miners for the better part of the year. On the other hand, Vietnam and the Philippines have <a href="https://www.businessinsider.in/cryptocurrency/news/philippines-and-vietnam-are-considering-crypto-friendly-regulations/articleshow/84141407.cms">reportedly</a> been working on crypto-friendly regulations. <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 target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ethreums-update-has-boosted-ethers-price-but-the-cryptocurrencys-main-problem-is-yet-to-be-solved/articleshow/85269874.cms">London Hard Fork is affecting Ether’s prices already, but gas fees stabilisation will take longer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/messis-move-to-psg-includes-getting-partly-paid-in-the-clubs-fan-cryptocurrency/articleshow/85272256.cms">Messi’s move to PSG includes getting partly paid in the club’s cryptocurrency — the value of which has tripled since last week </a> <cmsannotation type="cmsannotation" annotationid="Youngsters lead the charge" comment="subhead" text="Youngsters lead the charge"> </cmsannotation>

India among top five countries where people own cryptocurrencies

<ul><li>After a two month bearish trend, <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has shown a quick recovery in August and experts are confident that a bull run could soon be imminent.</li><li>Bitcoin broke the $42,000 resistance level at the beginning of August, breaching its 200-day moving average.</li><li>Now, experts believe that breaching the $50,000 is essential for Bitcoin.</li><li>Higher adoption among institutional investors has instilled confidence and with lawmakers open for discussion, leading the market sentiment to be extremely positive.</li><li>The effect of China’s bans has been numbed and with a successful miner migration, the path looks clear for the cryptocurrency in the long run.</li></ul>The cryptocurrency world is synonymous with volatility, and the year has proven to be among the most turbulent ones for Bitcoin. The leading cryptocurrency was worth more than $60,000 in mid-April but faced intense resistance and radically corrected to less than $30,000 in just two months. Now, the momentum is on the rise thanks to a bull run that has pumped <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin</a> from by 35% in just a month, valuing it at $47,000 — and headed towards the $50,000 threshold. According to experts, whether or not Bitcoin is able to break past that barrier, will depend on the ‘whales’ of the market. A whale refers to individuals or entities that hold large amounts of Bitcoin, and these 1,000 individuals are <a href="https://www.businessinsider.in/investment/news/bitcoin-limited-supply-has-driven-up-its-value-nearly-90-percent-has-be/articleshow/85349471.cms">said to control</a> 40% of all coins in circulation. Considering their massive holding, each movement creates ripple waves that can push or pull the momentum. <div type="ExtQuote" text="Historically, longer consolidation opens a path for greater expansion as we see Bitcoin price extend towards 50K, which is also a psychological price level for Bitcoin to break" auname="Hitesh Malviya, the founder of ItsBlockchain.com told Business Insider"></div> Bitcoin broke the $42,000 resistance level at the beginning of August, breaching its 200-day moving average. In May, China's ban on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> activities played a critical role in sending Bitcoin prices off the cliff. But miners were able to <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-bitcoin-miners-are-looking-at-us-kazakhstan-canada-and-europe-amid-the-exodus/articleshow/83806714.cms">migrate out of China by July</a>, and Bitcoin's <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-is-likely-to-get-harder-as-chinese-miners-make-their-comeback/articleshow/84821309.cms">hash rate recovered</a>. The rally also continued because of macroeconomic factors such as the buoyant stock market, high-yield credit, and low default rates. <div type="ExtQuote" text="Bitcoin’s recovery run in the last three weeks is a reiteration of the confidence that investors hold in the asset after a 55% dip from its peak in May 2021. We believe that Bitcoin went through a consolidation phase and is now ready to continue its run towards its prior all-time high" auname="Vikram Subburaj, co-founder and CEO of Giottus crypto exchange told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Bitcoin whales are in action" comment="subhead" text="Bitcoin whales are in action">Bitcoin whales are in action</cmsannotation> According to <a href="https://www.blockchain.com/btc/tx/20a356341792ee50131d46a2c8580e08071327d12338219f49f362597b525b5a">Blockchain.com</a>, Bitcoin whales have been moving around a lot of coins. In just a single transaction, a whale moved 15,000 BTC — currently worth over $700,000,000. During the bull run, the balance on exchanges fell in late 2020 and early 2021, then immediately bounced back during the price correction of May and June. It has stayed flat since, indicating big institutions stopped buying Bitcoin in bulk and moving it off exchanges. Removing coins from exchanges means storing them in cold wallets, where they're safer. "Bitcoin’s fixed supply and declining annual growth are important financial properties that should make it a hedge against inflation." NYDIG, a digital currency firm specialising in Bitcoin, said in a <a href="https://nydig.com/research-and-insights/the-impact-of-bitcoins-reward-halvings/">report</a>. "For most of bitcoin’s history, it was an asset predominantly owned by retail investors. It has only been in the past 12-18 months that institutional investors have taken to the asset. Given the $100 trillion managed by the world's largest asset managers, there is a significant secular bull case for price appreciation in this scarce asset. " <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Rising institutional adoption of Bitcoin." comment="subhead" text="Rising institutional adoption of Bitcoin.">Rising institutional adoption of Bitcoin.