Monthly Newsletter The Digital Asset Landscape November 2021

That first week of November saw BTC trading at $62,341, up about 0.87% from the week prior. During the preceding thirty days, Bitcoin was up by over 30%, and the days of sideways movements at least temporarily ended with a brief but strong breakout. Bitcoin’s price surged to a weekly high as the Premier Cryptocurrency grew by approximately $1,500 in just minutes. Analyst Filbfilb stated, “We haven’t lost the MR line & found resistance there, but I’m expecting the next move to happen in the next 48 hours.” The analyst based his projection on the relative strength index, noting that the coin’s RSI is above 70, which is a classic “prelude” to an impending extended rally. RSI levels are important both for projecting multi-months highs and potential market exit opportunities. Bitcoin to Reach $100k: Many crypto enthusiasts, including Graham Jenkins, CEO at CoinList, seem to be backing the commonly held projection that BTC will cross $100,000 by the end of the year.

Recently talking to CNBC, Jenkins stated that most of his teammates are betting that Bitcoin is going to be worth over $100k by the end of this year. It has been a long-awaited target for people bullish on Crypto, and after admitting that the timing is getting rather tight, Jenkins informed that CoinList itself now suggests that the $100k target for ETH might not come until sometime in 2022. Moreover, some analysts are backing Ethereum to surpass the gains of Bitcoin percentagewise, as former Goldman Sachs executive and crypto investor, Raoul Pal, stated that Bitcoin lacks the intensity ETH has. He stated, “[Bitcoin] just doesn’t have the network intensity that Ethereum does…Bitcoin has nothing like that going on.”

The co-founder of Ethereum, Charles Hoskinson, is also the creator of Cardano, a decentralized blockchain that launched in 2017. Cardano’s dual mission is to become the most environmentally sustainable crypto having a blockchain network that is easily scalable. When compared to other Cryptos, Cardano’s mining process consumes less energy, and its native currency is the ADA digital token. This token gets its name from the first computer programmer – Ada Lovelace. The ADA is an open-source platform, so that anyone can develop it further. Cardano Market Analysis: Cardano launched January 2017 at $0.0024, and it was listed on the Crypto exchanges from October 2017 for $0.002. Cardano (ADA) is now trading at $2.04 with a daily volume of more than $3.7 billion and a market cap of more than 470.5 trillion. The number of ADA coins in circulation is about 33.3 billion coins, with a maximum supply of 45 billion ADA coins. Cardano can be purchased from the major Crypto exchange platforms including Binance, Coin Tiger, Coin base, and KuCoin. Incidentally, investors who bought and held Cardano from its launch have an 88650 % increase in their investments.

Cardano Short-Term Technical Analysis: taking a look at the financial charts, Cardano has been in a long-term bullish trend since July 25^th. It reached an all-time peak of $3 in September, and thereafter, the price has been at a retracement. However, a closer look reveals that the bearish retracement has been reducing in energy and volume. The indicators at the bottom of the chart shows that the candles in the retracement have long wicks and small bodies, meaning the bearish rally is almost over. So far in November, there have been only very small candles, and analysis will show that Cardano’s prices are consolidating at a range between $2.2770 and $1.8300. This is a sign that the prices are collecting contracts for a long bullish trend. Currently, the price is bouncing on a support level of $1.83004 and a psychological level of $2.0000. Because the price has tested this support level twice already without breaking it, there is a likelihood that the price will bounce off this level once again and this time around, continue with the long-term bullish trend. If the price breaks the support level of $1.83004, it will go to the support level of $1.4733, where there is an unclaimed demand zone, in which case it will continue then to be bullish. However, as stated above, the price has a high chance of going bullish from the support level of $1.83004 because that level has been tested.

Cardano long-Term Technical Analysis: As per the financial charts, long-term Cardano sentiment has been bullish since July 2018. Currently, the price is in a bearish retracement after hitting an all-time high of $3. This retracement might be ending as the price is finding support at the $2.000 psychological level. Charts show a strong resistance level at $1.8300 that has been broken and has turned into a support level. Since this level has held price more than five times, there is a high probability that the price will not cross it. Long-term market sentiment is bullish and it seems then, that Cardano is a good investment for both traders and investors.

