The Indian crypto community finds a fresh ray of hope as former Finance Secretary Subhash Chandra Garg, says that the government should not ban cryptocurrencies but regulate them instead.

Garg headed the inter ministerial committee (IMC) that drafted the Crypto ban Bill.

"I don’t think we still have full clarity and understanding about how to regulate cryptocurrencies, control cryptocurrencies but allow the crypto assets, encourage the crypto services," he said at a virtual event organised by industry body Assocham.

We hope the government takes this comment into consideration before making any significant moves.

https://twitter.com/CoinsbitIndia/status/1391709401569021953

Christie’s sold a digital artwork for $69 million in JPEG form by an artist called Beeple. The NFT-craze is real, especially in digital artwork, revolutionizing the production & distribution of these. Have u bought or sold NFT yet?

👇Read more:
https://twitter.com/CoinsbitIndia/status/1391753019662868480

Hi Coinsbit Tigers 🐯 we have received your feedback on the KYC bugs. We are working through it swiftly, rest assured if your KYC was rejected but you had completed the process correctly then we will soon be announcing for you to apply again.

There are some issues on the docs upload tab and bank verification which our tech team is currently fixing.
Thank you for your patience, we have also been working on bringing the next set of big announcements parallelly. However, we must resolve KYC first before we can do that.
💪🙏

https://twitter.com/CoinsbitIndia/status/1392087002103697410?s=19

⚡️Community Notice⚡️
We do not have an official Coinsbit India app just yet.
A lot of users are downloading the global Coinsbit app from Playstore/App store. This will direct you to the global exchange.

This is something we will be bringing out soon once we resolve the KYC bugs & add INR pairings.
Thanks! 🙌🏾

https://twitter.com/CoinsbitIndia/status/1392437442611871744

Tesla CEO Elon Musk sent Bitcoin and the entire crypto market tumbling down after he announced that the electric vehicle manufacturer is suspending purchases with Bitcoin.

The crypto market lost more than $500 billion following the announcement.

How are you holding through this? ❤️🙏🏽

https://twitter.com/CoinsbitIndia/status/1392796461373394952

Ethereum founder Vitalik Buterin made headlines after he donated some $ETH and "meme coins" to multiple non-profit organizations.

He transferred over 50 trillion $SHIB, worth around $1.14 billion at the time of the transaction, to the India COVID-Crypto Relief Fund 💥

The transactions momentarily sparked panic among investors and resulted in a 35% drop in $SHIB price.

Sandeep Nailwal, the founder of $matic and the relief fund has announced that he won't do anything that hurts “any community specially the retail community involved with SHIB.”

https://twitter.com/CoinsbitIndia/status/1392811946294988801

Dogecoin continues to make headlines every week thanks to its volatility, and the bullish tweets from Elon Musk.

After raising concerns about Bitcoin's energy consumption, the Tesla CEO now claims he is working with #Dogecoin developers.

Musk said he is “Working with Doge devs to improve system transaction efficiency. Potentially promising."

The tweet came a day after Tesla stopped accepting payments in #bitcoin. All factors point to the fact Tesla could be gearing up to start accepting #DOGE.

Dogecoin prices spiked following Elon's tweet. The impact on prices is huge. Doge has introduced massive volatility in the market over the past month.

Do you think this is hurting the industry's credibility? or is it onboarding new market participants?

https://twitter.com/CoinsbitIndia/status/1393176279315214342

The growing popularity of DeFi has changed the crypto industry in many ways; yield farmers and traders are trying to maximize their profit making opportunities.

Growing Ethereum Gas Fee is becoming problematic for users.

👇Read more:
https://twitter.com/CoinsbitIndia/status/1393186017977401353

Binance Smart Chain seems to be giving Ethereum tough competition.

Over the past months, BSC has surpassed Ethereum in daily transaction volume and unique active wallets.

High ETH gas fees are resulting in DeFi enthusiasts switching to BSC.

BSC-based Decentralized Exchange PancakeSwap has seen a massive spike in users due to significantly cheaper fees.

At the time of writing BSC transaction volume is 10.22 million against ETH's 1.5 million.

As a user, which one do you prefer?

https://twitter.com/CoinsbitIndia/status/1393230914461728776

The cryptocurrency market is known to be highly volatile in comparison to the traditional market. Several factors come into play when trying to understand why the market is so volatile. It is vital to understand what leads to such volatility to be able to best predict it.

👉 Firstly, crypto-assets lack intrinsic value, meaning most of these assets aren't backed by a physical commodity or currency. Its value is based on faith in an idea.
Most Crypto assets have a fixed supply, as such, prices move based on the number of buyers available.

👉 Cryptocurrencies are an emerging market and is relatively small in comparison to the rest. The smaller market size results in greater impact on prices.
Speculation is also known to drive prices and a small announcement or rumour impacts heavily on price.

👉 The lack of regulatory oversight also leads to market manipulation that causes price swings. This discourages institutional involvement, the lack of which results in volatility.
Institutional presence would bring in greater potential for stability, efficiency, and investment.

👉 The market is still at an early stage of development. As such, any new development often moves the market.
Several hurdles like scalability are still being explored, and this also leads to pressure on crypto prices.

👉 Media plays a significant role since the market is highly speculative and small in size. Investors are always looking out for news (some even baseless) that could impact the market.
This often results in a race to buy and sell a particular asset, impacting its price.

