(Asian News Hub) – Crypto markets crashed following news of the government introducing a Bill in the Parliament to prohibit all private cryptocurrencies in India, barring a few exceptions to “promote the underlying technology of cryptocurrency and its uses”.
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Cryptocurrencies recover after falling over 20 per cent as experts doubt ban possibilities
(Asian News Hub) – The cryptocurrency markets in India recovered after falling by over 20 per cent in the early morning on Wednesday after the news that the government may present a bill in the parliament to ban most digital currencies in India, the Indian Express reported.
Most well-known cryptocurrencies at the time of writing the article were trading 8-12 per cent lower than 24 hours ago. Bitcoin prices fell by Rs 5 lakh, or 12 per cent, in the past 24 hours. Bitcoin was trading around Rs 40 lakh level at the time of writing this article. Early morning, Bitcoin prices had fallen to Rs 34.23 lakh levels before recovering some losses to trade around Rs 40 lakh levels.
Ethereum was trading at Rs 3 lakh after losing 9 per cent in the past 24 hours. Another popular cryptocurrency which is known for sharp movements – Shibu Inu – had fallen by almost 19 per cent in the past 24 hours.
However, the Bill also seeks to prohibit all private cryptocurrencies in India. It also allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
The news has led to widespread panic among investors, many of whom rushed to pull-out their investments. As per reports, websites and apps of some crypto exchanges crashed after the reports of the bill became viral.
However, the recovery shows that there is still some doubt that the government may go on to ban all cryptocurrencies.
Sathvik Vishwanath, co-founder & CEO, Unocoin, one of the country’s oldest bitcoin trading platforms was quoted as saying by Indian Express, that there is no exact definition for private cryptocurrency, and it is anybody’s guess which regulator would define private cryptos.
“It could be one of multiple things. If it is managed by a particular founder or a company or a fund, we can call it private. Or whatever is not issued by the government, they could be called private,” he says.
Vishwanath feels that the agenda of the bill, which could not be tabled in the parliament in the last session, remains unchanged, and the same has come for reconsideration in the next session. However, he feels it is important to know the content of the bill and not the ‘unchanged’ agenda or title of the bill.
Subhash Chandra Garg, former secretary, department of economic affairs, ministry of finance, also has similar views. “Only the object of the Bill has been put out in the public domain, not the bill. It is going to be extremely challenging for the Government to ensure that it does not end up throwing the baby with the bath water,” he says.
He further says that cryptocurrencies don’t function and provide services as currencies only. “When you ban crypto currencies, what exactly do you ban or what are the permissible exemptions,” Garg asks. India is one of the major crypto markets with over 100 million investors. The year 2021 saw a sharp jump in the number of investors.
One of the crypto exchanges WazirX has recorded a trading volume of over USD 36 billion in 2021 with an average of 44 per cent month-on-month growth. The platform witnessed.
Elon Musk, world’s richest man, is wealthier than the entire GDP of Pakistan
Currently, Elon Musk’s net worth is $292 billion, which higher than Pakistan’s GDP of $280 billion. Pakistan houses 220 million people.
(Asian News Hub) – Elon Musk, the richest man in the world and celebrity CEO of Tesla, now has more money than the entire Gross Domestic Product or GDP of Pakistan. According to reports, the entrepreneur is close to touching $300 billion net worth very soon, making him the first person to do so. Currently, his net worth is $292 billion. In drastic comparison, the GDP of Pakistan, which houses around 220 million people, is around $280 billion (at current market prices) in 2020-21, as per media report.
The celebrity CEO, Musk, added $36 billion to his fortune earlier on October 25. This came after an announcement that Hertz Global Holdings Inc is ordering 100,000 electric vehicles from Tesla.The announcement accounted for the highest amount of earnings in a single day in the history of the Bloomberg Billionaires Index.
On Monday, Tesla’s share surged by as much as 13 per cent. Elon Musk is now nearly $100 billion richer than Amazon CEO Jeff Bezos, who earlier occupied the No. 1 position, in the Bloomberg Billionaires Index.
The comparison between Elon Musk’s current net worth and the GDP of Pakistan was brought into the limelight by US-based journalist Edward Luce on Wednesday. “US-based journalist Edward Luce,” he wrote in a tweet.
Tesla has now become the first automaker to join the elite club of trillion-dollar companies. This club includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc, which owns Google. Elon Musk garners as much as two-thirds of net worth from the electric car company that he co-founded in 2003, according to a Bloomberg report.
However, the majority of Elon Musk’s net worth is connected to shares and options of Tesla. For this, some analysts believe that the automaker’s stocks are overvalued, as per reports.
Despite all this, the Tesla CEO had this year added a whopping $119 billion to his fortune. This came after a recent surge in Tesla stocks, which have been performing well over the past few weeks. At a time when investors continue to be interested in buying electric vehicles, Tesla’s stock price climbed 45 per cent this year.
However, in an article published in New York Times on Wednesday, Tesla was labelled as ‘very different’ from other car companies. The report noted that the auto maker junk bond rating, meaning that it has a high yield but high risk.
“Tesla’s nearly $10 billion in long-term debt was recently raised to BB+, one level below investment grade,” the article said. It also noted that Tesla’s earnings were “far lower than others”. The sales forecast for Tesla amounts to around $6 billion, which is about one fifth of that of Amazon’s earnings according to the New York Times report.
As far as Elon Musk is concerned, he has recently also added $10.6 billion from SpaceX, the rocket company that he founded in 2002. SpaceX’s valuation has recently risen to $100 billion, making it the second-most valuable private company in the world, as per reports. This huge valuation is a result of its recent agreement with new and existing investors to sell up to $755 million in stock from insiders at $560 a share.
Shiba inu coin soars 50% to another record
(Asian News Hub) – Shiba inu coin, a meme-based cryptocurrency that is based off another meme-based cryptocurrency that makes fun of cryptocurrencies altogether, soared more than 50% on Wednesday to hit a record high of Rs 0.005760, according to data from WazirX.
The move higher in the cryptocurrency was sparked Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about $11.5 million, according to data from WhaleStats, which tracks activity for the 1,000 largest ether wallets.
The purchase brought the crypto whale’s total holdings in shiba inu coin to 316.5 billion, worth about $15 million and the largest position in the wallet.
The surge in shiba inu represents a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $67,000. Shiba inu’s surge catapulted its market value to nearly $20 billion, making it the 11th largest cryptocurrency.
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