Category Archives: Cryptocurrency

ISKANDAR PUTERI: Police have arrested 14 men from China for involvement in cryptocurrency (bitcoin) scams in a house at Horizon Hills here.

Iskandar Puteri OCPD Asst Comm Dzulkhairi Mukhtar said the arrests were made around 2.15pm on Saturday (April 18) following a two-month long surveillance.

"The suspects are aged from 20 to 30 with three of them having no valid travel documents," he said when met by reporters at Iskandar Puteri police headquarters here on Sunday (April 19).

He added that the suspects targeted victims from China by impersonating as a successful investor.

"One of them would pose as a successful investor or a mentor while the rest will pose as investors before creating a group chat through WeChat and QQ application for each of their victims.

"All of the suspects would then give a fake testimony to persuade the victim into investing," he said, adding that the group has been active for the past two months.

ACP Dzulkhairi added that police are still investigating the total number of victims and the value of money scammed by the group.

The case is being investigated under Section 420 of the Penal Code for cheating which provides for a jail sentence of up to 10 years and caning, with the possibility of a fine, if convicted.

They are also being investigated under Section 6(1)(C) of the Immigration Act 1959/63, which provides for a fine of not more than RM10,000 or jail of up to five years, or both, and up to six strokes of whipping on conviction.

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Johor cops nab 14 Chinese nationals over cryptocurrency scams - The Star Online

Apr 21, 2020 at 10:55 // News

While most of the world is in a lockdown due to the COVID-19 pandemic, many people have lost their jobs or sources of income. While searching for a way to improve the situation, it is rather easy to fall victim to a fraudulent scheme.

As the outbreak of the coronavirus has put most of the planet into a lockdown, scammers and fraudsters take their chance to make some profit for themselves. Some of them target critical health departments of governments, non-profit organizations (including WHO), and private firms working hard to curb the COVID-19 pandemic. The World Health Organization (WHO) has in recent weeks registered a rapid hike in the number of hacks, most of which demand ransoms in cryptocurrency.

However, ordinary people suffer no less, and even more, as scammers trick them out of their last money. In conditions when it is not so easy to earn funds, it might be fatal for some families. Coinidol.com, a world blockchain news outlet, has gathered a list of the most widespread scam schemes related to coronavirus, in order to help our readers protect themselves.

While everybody understands it is important to combat COVID-19 as soon as possible to get back to normal life and prevent global economic collapse, scammers try to benefit from peoples willingness to help. So they pose themselves as reputable organizations such as National Health Service or World Health Organization and ask for cryptocurrency donations to aid the victims of COVID-19, buy drugs and medical equipment or fund the research for a vaccine.

It is easy for fraudsters to trick trusting people as such organizations really collect donations. However, none of them accepts cryptocurrency. Not directly, at least. For instance, the Dutch Red Cross accepts digital currency donations using BitPay as an intermediary. So, if you receive an email from, lets say, WHO, asking you to donate cryptocurrency directly to a wallet, most probably it is nothing but a scam trying to trick you out of your money.

With the death toll of COVID-19 being quite high, it is natural that people wish to protect themselves by any means. And this has not gone unnoticed for scammers that have started offering a really working cure from coronavirus or lists of infected people so that those healthy ones could protect themselves.

The latter scheme targeted the citizens of Great Britain, namely, the residents of Manchester, Pembrokeshire, and Norfolk. People were offered to buy lists covering their neighbourhood, so they could isolate themselves from those infected. However, as a result, the victims got nothing in return.

As of now, there is no cure against coronavirus either legal or illegal. There can also be no lists of infected people as such information is confidential, so disclosing it is considered a crime. If you get any kind of such offers, you must not trust them, for if you do, you will end up with nothing but an empty wallet.

Intimidating people to make them pay is no news for the criminal world. However, now this scheme has been modified in COVID-19 style. Some of the scams come threatening people (victims) to reveal their personal information and also send Bitcoins in the addresses provided or else the family of the victims will be infected with coronavirus.

