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FM’s stance on crypto trading norms brings cheer to industry
The cryptocurrency industry in India is relieved at Union finance minister Nirmala Sitharaman’s comments that the government will take a “calibrated" approach to crypto trading in the country.
The minister said “negotiations and discussions" are going on with the Reserve Bank of India (RBI) on how to regulate cryptocurrency in India. “Obviously, the RBI will take a call on what kind of official currency, cryptocurrency will have to be planned and how it has to be regulated," she said in an interview with CNBC TV18 on Saturday.
“The finance minister’s stance on ‘considering a calibrated approach’ is an encouraging sign. We are a 100-plus staff company with some of the best talents emerging out of some of the premier institutes of India like the Indian Institutes of Technology," said Sumit Gupta, founder of crypto exchange CoinDCX. “We believe crypto as an asset has huge potential and if properly administered can help India earn sizeable revenue," he said.
India’s cryptocurrency industry has been urging the government to reconsider a possible blanket ban on crypto trading in India. The government had, during the budget session of Parliament last month, announced a plan to “create a facilitative framework for creation of the official digital currency". The bill was also expected to “prohibit all private cryptocurrencies in India", which led many to believe that dealing in bitcoin, ethereum, and other crypto products would become illegal in the country.
“There have been positive developments around crypto. The ministry officials are taking a judicious approach to create an inclusive regulatory framework. With the recent global developments, the Indian government is of the opinion that a unilateral view of restricting it is not going to help, as India is at the forefront of the fintech ecosystem. The industry is optimistic with the stance taken and would love to initiate dialogue with the government to resolve any issue," said Gaurav Dahake, chief executive officer of Bitbns, another crypto exchange.
Nishchal Shetty, founder of WazirX, India’s largest crypto exchange, encouraged the ecosystem to innovate via a tweet on Saturday. “Our finance minister Nirmala Sitharaman has made it clear that India will compete globally in crypto," Shetty said.
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The Crypto Daily – Movers and Shakers – March 7th, 2021
Bitcoin, BTC to USD, eked out a 0.07% gain on Saturday. Following on from a 0.91% gain on Friday, Bitcoin ended the day at $48,860.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $49,238.0 before hitting reverse.
Falling short of the first major resistance level at $50,074, Bitcoin fell to an early afternoon intraday low $47,159.0.
Steering clear of the first major support level at $47,002, Bitcoin revisited $49,000 levels before easing back.
The near-term bullish trend remained intact in spite of latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Saturday.
Ethereum rallied by 8.05% to lead the way.
Binance Coin (+0.48%), Chainlink (+1.10%), Litecoin (+1.38%), and Ripple’s XRP (+1.79%) also joined Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV (-1.69%), Cardano’s ADA (-2.53%), Crypto.com Coin (-0.18%), and Polkadot (-0.81%) saw red on the day.
In the current week, the crypto total market fell to a Monday low $1,347bn before rising to a Wednesday high $1,600bn. At the time of writing, the total market cap stood at $1,505bn.
Bitcoin’s dominance rose to a Tuesday high 62.40% before falling to a Friday low 60.44%. At the time of writing, Bitcoin’s dominance stood at 60.93%.
This Morning
At the time of writing, Bitcoin was up by 0.72% to $49,213.0. A bullish start to the day saw Bitcoin rise from an early morning low $48,895.0 to a high $49,275.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA was down by 0.47% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 4.22% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $48,419 to bring the first major resistance level at $49,679 into play.
Story continues
Support from the broader market would be needed for Bitcoin to break back through to $49,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $51,000 before any pullback. The second major resistance level sits at $50,498.
Failure to avoid a fall through the $48,419 pivot would bring the first major support level at $47,600 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $45,50. The second major support level at $46,340 should limit the downside.
This article was originally posted on FX Empire
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