Ever since Shiba Inu’s (SHIB) total value locked (TVL) rose to $2 billion, the coin has become a bullseye for investors; and in fact, the first week of the month, an Ethereum whale purchased $6,867,089.61 worth of SHIB. This value translated to about 165 billion SHIB, and this new development, whose transaction details can be found on Etherscan, has rocked Twitter. Crypto enthusiasts on that platform cannot help but anticipate that something big is about to happen to the popular alt coin. The last time an anonymous whale bought about 6.3 trillion coins, it was a sign that something big was about to happen, because a couple of weeks later, the Shiba Inu token went bullish and hit a new all-time high. Crypto analysts now assume the new whale knows about a coming bull market to have bought such a huge amount of SHIB. This new buy comes just after another anonymous Ethereum whale went on a SHIB shopping spree, buying close to 276 billion SHIB about two weeks ago. This whale’s purchase came after SHIB experienced an impressive 340% surge during the last week of October.

That surge had the coin hit a new all-time high of over $0.000046. The specific whale who purchased the 276 billion SHIB two weeks ago is said to currently possess around $13,448,334 in Shiba Inu tokens, according to transaction details by whalestats.com. SHIB is experiencing an interesting development following the most recent surge, which had resulted in a record all-time high of 0.000057. The price increase was attributable to inflows of $4.64 billion on October 23 and 24. This then led to an increase of the total amount of money in the market from $11.02 billion to $15.66 billion. Current speculation is rife with the possible rise of the Shiba Inu token, and should this be the case, the coin will rise even further up the list of the top 10 cryptocurrencies. 

During the first week of November, Bitcoin (BTC/USD) remained top-heavy early in the Asian session, and the pair remained at risk of encountering more selling pressure following some recent failures to test the 64793.55 and the 64999.14 levels. These levels represent a 76.4% and 78.6% retracement of the recent depreciating range from 66,999 to 57,653.88. The pair has orbited the 60804.26 area for several trading sessions, and that price represents the 23.6% retracement of the appreciating range from the 40750.12 point to the 66999. Additional downside retracement levels in this appreciating range include the 56971, 53874, 50777, 46944, and the 46367 levels. If BTC/USD is able to regain upward momentum, additional upside retracement levels include the 648989 and the 65094.61 levels. BTC/USD recently tested the 58265 level multiple times, and this represented a downside price objective related to selling pressure that recently intensified around the 63750 level. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56593, 57627, and 56293 levels. 

Traders observe that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullish, indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 61605.83 and the 200-bar MA (Hourly) at 61549.72. Technical Support is expected around the levels of 53997.15, 51245.86, and 49022.22 with stops expected below. Technical Resistance is expected around 67146.16, 68515.32, and 69449.40, with stops expected above. On 4-Hourly chart, SlowK is Bullishly above SlowD, while MACD is Bearishly below MACDAverage. On 60-minute chart, SlowK is Bearishly below SlowD, while MACD is Bullishly above the MACDAverage.

Global fintech giant Ripple announced that it has launched a new service called the Liquidity Hub, and according to a blog post published last Tuesday, Liquidity Hub is a groundbreaking new way for enterprises to source digital assets easily and efficiently from the broader crypto market. This will bring cryptocurrency trading to enterprises, and Ripple’s latest service is designed specifically to help enterprises accelerate their shift into the cryptocurrency market. Liquidity Hub was designed as a turnkey solution for financial institutions and will leverage smart-order-routing, enabling them to source cryptocurrencies at optimized prices from market makers, exchanges, and OTC desks. Ripple GM Asheesh Birla stated, “We know full well the need for easy and efficient liquidity management. Crypto and financial institutions are embedded in our DNA. So, it makes perfect sense that as they prepare for a crypto-first world, our customers would want access to the same trusted one-stop-shop for buying, selling, and holding crypto assets that have powered our own extensive work with financial institutions.”