In this case, scammers simply manipulate peoples fears. The globe is in panic, people are afraid of leaving their homes in order to stay healthy and survive this pandemic. So the threat might seem really formidable to those easily scared.

However, as in most cases, these are only threats, for it is actually not so easy to infect someone who does not leave home. Besides, there is no chance to infect someone without the risk of being infected. Scammers are also people. They have the survival instinct. So dont let fear affect your critical thinking and stay calm.

This is another good old fraudulent scheme that has been brought back for COVID-19. Scammers usually disguise themselves as legitimate and reputable organizations and prompt their victims to open some links or documents within their emails. These might be databases of the infected people, some fake research results that testify finding of a cure or a vaccine etc.

If a user clicks such a link, one will be forwarded to a fake website that usually steals credentials. For instance, a group of scammers in Great Britain posed themselves as Her Majesty's Revenue and Customs and offered people tax returns as if to aid the citizens during a lockdown. Those who clicked the bait were forwarded to a credential-stealing website or asked to pay a small processing fee before actually getting the money. Well, no need to say no one got any money at all.

This scheme is not directly related to coronavirus, however, the pandemic has triggered its significant growth. People are forced to stay at home, with many of them having lost their jobs and sources of income. So remote jobs are becoming more and more relevant.

Scammers have realised this as well. So while people are desperately looking for new jobs, fraudsters are sending them fake offers and lure their personal data and credentials. Some of such employers ask to pay some kind of fees or buy some tools or information necessary for future work. But as soon as the person pays, the employer vanishes along with ones money.

The best way to protect yourself against such schemes is to think twice, explore and investigate. It might be not so easy to tell fraudsters that disguise themselves as a reputable organization, but still, it is possible if you take your time and study the situation. For instance, if you are offered a cure from COVID-19, you may surf the web and see that there is actually no cure, so you have been contacted by scammers.

Governments and other organizations from various countries also keep a close eye on such scams, trying to warn people against them. For instance, the United States Federal Bureau of Investigation (FBI) has issued a warning related to the increase of COVID-19 related scams. The Bureau advised the general public to be sure to tell apart legitimate vendors from scammers before any dealings, research well on online investment opportunities, and to avoid disclosing personal bank account details online suspicious business-related activities.

Furthermore, the FBI and the Office of Criminal Investigation (CIA) said that they have formed a dedicated team to prevent money laundering and fraud crimes using cryptocurrency. So any victim who wants to report an activity involving cryptocurrency or suspected of being a crime, please visit the dedicated team office or contact the FBI Internet Crime Reporting Center.

In Great Britain, fraud and cybercrime reporting centre Action Fraud has joined forces with London Police to spread awareness about coronavirus-related scams. Therefore, their information might also turn out helpful in case you find yourself hesitant about any offer or email you receive on the Internet.

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5 COVID-Related Cryptocurrency Scams that Can Trick You Out of Your Money - Coin Idol

Will bitcoin (BTC) move beyond "digital gold"? Is ether (ETH) viable as money? In 24 charts, CoinDesk Research shows what happened to crypto assets in Q1 2020 and examines what may emerge in the future. Download our Q1 analysis here, and join us on April 15 for a webinar discussing our findings and other relevant cryptocurrency research.

The CoinDesk Quarterly Review provides research-based insights on how the narrative has changed for blue-chips such as bitcoin and ether. We look at which assets outperformed on returns, and how the participants in crypto markets are shifting in the wake of Q1s defining event, the March 12 plunge.

Bitcoins digital gold narrative grew up in a bull market in everything. Bitcoin as gold 2.0, a hedge against inflation and a safe haven in an eventual crash, was a meme investors readily understood.

Now, weve seen an economic crisis cause dislocation in crypto markets and push bitcoins price downward in tandem with stocks. Gold and Treasury bonds appeared to have failed to live up to safe haven expectations. If golds narrative is being debated, do we still know what digital gold means? At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

How March 12 shook crypto markets, and how it didn't

The crash shook participants in crypto markets. Open interest in bitcoin futures and perpetual swaps fell off a cliff in March. These markets are used by traders large and small to speculate on bitcoins price, and as a temporary hedge against positions in the spot market. Futures volume spiked and settled at a higher baseline, as it did in spot markets. The increased activity is taking place in a shrunken market. About $1.6 billion of traders positions were liquidated over two days in March. The sharks are eating each other in a smaller pool, as it were.

