NFT SUMMER

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NFT Summer Fest'22

No Crypto Ban in India, Only Regulation, According to Cabinet Note

There is no crypto ban in India, but the government will instead regulate the asset. According to the bill, Bitcoin would not be recognized as legal tender in India. It also requires traders to move their funds to a wallet at a regulator-approved exchange. 

The bill requires the Central Bank of India to revise the Prevention of Money Laundering Act to include cryptocurrency. It also describes the penalties for noncompliance, which start at $600,000 or 5 million INR (5 crores). 

The draught cabinet bill brings to an end a year-long process that began in March with allegations that the government was mulling a crypto ban.

Authorities in India imposed a statewide prohibition on the trade of digital assets in 2018. The ban was overturned by the Supreme Court in 2020, necessitating the creation of a law by Parliament. 

In March, Finance Minister Nirmala Sitharaman stated, “We are not going to shut it off.”

Like The Price of 28B SHIB Falls, Whale Purchases It For $1.2 Million.

“Gimli,” a pseudonymous ETH whale, spent $1.2 million buying 28 billion SHIB. Gimli has been stacking the famed meme coin for months, and it is currently the 13th biggest crypto by market cap.

Shiba Inu (SHIB) is a meme coin that has been dubbed the “Dogecoin killer.” Even though Dogecoin was launched as a joke, it has established itself as a top 20 cryptocurrency. After soaring in October, SHIB momentarily exceeded its parent dog-coin. 

It now has a market worth of about $23 billion, making it one among the top 20 most valuable currencies.

DOGE and SHIB are both very speculative, especially compared to other cryptocurrencies. They are significantly swayed by short-term market sentiment, mainly influenced by Dogecoin enthusiast Elon Musk. 

When Tesla CEO Elon Musk introduced his new pet dog, a Shiba Inu, for example, Dogecoin copycats skyrocketed. SHIB plummeted as Musk revealed that he did not directly own the meme coin.

El Salvador Accumulates 150 BTC When The Price of Bitcoin Falls Below $50k

The Republic of El Salvador has accumulated 150 Bitcoin during the most severe bear market since Bitcoin reached an all-time high of about $68,000 in the first week of November. 

Salvadoran President Nayib Bukele announced the acquisition of 150 Bitcoins when the market price briefly fell below $50,000 after losing more than 15% of its worth.

While Bukele’s government could complete the buy at $48,670 per coin, the bear market momentarily drove the Bitcoin price down to over $42,000 after plunging more than 37% from its all-time high.

El Salvador’s Bitcoin reserve has increased to 1,270 BTC, worth about $60.3 million at the time of writing. Previously, on Oct. 28, the president revealed the purchase of 420 Bitcoin amid a transitory down market.

Terra (LUNA) Knocks Dogecoin (DOGE) Out Of The Top 10

On CoinMarketCap, the biggest cryptocurrency ranking site, Terra (LUNA) has pushed Dogecoin (DOGE) out of the top ten.

This comes only a day after it dethroned Shiba Inu, another viral currency phenomenon.

The Terra protocol’s staking and governance token has been a big outperformer over the last week, rising by more than 60%.

This Friday, it is up another 5% despite the fact that practically all major coins are in the red. The LUNA token has reached a new high of $69.56.

Bitcoin is down 1% today, continuing its recent trend of sluggish market activity.

Dogecoin, a cryptocurrency, entered the CMC top five in mid-August, surpassing the Tether stablecoin. It peaked at number four in early May, with a market worth of more than $90 billion. 

The cryptocurrency, on the other hand, famously plummeted during Elon Musk’s hosting debut on “Saturday Night Live.” It is presently 72.53% lower than its all-time high of $0.731578.

Shiba Inu: Only 59% Of The Initial $SHIB Supply Is Still In Circulation

Over 41% of the entire quantity of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has been destroyed thus far, as the SHIB community continues to devise innovative ways to burn SHIB and reduce its circulating supply.

Depending on playlist views, the community has launched additional token burning efforts, such as token burning. Shibburn stats show that 410.29 trillion SHIB have been burnt since the cryptocurrency’s inception.

Shiba Inu’s burning rate has substantially dropped, with just about 2 billion tokens burnt in the previous six months. Tickets that are burned are permanently removed from circulation, increasing the scarcity of remaining tokens. 

It is accomplished by delivering tokens to unique wallets with unobtainable keys, which implies that the cash will remain locked indefinitely.

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