Interestingly, Birla noted that the same crypto sourcing technology employed in the Liquidity Hub has been in use in Ripple’s On-Demand Liquidity Product (ODL) for nearly two years. The Liquidity Hub will launch in 2022 and will initially support Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), and XRP, with more digital assets to be added over time. The company also plans on adding functionalities such as staking and yield-generating in the near future, but no specific date have yet been determined for their launch. Coinme, the first licensed Bitcoin ATM company in the U.S., will also become the first partner for the alpha version of the Liquidity Hub. The company will utilize the underlying technology platform of the Liquidity Hub for the thousands of ATMs it has across the country, with plans to unlock additional functionality as it becomes available.

Unless you’ve been living in a cave in the middle of nowhere, you most likely already know that during week 2 of November, BTC surpassed its previous record of $66,900 set on October 20 to hit a new all-time high (ATH) of 68,500. Throughout this year, Bitcoin (BTC) has undergone both ups and downs, and remember back in May, when the leading cryptocurrency experienced a 50% daily loss to bottom at lows of $30K when Chinese authorities intensified the crypto mining crackdown? Nevertheless, Bitcoin has silenced the skeptics and scaled to great new heights not seen thus far in its dazzling twelve-year journey. Big money moves have contributed to last week’s price surge because the search volume is at rock bottom. Market analyst Lark Davis explained: “Bitcoin closing on a new all-time high and the search volume is insanely low. Seems like this rally is not being led by retail, looks like big money quietly buying.”

Institutional investments have now all but cemented Bitcoin’s status as a notable investment vehicle, and they had played an instrumental role when BTC breached its previous ATH of $20,000 in December 2020. At that time, the ATH had not been broken for more than three years. All of this momentum leaves one wondering, could this be the start of a new Bitcoin era? Much evidence supports this notion. Despite Bitcoin surging to historic highs, the relative unrealized profit/loss is still at low levels, and on-chain analyst Matthew Hyland noted: “The Bitcoin relative unrealized profit/loss is at the same levels it was in January of 2017 and October of 2020 right before the massive bull runs. With all-time highs broken, we can now confirm, we are just getting started.” He added that the pressure witnessed in Bitcoin’s Bollinger Bands (BB) indicator is about to be released since they had recently shrunk to levels last seen in October 2020 when the price was just at $10,000. With crypto trading emerging as a lucrative business, former Citigroup CEO Vikram Pandit believes that all big banks will start seriously considering joining the ride.

Ethereum (ETH/USD) also had extended recent gains early in the Asian session as the pair continued to appreciate above the 4700 level, and that was even after recently establishing a fresh all-time high around the 4842.54 level. Stops at that time were elected above the 4671 area during the upward range expansion, which was the previous all-time high established earlier in the month. Strong demand had then emerged during a pullback to the 4329 area, and this represented a test of a previous upside price objective around the 3643 area in October. Additional upside price objectives were considered to be at the 4895.12, 5035.94, 5060.87, and 5268.46 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support will now include the 4617, 4478, 4365, 4253, 4114, and 4093 levels.

Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 4557.88 and the 50-bar MA (Hourly) at 4727.28. Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below. Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 with Stops expected above. On the 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage. On the 60-minute chart, SlowK is Bearishly below SlowD, while MACD is Bearishly below MACDAverage.