At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

Bitcoin's long-term holdings, however, remained unmoved. Hodlwaves use Bitcoin timestamps known as UTXOs to measure how long each bitcoin has been held. Tracking time between transactions is a useful measure of long-term buy-and-hold activity. That activity is consistent with bitcoins use case as digital gold, a putative store-of-value. Note that long-term holdings (180 days or more) did not change perceptibly during the March 12 crash. Balances held between 90 days and 180 days shifted abruptly. Were bitcoin sellers concentrated among three- to six-month holders? Or were exchange balances, which shifted on these dates, concentrated in that band?

Alternative user narratives: Return of payments?

Some of bitcoin's long-term holders are surely hoping in time it will prove itself as a haven or store of value. But events such as the March crash open the door to new narratives. The flagship crypto assets next meme will set the adoption curve for verifiably scarce digital assets. Will payments re-emerge as an avenue to adoption?

Since launch, the number of computers running the Lightning Network has increased on average 53 percent every quarter. Lightning is a layer two payments system built on top of the Bitcoin network. The value held within Lightning payment channels has also increased.

New importance for bitcoin and ethereum technical road maps

It's possible a new user adoption narrative will be something quite different from what long-term investors in bitcoin have contemplated to date. Will Bitcoin developers add capabilities like Schnorr signatures, with their privacy and programmability that lead to its adoption as digital financial infrastructure?

The technical road map emerges from Q1 2020 with increased importance for ethereum, as well. Ether evangelists have spread the meme ETH is money" in the belief that it has potential as the base currency of a decentralized, digital banking system, dubbed decentralized finance" or "DeFi." The failure of flagship DeFi systems during the March 12 crash have raised questions about that narrative. Now more than ever it seems to be dependent on a relatively uncertain road map for ETH 2.0, an improvement designed to allow more transaction throughput.

On March 12, total ETH locked in DeFi applications increased as expected, then crashed amid a crisis in DeFis programmatic governance. If ETH is money," wed expect to see the amount locked in DeFi and the ETH price grow in tandem, long-term. For the near term, a recovery to previous levels would indicate a restoration of confidence in DeFi systems.

The CoinDesk Quarterly Review lays out a Q1 analysis of what happened to crypto assets in the quarter. It begins to examine what will emerge now that the digital gold story has been shaken. Download it here, and join us April 15 for a webinar discussing our findings.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Cryptocurrency Review: Bitcoin, Ether and 'Digital Gold' - CoinDesk

Bitcoin price managed to stay above $7,200 support in the wake of rejection from levels under $7,500. The most traded cryptocurrency has stepped above $7,300 but is currently struggling with the resistance at $7,400. Across the cryptocurrency market, bears appear to be taking over control. All the top three cryptoassets are slightly in the red. Ethereum is trading marginally below the opening value at $173.31 while Ripple is down 0.88% to trade at $0.20.

A cryptocurrency trader and analyst on Twitter Henrik Zeberg is not afraid to openly speak of Bitcoins possible dive to $1,000. Zeberg is choosing to remain bearish in spite of Bitcoin price recovery from levels around $3,864 (reached in March) to highs close to $7,500 (earlier this week). Using the chart below, the trader points out that Bitcoin is vulnerable at $7,200.

Alongside the gold, the worlds most precious metal, Bitcoin is likely to fall into another selloff. Zeberg says that Bitcoin and gold are so misunderstood at this point! We have strong illiquid phase in front of us.

According to the daily chart, Bitcoin upside is limited by the 50-day SMA. Movement above $7,400 (tipping point) could push the price above $7,500. This is likely to shift the focus back to $8,000.

However, in relation to Zebergs bearish prediction, a bearish pennant patent puts Bitcoin in grave danger of breaking down to retest the support at $6,000 or even $5,000.