👉 All these factors combined result in the market experiencing huge price movements. However, the industry has come a long way and is becoming more stable as the market expands.

https://twitter.com/CoinsbitIndia/status/1393524515552960516

A meme stock is a stock that has seen an increase in volume not because of the company’s performance, but rather because of hype on social media and online forums like Reddit, and more recently, Telegram.

👇Get to know all about meme coins here:
https://twitter.com/CoinsbitIndia/status/1394250196981207047

Major Bitcoin mining pools are now signaling for Taproot activation.

👉 Binance was the latest to announce that Binance Pool had started signaling for Taproot.
👉 Two of the largest $BTC mining pools AntPool and F2Pool were the earliest to support the protocol upgrade.
👉 BTC.TOP, the only top-10 pool that hasn't started signaling for Taproot is also expected to begin signaling for Taproot soon.
👉 Taproot activation must be locked in before Aug. 11 for the network upgrade to happen in November.
👉 The upgrade needs to be backed by miners by including special data in the blocks they mine called a signal bit.
👉 Taproot is being dubbed as the most ambitious upgrade to date. It brings more efficient, flexible, and private ways of transferring BTC.

https://twitter.com/CoinsbitIndia/status/1394305001380409349

A lot of people remain clueless when it comes to explaining 'decentralized finance'. To understand this, we first must understand what is 'centralized finance' and how do the two differ.

👇Read the key differences below:
https://twitter.com/CoinsbitIndia/status/1394598463531229194

Following the FUD regarding misleading reports claiming China has banned Cryptocurrencies, the price of $BTC dropped as low as $37,000.

Companies like Tesla and MicroStrategy have also taken a hit. While Elon Musk is now the world's third-richest man.


This is not the first time our market has seen a crash of this sort and it definitely won't be the last.

However, we must be careful with our investments during these volatile times.

#HODL (not financial advice)

https://twitter.com/CoinsbitIndia/status/1394993681925431300?s=19

A full node is a computer in Bitcoin’s Peer-To-Peer network which hosts and synchronises a copy of the entire Bitcoin blockchain. Nodes are what keep bitcoin alive and key part in the decentralization of the cryptocurrency.

👇🏽Learn how to run a Bitcoin Node:
https://twitter.com/CoinsbitIndia/status/1395328907444776961

The crash over the past two days wiped off approximately $350 billion from the market.

Analysts have blamed it on China's 18th May announcement. This added up with Elon Musk's tweet that Tesla would not be accepting Bitcoin as payment.

“Whatever caused the initial market-wide crash – probably a lot of Elon with some China and other vague regulatory news thrown in, or maybe it’s a “natural correction” – it happened, and liquidations did a lot of work to make the downturn more intense,” said Sam Trabucco.

Analysts have come forward to state that volatility is embedded in the cryptocurrency market and this collapse was rather a healthy correction that would allow new investors to add crypto to their portfolio.

While some investors will back out, several is expected to buy this dip.
https://twitter.com/CoinsbitIndia/status/1395324303818719233

The DeFi space is still a nascent stage and the massive attention this emerging market has received has made it attractive for criminals.

Binance Smart Chain DeFi protocol Pancake Bunny recently fell victim to a $200 million flash loan attack.

So what happened?

👉🏽The attacker used PanCakeSwap to borrow BNB.
👉🏽The attacker manipulated the price of USDT/BNB and BUNNY/BNB using the flash loan.
👉🏽The attacker dumped all the BUNNY tokens resulting in a crash.
👉🏽The attacker then paid off the BNB flash loan.

Flash loan attacks are quite common in the DeFi space and project teams are working every day to fix the loopholes that help devise these attacks.

The attacks do not mean DeFi is a lost cause, in fact, these point out the flaws in the system so it can be patched.

https://twitter.com/CoinsbitIndia/status/1395357812587253772

Hundreds and thousands of cryptocurrency speculators lost all their money during the past few days.

As the retail sector was in disarray, opportunities have been sniffed out by the banks and other large institutional investors alike.

On May 19th alone, an outflow of 16,895 BTC was reported over a span of ten minutes.

According to analysts, the market's big decline has made it more appealing for institutional investors who hold cryptocurrencies for significantly long periods of time.

Last day's fiasco is the perfect example to show how holders can significantly outperform retail investors in the long run.

https://twitter.com/CoinsbitIndia/status/1395694326080933893

Per data from Glassnode, Bitcoin "dip buying" is still ongoing. Large amounts of $BTC were withdrawn from Coinbase by whales and institutions.

Previously it was noted that the indicator for Long-Term Holder Net Position Change began to turn green.

Meanwhile, Cathie Wood, a prominent hedge fund manager, claimed that the world's largest cryptocurrency is giving an outstanding buying opportunity.

At the time of writing, Bitcoin is Priced $36,977. Down 8.7% over the past 24hrs.

https://twitter.com/CoinsbitIndia/status/1396033597480439811?s=19

Following China's decision to clamp down on cryptocurrency, numerous large crypto-based businesses are trying to relocate their operations.

All custodial business has been suspended at Huobi Mall, the subsidiary of crypto exchange Huobi, following plans to move overseas.

“In the long term, nearly all of Chinese crypto mining rigs will be sold overseas, as Chinese regulators crackdown on mining at home. China will lose crypto computing power to foreign markets as well,” said the founder of BTC.TOP, the largest BTC mining pool.


These actions demonstrate that innovation cannot be stopped within the crypto space. Corporations would only move to crypto-friendly jurisdictions.

As such, Indian regulators must closely monitor these developments and be flexible in their approach towards regulating Crypto.

https://twitter.com/CoinsbitIndia/status/1396769190120284162