Just about the entire cryptocurrency market experienced a free fall at the start of the third week of November, with Bitcoin falling more than 10% to $58,500 and ETH to $4,100. Sometimes you have to ask yourself, is high level of volatility necessarily a bad thing? The answer is, when understood and used correctly, Bitcoin’s wild gyrations could be golden opportunities to make money. Futures trading is a tool created to hedge loss and make profits out of Bitcoin’s price swings. With it, traders can either long or short Bitcoin, and if the price goes as they had predicted, traders can make money when the price moves in their direction. In addition, traders are afforded the opportunity to borrow money from exchanges to increase their leverage and positions. As an example, let’s say you have 0.1 BTC and want to short Bitcoin at the price of $55,000. You would then open a short contract at an exchange where leverage is available, such as in the Bexplus exchange. Since Bexplus allows you to use 100x leverage, your investment could be worth up to 10 BTC. When the price declines to $50,000, your profit will be the decline times 10 BTC ($55,000 – $50,000) = $50,000 = 1 BTC altogether. Without leverage, your profit would only be 0.01 BTC, or $500.

The danger is that you go in the wrong direction and then your losses would be multiplied by just as much. However, since Bexplus offers 100x leverage and perpetual contracts on BTC, ETH, ADA, DOGE, XRP, and others, no matter whether the market is rising or falling, the potential is there for you to use leverage to earn more money than you would otherwise. The other positive aspect of this is that all orders on Bexplus are executed immediately with low latency, so traders will not miss out on the next blast of volatility. Bexplus was registered in Saint Vincent and the Grenadines in late 2017, and many traders use it due to its no-KYC policy, a free demo account, 100% bonuses and their efficient mobile app. They only require an email address in order to open an account and once registration is complete, a trading account and a demo account with 10 BTC will be opened automatically. With the demo account, you can practice your skills before actual trading begins. Successful traders are those who learn to analyze the market and could always keep a clear head. The best way to improve your skills and mindset is by practicing in the free demo account. Every user is given 10 BTC at the beginning and they are replenishable, so you can try out different strategies as much as you like. No deposit fee is needed, and you can start your deposit at 0.001 BTC. One last benefit is that, to help traders earn more profits, Bexplus offers a 100% deposit bonus to every trader. Deposit 1 BTC and you will get 2 BTC, and up to 10 BTC is available for each deposit. The bonus is not withdrawable, but it is used as margin.

Another potential benefit of using this platform to trade, is that when you are not trading, you can transfer your BTC to the interest-bearing wallet and enjoy up to 21% annualized interest. The interest is calculated daily, and the revenue of the deposit will be settled monthly. With the crypto market being full of opportunities, this offers traders one more possible tool to use in market volatility.

Ethereum started strong, inching back to the $4,800 mark, but then several long-lasting divergences began pointing to an upcoming correction, and now market watchers anticipate an impending sell-off. At the end of the prior week, the Ethereum Foundation transferred 20,000 Ethereum, worth roughly 9.5 billion, to Kraken. The Ethereum Foundation made similar sales in the past, when the price was peaking, according to Colin Wu, who brought attention to this most recent transaction. Wu stated that, “On May 17, the cold wallet of the Ethereum Foundation transferred 35,000 ETH to Kraken. Vitalik once persuaded the Ethereum Foundation to sell 70,000 ETH (maybe around $1,400 in January 2018) to support the development.” Wu is a popular Chinese journalist. David Iach noted that the Ethereum Foundation currently owns just 3% of the Ethereum that it used to own and had sold most of it at prices below $10. Iach, who is a popular crypto investor, said, “the idea that it’s a top signal when they sell is highly idiotic.” He concluded by completely dismissing the sale’s potential to be regarded as a price movement indicator. The prior week’s Ethereum transfer to Kraken added to market unease, even though all the funds were transferred from the exchange’s cold wallet.

Santiment recently reported that Ethereum’s supply on exchanges dropped to 15.66%, while a year ago, this number was at 23.29%. According to the data platform, the current trend of Ethereum moving into cold wallets for DeFi-related activity and ‘hodling’ can be interpreted as a sign for long-term price prospects. Others believe that on-chain metrics call for caution, and since Ethereum crossed the $4,800-mark last Wednesday, recording a new all-time high (ATH), it witnessed a price correction by the end of the day, dropping as low as $4,485. Following the ATH, Santiment’s analysis addressed some of the on-chain metrics which indicated that a price correction is soon to come. The analysis warned about network activity going down, despite the price pushing upwards. Ethereum’s daily active addresses, the main user participation indicator, has been in decline since late October, diverging from the price. Additional bearish divergences were recorded in the case of daily trading volume and the network profit loss (NPL), as both metrics struggle to go up, despite the price increase.