Meanwhile, short term analysis shows Bitcoin is likely to embrace consolidation as long as the RSI keeps on with the leveling motion between 50 and 60.

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Cryptocurrency Market Update: Bitcoin and gold toying with a massive selloff, is $1,000 in the picture? - FXStreet

Most of the weaknesses of crypto security are attributable to the human factor, particularly a failure to adequately secure personal crypto wallets.

For years, crypto proponents have touted the security of cryptography and blockchain-based digital currencies. These are supposedly extremely difficult to hack. Thats why its puzzling why theres never a shortage of news that involves hacking or theft of Bitcoin and other cryptocurrencies.

In mid-2019 Taiwan-based Binance, the worlds largest cryptocurrency exchange based on transaction volume, admitted that they became the victim of a large scale data breach, which resulted in the loss of over US$40 million worth of cryptocurrency. Binance said that over 7,000 BTC was stolen from the companys hot wallet. Also, in early 2019, the Ethereum Classic blockchain was reportedly compromised.

Cryptocurrency hacking and theft may only be a small part in the cyber threat index, but they are a significant risk worth getting acquainted with. Strategies range from the simple to the sophisticated and large-scale, all of which emphasize the need for cybersecurity mindfulness.

Blockchain unhackability may no longer be a bragging right for cryptocurrency advocates. In January 2019, Coinbases security team observed irregular activities in the Ethereum Classic network, as the alternative currencys history of transactions appeared to be under attack.

A hacker managed to take control of the Ethereum Classic networks computing resources. This enabled the rewriting of the transaction history, which led to double spending of crypto coins. The hack allowed the hacker to steal coins equivalent to $1.1 million.

This attack is dubbed as the 51%, wherein a hacker succeeds in controlling more than half of the computing capacity of a cryptocurrency network (half+1%). Armed with more computing resources than everyone else in the network combined, the hacker gains the ability to tamper with the blockchain.

Once the consensus mechanism is compromised, its difficult to guarantee the integrity of the system. If its any consolation, though, 51% attacks have only worked on smaller cryptocurrencies so far. There were reports of such attacks on Vertcoin, Monacoin, Verge, and Bitcoin Gold, but none on Bitcoin, Bitcoin Cash, Ripple, and other top digital currencies.

This blockchain-defeating hack requires humongous computing power, which has to be at least 51% of the entire cryptocurrency network, hence the name. Multiple superfast computers working together or millions of devices infected by cryptojacking malware would be needed. This tremendous computing power requirement is the reason why 51% attacks have mostly focused on less popular cryptocurrency, since their underlying network of computing resources is correspondingly small.

The attack does not directly snatch coins from wallets. What happens is that the attacker generates an alternative and isolated version of the blockchain. The attacker builds blocks that are not broadcasted (which in normal situations ought to be broadcasted) to other miners. This results in a forkone that is followed by the regular miners and another by the attackers miners.

Eventually, the attacker will take advantage of the isolated alternative blockchain to reverse transactions or enable double spending. This is done by broadcasting the isolated blockchain to the network and, with the superior computing resources, outpace other miners in completing blocks. Since most blockchain-based cryptocurrencies are designed to defer to the rule of the majority, the regular miners are forced to acknowledge the faster, longer, and heavier alternative blockchain version (created by the attackers miners) as correct and switch to it as the new canonical transaction history.

The setting of a new transaction history does not mean that new crypto coins are created out of nothing. Rather, the hack makes it possible to re-use coins that were already spent or transferred to other wallets. In the process, previously confirmed transactions can be reversed or ongoing transactions may be voided to give way to a new transaction history. The latter can mean the loss of coins held by an original owner to recognize a new holder based on the new transaction history.

Hackers messing with blockchains sounds highly alarming. However, 51% and other similar attacks are extremely challenging to undertake, especially when used on the leading digital currencies such as Bitcoin and Ripple. The 51% attack against the Verge blockchain back in April 2018 only succeeded because of a flaw in the Verge blockchain protocol, which made it possible to quickly generate a longer version of the blockchain.