</cmsannotation> </h2> Some of BItcoins’ most significant <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoins-largest-corporate-investor-wants-to-buy-more-despite-taking-a-loss/articleshow/84886881.cms">institutional holders</a> are; Microstrategy, a business analytics platform; Tesla, the infamous EV maker; Galaxy Digital Holdings, a digital currency focused merchant bank; and Voyager Digital, another firm specialising in digital assets. While their holding or investment is directly tied to Bitcoin and other cryptocurrencies, institutional banks have also been <a href="https://www.businessinsider.in/cryptocurrency/news/standard-chartered-citi-and-ubs-are-among-the-100-biggest-banks-in-the-world-investing-in-crypto-and-blockchain-with-custodial-services-leading-the-charge/articleshow/85324397.cms">rapidly pouring money</a> into digital assets as well as blockchain-based technology firms. Bitcoin's correction was an opportunity for all of them, and <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> funds globally have ramped up their projects. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Other factors that affected Bitcoin’s price over the last one month" comment="subhead" text="Other factors that affected Bitcoin’s price over the last one month">Other factors that affected Bitcoin’s price over the last one month</cmsannotation></h2> While Elon Musk took <a href="https://www.bbc.com/news/business-57924354">another u-turn</a> and gave an optimistic outlook on Bitcoin — him and two of his companies Tesla as well as SpaceX have Bitcoin holdings — Twitter’s Jack Dorsey and Ark Invest’s Cathie Wood also confirmed their long-term investment. The world’s oldest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> also surged on <a href="https://www.businessinsider.in/cryptocurrency/news/amazon-may-soon-allow-users-to-pay-in-cryptocurrencies-like-bitcoin/articleshow/84724732.cms">rumours of Amazon</a> accepting it as payment, a claim later refuted by the company. Even after the cryptocurrency industry failed to win a change to <a href="https://markets.businessinsider.com/news/currencies/crypto-amendment-infrastrucutre-bill-tax-regulation-cryptocurrency-reporting-irs-2021-8">crypto tax reporting </a>rules in a U.S. infrastructure bill, the upward momentum showed no signs of stopping. <cmsannotation type="cmsannotation" annotationid="The longer large investor hold, the closer Bitcoin gets to $50,000" comment="subhead" text="The longer large investor hold, the closer Bitcoin gets to $50,000">The longer large investor hold, the closer Bitcoin gets to $50,000</cmsannotation> With countries — most prominently <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">El Salvador</a> — slowly adopting measures to recognise cryptocurrencies and regulate them, long term investors are confident that Bitcoin's doomsday theories are gradually evaporating permanently. A few <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">governments like China</a> may not play along. Still, much of the world is now opening up to the concept of decentralised currencies and how they can be a successful hedge against inflation in runaway economies. Hitesh Malviya, the founder of ItsBlockchain.com, cited that <a href="https://www.businessinsider.in/cryptocurrency/news/standard-chartered-citi-and-ubs-are-among-the-100-biggest-banks-in-the-world-investing-in-crypto-and-blockchain-with-custodial-services-leading-the-charge/articleshow/85324397.cms">55% of the world’s top 100 banks</a> have some kind of exposure to Bitcoin and Blockchain. Major banks like JP Morgan advocate Bitcoin these days and offer related investment products to their wealthier clients. At the same time, banks have turned to custodial services as a viable way of embracing cryptocurrencies and expanding their offering. South Korea is<a href="https://www.businessinsider.in/cryptocurrency/news/south-korea-is-open-to-cryptocurrencies-and-making-an-effort-to-regulate-them/articleshow/83986459.cms"> a leading example</a>, and among the first to have crypto regulations, a model expected to help shape many other national laws. Lastly, retail investors have once burned their hands with meme-based cryptocurrencies such as Dogecoin, which offer <a href="https://www.businessinsider.in/tech/news/dogecoins-co-creator-explains-how-the-parody-currency-turned-into-a-billion-dollar-movement/articleshow/82092296.cms?fbclid=IwAR19e36_82P_VtjkTzwUVdQKeTkSzjn1XaNGoruzRhJH2RZKBm3ZExVmxuI">little except hype</a>. Experts are <a href="https://www.goldmansachs.com/insights/pages/crypto-a-new-asset-class-f/report.pdf">confident</a> that rampant pump-and-dump schemes shall reduce as the market matures. <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 target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a>

You Searched For "nft in cricket" and got 7 results

Predictive gaming is gaining ground in India – here’s what it means for the Indian sports business landscape

Insider Studios

Hong Kong has a 'meme museum' that lets visitors relive internet history in 4D

Matthew Loh

Standard Chartered, Citi and UBS are among the 100 biggest banks in the world investing in crypto and blockchain with custodial services leading the charge

Shivam Vahia

Global crypto market crosses $2 trillion, bitcoin accounts for over 50% of the market cap

IANS

India’s crypto bill will still have a few hurdles to clear before becoming a law, even if the Cabinet approves

Prabhjote Gill

India among top five countries where people own cryptocurrencies

BI India Bureau

Bitcoin has surged more than 35% in the last month and the race to $50,000 is being fueled by institutional interest

Shivam Vahia