“People are too relaxed to take profits even though ETH is going up (visible in NPL). There is a good chance they will be punished,” concluded Santiment’s analysis. However, to conclude on a more optimistic note, Colin Wu recently pointed out that the “current amount of ETH burned by EIP1559 has exceeded the number of ETH held by miners.” These numbers are painting a bullish outcome for ETH, at least in the context of long-term price prospects.

Since online casinos are now accepting digital payments due to the high demand of their markets, this opens up an opportunity for Ripple to reach more people. With more and more people holding onto their digital assets, this is a vital sign for many industries, and experts feel that cryptocurrency will only get bigger and bigger and will become one of the main payment systems accepted in the future for all online casinos. The entertainment value of casino games and the possibility to win some money from them are great incentives for many people to engage in it. With the combination of a huge gambling market and crypto tech, many entrepreneurs are trying to find ways of creating new casinos that also accept digital currencies. Up until now, the most obvious choice had been the great number one cryptocurrency out there, Bitcoin. Many online casinos offer games you can play with BTC and some even exclusively for this type of currency.

However, it has not been very common to see casinos where you can make deposits using Ripple. Since this is one of the biggest crypto giants out there and it has some great benefits compared to Bitcoin, even though Ripple has not been as popular as many other currencies, all of that could be changing rather quickly. Ripple is constantly growing and reaching new people with its proposition of a fast and easy payment system. It is one of the Stablecoins which has kept its position since January 2018, and now it is slowly and steadily growing. Ripple (XRP) is trading at $1.06 with a market cap of $49 Billion. Due to its high market cap, many online casinos have begun accepting this coin as their payment method. Ripple casinos such as the BitCasino.io and Earnbet are not only satisfying their customers by allowing them to use Ripple for online gaming, but they are also helping fulfill a growing consumer demand.

With an increasing number of traditional casinos adding Ripple (XRP) to their payment options, experts say that soon enough, it could be the future of casinos. Bitcasino.io is the first licensed crypto casino to start to use Ripple (XRP) as its primary cryptocurrency for both players and gaming sites alike. Players who choose Bitcasino are allowed to deposit, play, withdraw and receive winnings with XRP directly. There is no longer a need to convert from BTC or LTC. Earnbet is another casino which is accepting Ripple as its default option for deposits, withdrawals, and bets. Ripple is a currency that was originally created as a replacement for Bitcoin, which had problems in the past due to high transaction fees and slow processing times. The idea behind Ripple was to create stability by providing transactions with low fees and fast processing times. Currently, the casinos which are accepting Ripple are relatively new. However, they are already growing in popularity due to their convenience and fast transactions.

By choosing casinos that use XRP as their main currency, players can now experience faster betting times than when using traditional casinos where gambling is done online in fiat currencies such as USD or GBP. As more casinos continue to add Ripple as a payment option, the rest of the casinos such as Dogecoin Casino will certainly follow suit. The casinos that are accepting Ripple will help contribute to the increasing popularity of this cryptocurrency by generating more users. Now that some industries start to adopt Ripple in their payment options, many are hopeful that soon enough, it will be the future of gambling. The focus on providing an environment where users can have fun and gamble safely is one factor that differentiates Ripple from other cryptocurrencies in the market today.

The top cryptocurrencies were still grabbing headlines following a market-wide sell-off which saw over $250 billion wiped off the sector. Bitcoin slid below $60,000 early on Tuesday and despites effort to bounce back, the crypto coin continued floundering and will begin the new week trading around $58,000. Ether followed a similar path, dropping to around $4,200. The tokens are down 8.31% and 7.75% in the last 7-days respectively. Some other exciting events outside the market itself included: India officials are bullish on a CBDC pilot program to begin early next year. In a week where a parliamentary panel concluded that cryptocurrencies would not be banned but instead be regulated, it has also been reported that India is planning to launch a CBDC pilot program early next year. Last Monday, a group of crypto experts from the IIM Ahmedabad, the Blockchain and Crypto Assets Council (BACC), and top crypto exchanges, met with the Parliamentary Standing Committee on finance. The meeting, led by BJP MP Jayanth Sinha, discussed the crypto situation, and concluded that crypto cannot be stopped but will rather be regulated.