Thats why cybercriminals still turn to the usual attack methods to steal bitcoin and other crypto assets. These attacks usually involve social engineering and malware.

One early example of a social engineering attack on Bitcoin happened in 2013 when 4,100 coins were stolen from the now-defunct digital wallet Input.io. The attacker succeeded in deceiving the sites owner to provide the details needed for a password recovery request via email. The attack has since put Input.io out of commission.

When it comes to the use of malicious software, there are several possible variants. The most popular of which involves a clipboard hijacker or a malware that copies the information stored in the clipboard when someone copies something. Hackers take advantage of the natural instinct of most cryptocurrency owners to do the copy-paste combo when inputting their private keys to set up their online crypto wallets.

Attackers may also employ screenshot takers and keyloggers to steal login credentials and access online wallets. There are also those that use compromised crypto-trading add-ons written in JavaScript. Moreover, attackers may also use slack bots, which send fake notifications about nonexistent wallet issues in an attempt to convince the target to enter their private keys.

These crude attacks may not be as advanced direct assaults on blockchains, but they work because of the human factor in security weakness. Many still fail to use strong passwords, two-factor authentication, and other security measures. Others continue frequenting unsafe websites, exposing themselves to various kinds of malware.

Cryptocurrency security is far from perfect. However, security issues are not enough to discourage the use and further development of this new class of digital assets. Most of the weaknesses of crypto security are attributable to the human factor, particularly a failure to adequately secure personal crypto wallets. Yes, Bitcoin and other cryptos are hackable, but this is not reason enough to ditch the idea of decentralized currency.

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Masters degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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What You Need to Know about Cryptocurrency... - Coinspeaker

The cryptocurrency market is being treated to a couple of halving events this week. Bitcoin Cash and its rival sibling Bitcoin SV will both undergo a mining reward halving. Halving is an event that reduces the reward miners get per block of coins mined. Bitcoin Cash halving is its first since it hard forked from Bitcoin in 2017. It is scheduled to take place on Wednesday and will have mining rewards slashed in half from 12.5 BCH to 6.25 BCH. On the other hand, Bitcoin SV halving will take place a proximately a day after that of BCH.

BCH/USD has surged 8% on the day as investors take their positions ahead of the mining. It is exchanging hands at $274 after advancing from $252 (opening value). An intraday high has been reached at $280. However, buyers eye $300 while riding on the speculation surrounding the halving event.

Bitcoin price has made a considerable movement above $7,000 this week. The price stepped above $7,400 on Tuesday but lost steam short of $7,500. At the time of writing, BTC is trading at $7,330 following an intraday growth of 1.77%. Immediate support has been established above $7,200, further cementing the buyers position on the market as they look forward to testing the level at $8,000.

Ethereum has also been in a bullish phase this week. The price action took a positive turn on breaking above $140. The rally above $160 9 (former resistance) allowed the improved sentiments towards Ether to improve. This catapulted Ethereum to test $180 resistance. For now, the price trading at $171 after adding 3.91% to its value on the day.

Ripple price is trading 3.77% higher on the day. The price movement has been bullish from the opening value at $0.1928 to $0.2001 (market value). The step above $0.20 is key to the next rally eyeing $0.30. Therefore, it is essential that bulls find support above this level and shift their focus to $0.30.

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Cryptocurrency Market Update: Bitcoin Cash rallies ahead of halving, Bitcoin stable above $7,200, ETH and XRP in the green - FXStreet

Introduction

India is known as a country that embraces all the new technologies and for the first time, India failed to embrace the new technology of bitcoins. Specially bitcoins are very helpful when you think to trade online from anywhere on earth. As the other best parts like easily transferable and could be sent anywhere on earth, this coin is extra money for you.Internet Users are Increasing

A large number of people are gradually moving into the digital world or the world of the internet very quickly. As of now, it can be said that there are about 480 million internet users in India which are growing rapidly and soon it is expected to rise as high as 660 million internet users. This number of users have been given to be increasing by 2023, magically dragging more people to the digital world. This is really good news for bitcoin trading applications because the greater number of people will use the internet will be able to use bitcoins for a better purpose. As per experts and the bitcoiners, India is a much stronger fertile ground for the use of bitcoins.

Digital Population for the Younger Generation

A concept-driven technology is a cryptocurrency or a bitcoin concept. This concept of cryptocurrencies is most appealing to the young population of India. India has the largest number of people below 35 years of age which covers like 65% of the people while 55% of the citizens are below 25 years. The average age of an Indian is somewhat around 29-30. On average, if we calculate more than 870 million it below 30 years old. It makes one thing clear that most of the Indians should use crypto to have some great time earning money.

The IT Sector is Enough

India has the required intellect to grow the best base for an intellectual industry strongly on the earth. Luckily India has an abundance of access to the crypto concept, but it is a different story that they do not want to use it. India has the miserably high number of Computer Engineers and plenty of people who are fresh graduates they join the software industry PR the IT sectors every year. Not only that the graduates are interested, in fact, but some of the best and well-known companies are also in India such as Wipro, TCS, and HCL, Infosys, etc. Some of the Indian cities like Pune, Hyderabad, and Bangalore are house to the best IT sectors and Software shades in India which are known globally. This also proves that the crypto world can work in India very easily without brining much difficulty on the way to deal with it.

India always had and still has everything that is required to have a great crypto trade in the market but somehow, it has failed to accept the concept gladly and it still considers it to be a crime. There are many reasons that have led to the ban on usage of the cryptocurrency but the major setback has been brought by the RBI.

RBI is a Curse on Cryptocurrencies in India

The finance regulatory body of India is the RBI who is solely responsible for the banning of the use of cryptocurrency in India. As soon as the RBI banned cryptocurrency in India, the roots of Cryptocurrency began to freeze brick by brick in India.

Conclusion

The Coronavirus that affected the entire world has also added some disappointment for the ones who deal with cryptocurrencies. The crypto-community is India has been left open mouth for the kind of a disappointment that they are facing from the government as well as the pandemic.

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Cryptocurrency is a Curse on the Indian Reserve Bank - Programming Insider

According to experts, the Supreme Courts recent verdict on setting aside RBIs circular on banking ban should not be interpreted as the legalisation of cryptocurrency trade in India.

On April 5, 2018, Reserve Bank of India had issued a few advisory guidelines concerning cryptocurrency activities in India under a circular titled Statement on Developmental and Regulatory Policies.

Paragraph 13 of the circular asked entities governed by RBI not to deal with or give services to any person or business organizations dealing with or transacting in virtual currencies. Additionally, it also asked these entities to end such ties if any. As per RBI, the circular was issued in the public interest.

This circular was challenged by the chief petitioner Internet And Mobile Association Of India in the court of law. On March 4, 2020, the Supreme Court of India delivered a historical judgment.

As per popular interpretation of the verdict, it signalled the legitimacy of virtual currencies in India; that is, the Supreme court had lifted the ban on virtual currencies, and thus, trading in virtual currencies was now legal. The petitioners had been entitled to supersede, and the challenged circular issued on April 6, 2018, was subject to be taken down, as per the Supreme Court.

Though the Supreme Court of India upheld the plea for striking down the applicability of the circular, the order pronounced by the bench consisting of Justice Rohinton Fali Nariman, Aniruddha Bose and V. Ramasubramanian, may need careful evaluation for better understanding of the judgement.

The arguments in support of petitioners were on Article 19(1) (g). The denial of banking access to a profession not prohibited under the Indian law was deemed a violation of Article 19(1) (g) of the Constitution of India (which provides the right to practice any legal profession).

The petitioners also argued that the power contained in the circular lied outside the powers of the RBI, but the Apex Court negated that argument. The Supreme Court held that anything that may act a threat to or have an impact on the financial system of India should be regulated or prohibited by RBI, despite the said activity not constituting part of the credit system or payment system of the country.

In its judgement, the court observed, It is no doubt true that the Reserve Bank Of India has pervasive powers not only in view of the statutory design but also in view of the special status and role that it possesses in the economy of India. These powers can be applied both in the form of preventive as well as curative measures.