Then last Thursday, reports confirmed that India could launch a CBDC pilot program as soon as Q1 2022. P. Vasudevan, the chief general manager at the Department of Payment & Settlement of the Reserve Bank of India, was quoted saying this, adding that the central bank was also exploring “various issues and nuances related to CBDC.” Speaking at an online event hosted by the Australian Strategic Policy Institute on Thursday, Prime Minister Modi took a combative approach when talking about crypto. He complained that crypto, more particularly Bitcoin, was a threat to the younger population. This was not the first time the Prime Minister was expressing discontent. Just this month, he led a meeting that resolved youth should be protected from any overpromising and false advertising on cryptocurrencies.

Winklevoss-founded Gemini raised $400 million to build a metaverse. Towards the end of last month, the social networking firm Facebook paved the way for a spree of investments by several firms entering the metaverse. The announcement and resultant transformation saw startups raise more than $4 billion in an attempt to rival contemporary big tech in the idea of a metaverse. For the first time, Gemini’s twin-brother owners, Tyler and Cameron Winklevoss, received external capital into their company with the $400 million raise that saw the crypto exchange’s valuation rise to a significant $7.1 billion. The pair will still retain a huge chunk (75%) of ownership of the firm. The Winklevoss brothers have popularly in the past challenged Facebook boss Mark Zuckerberg and will be seeking to go head-to-head with his company’s planned metaverse. In addition to offering exchange services, Gemini also has $30 million of crypto assets under its custody. The exchange also runs an NFT marketplace and facilitates users to lend their crypto.

Paradigm revealed the largest-ever VC crypto fund at $2.5 billion. Last week saw a series of fundings by venture capital firms, and one of the highlights was Paradigm’s $2.5 billion raise. The investment firm unveiled the fund on Monday, and with the firm having a keen eye on Web3 applications and protocols of the future, it plans to put the money into supporting innovation and incubating ideas. Elsewhere, the Anoma Foundation on Wednesday confirmed that it had raised $26 million at a $260 million valuation. The round was led by California-based Polychain with additional participation from Zola Capital, Maven 11 Capital, Electric Capital, and others. On the same day, blockchain technology company, ConsenSys revealed via a blog post that it had raised $200 million at a $3.2 billion valuation. The firm plans to use the capital in making Web3 applications around Ethereum much more accessible and easier to use.

Finally, Binance published a detailed list of rights for cryptocurrency investors and users. The world’s largest crypto exchange set the rules in what was a remarkable turnaround. Binance was largely surrounded by regulators in various countries over the last few months and is working hard at compliance in its 10 Fundamental Rights for Crypto Users. The exchange pulled off what was its first-ever publication on traditional media – a full page of the fundamental rights on the Financial Times, complemented with a web posting. The rights touched on the idea that crypto was good for all, but it still needed to address certain issues. Binance advocated for a more regulated crypto space to assure ordinary user’s protections, and this is something the regulators wanted to hear. The document also detailed what Binance believes to be the required market ideals and list of user rights.