The court was convinced about wide powers of RBI and issuance of the circulars as preventive measures for the betterment of Indian financial scenario, but as the circular could not pass the test of proportionality, the circulars were smacked down. So, it should not be seen as the Supreme Court has lifted the ban on cryptocurrency in India, or that cryptocurrency trading is official in India as many of us are construing this decision, said Advocate Dr Mahendra Limaye, who heads cyber law firm- Mahendra Limaye Associates.

The Supreme court stated RBI did not show any empirical data highlighting the damage caused by cryptocurrency exchanges on the entities regulated by RBI, which is a significant reason that petitioners were able to win. Given that official ban on cryptocurrency still not exist India, RBIs ban on banking support for crypto firms remained unjustified on the grounds of proportionality.

The availability of power is distinct from the manner and extent to which it can be exercised by RBI. To test the proportionality of banking ban, it required RBI to present at least some semblance of any damage endured by its regulated entities. But there is none, the Supreme Court stated.

So, the overturn of the circular does not mean cryptocurrencies are legal in India or that crypto exchanges will be permanently allowed to function, according to experts.

Given RBI will further challenge the verdict to prove the alleged risk that cryptocurrencies pose to the banking system, the banking ban could be reinstated later. Plus, we know that an Inter-Ministerial Committee proposed in February 2019 a blanket ban on cryptocurrencies.

Known asBanning of Cryptocurrency and Regulation of Official Digital Currency Act,the draft bill is yet to be presented in front of the legislature. If passed, it could make buying, selling, mining, and even holding of cryptocurrency a punishable offence. So, have we interpreted the recent verdict by the Supreme Court wrongly?

Dr Limaye says, In my views, the mainstream interpretation of the verdict is wrong. The petitioners received the benefit of doubt and lassitude from governments part also played an imperative role in tiling the balance in favour of petitioners. The Apex Court has accepted the powers of RBI to issue circulars in Public Interest. There was no blanket order banning Virtual Currency and diametrically opposite views by the Central government regarding virtual currencies, and it let down the populous move of RBI banning VC exchanges from banking exposures.

What is essential to note, is that all petitions are filed against the Reserve Bank Of India, and not the Finance Ministry draft ban bill. The verdict remains only short-term relief as the verdict against the RBI does not impact activities on the policy level, also wrote Tanvi Ratna, a technology consultant and CEO of Policy 4.0 in herblog.

The verdict had been welcomed and celebrated by professionals in the crypto industrymultiple exchanges like Unocoin, Wazirx and CoinDCX started INR deposit services soon after.

The announcement also was followed by multiple investment announcements in cryptocurrency-related startups. This included Binance, Aeternity and HashCash investing in the countrys blockchain and cryptocurrency economy in 2020.

The cryptocurrency ecosystem in India saw a revival of fiat liquidity and resurgence of fiat-based trading at exchanges and as well as investments in startups. But, is this festive mood going to be a short-lived affair if Banning of Cryptocurrency and Regulation of Official Digital Currency Act is passed?

The verdict of the Supreme Court solely addresses the Reserve Bank of India circular. The Supreme Court is very unlikely to issue any action against the Finance Ministry, and impact their view on the subject, according to Tanvi Ratna.

Experts believe the Supreme Court seemingly gave a verdict in favour of the cryptocurrency industry as there is no such law yet in India which bans cutting banking support for exchanges. This means the judgment would not hold once there is such anti-crypto regulation is in place.

In the entire judgement, the Supreme Court never uttered a single word about legitimacy or genuineness of virtual currencies or about exchanges trading such virtual currencies. But SC only decided that the activities of petitioner exchanges, trading in virtual currency were not declared unlawful. Hence, their bank accounts could not be debit frozen by the banks citing the challenged RBI Circular, said Dr Mahendra Limaye.

Also Read: How Lifting Crypto Ban In India Will Accelerate Jobs And Blockchain Startups

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SC Verdict On Lifting Cryptocurrency Ban In India May Be Misinterpreted, And We May See The Ban Reinstated - Analytics India Magazine

Nexo early this month expressed how happy they are to see that the ZeroFees initiative, which they pioneered in the last year considering the financial well-being of their clients in mind, is bringing improved value than ever in the current moment. Nexo further stated that it adds to the finest user experience without any withdrawal, transaction or hidden fees.