For the final week of the month, news surfaced that India was looking to ban most crypto assets by introducing a new bill to regulate the industry this coming winter. The agenda for the upcoming winter session lists: “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.” The bill reportedly will address the framework for the official central bank digital currency that will be issued by the Reserve Bank of India. India is now following in the footsteps of China in attempting to eradicate the use of decentralized crypto assets in favor of its own state controlled CBDC. The bill also seeks to prohibit all private cryptocurrencies in India; however, it may allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

This will be the second time a bill related to cryptocurrencies has been listed for introduction in India’s parliament, even though the first time around (earlier this year), it was never actually introduced. India has a population of roughly 1.4 billion, and a large portion of them are unbanked. Consequently, crypto has become quite popular in the country in recent years, even as the state has implied it will not approve of their use. According to Reuters, there are around 15 to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees (about $5.4 billion), so it is clearly a huge market. As expected, there has been a huge public outcry against the impending crypto ban. Even some members of the parliament have given voice to the resistance. Parliament member Priyanka Chaturvedi called any such ban a “recipe for disaster,” adding that it is robbing India of creating an ecosystem for new age fintech.

Nischal Shetty, the founder and CEO of India’s leading crypto exchange WazirX, looked on the brighter side. He recently stated, “There will be speculation on both sides. The good thing is more people within Government are aware of how crypto works.” Crypto Criticism comes directly from the top of the government – indeed, the office of Prime Minister Narendra Modi tweeted this rather obscure crypto critique on Nov. 18: “Take crypto-currency or Bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth.” This comment was met with extreme vexation around the globe, and was seen as being hypocritical, since it is well-known that India’s government allows their young workers to run mass warehouses for illicit, criminal, bothersome, and fraudulent robocalling to hard-working citizens from developed nations around the world.

How is it that permitting a burgeoning fraudulent industry is okay with Prime Minister Narendra Modi, and yet investing in cryptocurrencies is not? And since when does India want to align itself with Chinese policies? Meanwhile, Reserve Bank of India Governor Shaktikanta Das has continued to express his worries. He stated last week, “When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved.” You got that right!

The North Carolina Senate candidate Shannon Bray stated that he was open to the possibility of accepting SHIB as a contribution to his campaign. He then added that he is still looking into the legality of the idea with the Federal Election Committee (FEC). In a recent meeting, the FEC decided that political committees can only accept limited amounts of crypto to run their campaigns, but specifically addressed Bitcoin. It seems that the FEC is not yet explicit on whether altcoins, including SHIB, can be included, as well. In a recent interview, Bray said that he would be looking into means to fund his campaign, and since U.S. law prohibits foreign nationals from funding campaigns for U.S. political candidates, he stated that he has a backup plan. Bray plans to sell off products like yard signs and coffee mugs in exchange for SHIB.

This would be Bray’s second attempt at a senate seat in North Carolina, having failed in 2020. He believes strongly that cryptocurrency should be part of U.S politics, and as a SHIB enthusiast, he is hopeful that the meme coin will push his crusade to secure a victory. Bray admits that he is not a crypto expert, but that from what he has learned, he believes that crypto is the right way to go. Since September, Bray has been holding SHIB, which is continually raising his status. During the recent interview, he went on to explain that his primary focus is not on getting funds but on giving back to society. Currently, he is running a project that is raising SHIB for homeless veterans. Bray, a Navy veteran, started this funding campaign after his friend and fellow Navy veteran committed suicide. Donations to this fund are rising, along with Bray’s hopes that he will be able to achieve all of his goals.

Bray is of the strong belief that the government should incorporate crypto into its economic systems. In total, Bray had a total of BTC and ETH worth $30,000, but then China FUD and that country’s strict policies caused crypto corrections, taking some of his equity away. In time, Bitcoin began surging in price levels once again as the miners started moving to the US. This gave Bray renewed strength to engage fully in crypto, and now, he says, he is looking for crypto fans with no political passion. Recently, many investors have given Shiba Inu credibility because of how it has been moving since its launching. There are now more than a few investors who are little known who have turned into millionaires overnight thanks to SHIB. According to CertiK security firm, over 1.05 million ETH addresses have SHIB in their balances and has been increasing in users at an average rate of between 30,000 to 40,000 every day. Top SHIB whales hold around 64% of the circulating amount, and the contribution by whales is an essential reason the meme coin is growing so fast. Analysts have noted that SHIB whales influence the price whenever they make transactions above $100,000.