Nexo Tweeted: We asked, you answered! Despite the recent price drop, 53% of you believe that #BTC will see $11k 6 monthsfrom now proofthat the #crypto community will come out of the temporary setback stronger. #HODL your precious assets with Nexos Instant Crypto Credit Lines!

Nexo state that they are here to provide a lending hand for the miners as the mining business is recovering from the market turmoil. Of the initial ideals of Nexo, the chief of them was to provide miners with the cash required to run operations and therefore miners will not have to sell their crypto.

Sydney Ifergan, the crypto expert tweeted: Nexo is good at helping unlock the full value of BTC without having to sell it. A feedback on the tax efficiency of the Nexo Credit Lines is something that real time users should vouch for.

The miners and their response rate after the Forth Coming Bitcoin halving will provide for real time testimonials and market efficiencies. With real time testimonials and when miners say that the Nexo Finance Works for them, the cryptocurrency space is going to line up for Nexo Credit Lines. Proving sustainability!

There are an increasing numbers of investors who are willing to hold NEXO for a longer period of time. They are willing to benefit from the price rise. So, when it comes to facilitating as a power player in cryptocurrency Nexo is the King. Those who are willing to hold can continue to hold their Bitcoin and they can borrow against it. Thus, they will not lose out on the benefits accumulating by going long on their crypto.

Crypto investors love the credit lines as they are timely and tax efficient. The 5.9% APR does not have a player at par in the blockchain industry in finance.

Investors know that it is exponentially beneficial to hold Bitcoin. The value of the Bitcoin increases with each halving. And with the Nexo Credit Lines investors are able to benefit by holding their crypto for long at the same time get some needed liquidity out of it.

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Nexo Facilitating Cryptocurrency Turnover with Tax Friendly Credit Lines - The Cryptocurrency Analytics

The crypto market is on fire this week, with Bitcoin price exploding well above $7,000 and the rest of the market outperforming the leading crypto by market cap.

However, even though prices are taking off across the market, according to the Fear and Greed Index, the market is still in extreme fear. One crypto analyst says that prices rallying while investors are fearful is suggests the market is in a classic disbelief phase and following should be the first signs of hope of a sustainable long-term recovery in the digital asset class.

Crypto analysts have long argued over what stage of a classic market cycle the market is in. All markets are cyclical in nature, and the crypto market is no different.

Financial markets and even crypto assets go through regular, alternating periods of uptrend and growth, followed by downtrend and decline.

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During these cycles, investors experience specific sets of emotions depending on where they are in each cycle. For example, when a top is near, and a cycle is about to peak, investors tend to be irrationally exuberant in their expectations for continued growth.

At that stage, investors often think theyre somehow a genius, and are about to strike it rich. They are blinded by their portfolio numbers increasing by the day and dont see the collapse coming right in front of them.

The inverse is true at the bottom.

Crypto investors have been mentally conditioned to expect more downside, have become fed up with the asset, and have lost hope for a recovery. This is called the disbelief stage and sneaks up on unsuspecting investors who have often have just been shaken out during a downtrend.

Crypto sentiment at peak fear

As the asset begins to pick up positive momentum once again, investors ignore the signals that an uptrend is starting.

They simply dont believe the recovery is real or will have legs, and dont take a position. Sooner than later, the asset has taken off on a powerful rally, and investors must FOMO-buy back into the asset at a higher price than they would have liked to, because they ignored the early signs that a recovery was taking place.

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Bitcoin and the rest of the crypto market has nearly doubled since the extreme low set back in mid-March, meanwhile, the crypto market Fear and Greed Index remains in a state of extreme fear, showing that this very well could be the disbelief rally that leaves burned and beaten investors in its dust, as the asset class takes off to new highs.

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Peak Fear Crypto Market Shows Big Bitcoin Recovery is Imminent: Analyst - newsBTC