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Indian Exchanges are all Out on Crypto With Ads Ahead of Coming Festive Season

Indian crypto exchanges are planning huge ad campaigns to attract new users ahead of the upcoming festive seasons.

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Indian cryptocurrency exchanges are all out with plans to contribute to the growth of the digital currency ecosystem through targeted advertising campaigns to target new customers.

As reported by the Economic Times, Indian crypto exchanges are ramping up hiring and planning product launches and large-scale advertising campaigns to add new retail investors.

The Indian crypto ecosystem is growing, with about 15 million active cryptocurrency users in the country. Today, India remains one of the most promising markets for the nascent asset class. In anticipation of a massive rush on its trading platform, Unocoin said it is upgrading its infrastructure.

“The Indian market is all about saving and spending and gifting during the festive season. Approached right, bitcoin, and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry,” said Sathvik Vishwanath, co-founder of Unocoin. “We are making our platform technically and operationally prepared for the festive season.”

The issuance of redeemable gift vouchers in the eCommerce world is bound to be used as a major bait to lure new users for most exchanges. For the campaigns, Unocoin plans to issue a coupon code featuring Bitcoins worth Rs 200 for Ganesh Chaturthi.

“Our development team is coming up with new coupon codes, especially for the festivals. We are testing the server load to deal with a surge in the customer transactions,” Vishwanath said.

Other top exchanges, including Binance-owned WazirX and CoinDCX amongst others, are also coming up with big plans to extend their overall market reach through the upcoming festive seasons. Digital asset trading platforms are the primary gateway for the public to gain exposure to Bitcoin and the crypto world. CoinDCX said it would add an education and awareness program to the ongoing campaign as part of the broad commitment to take on this responsibility.

“During the festive season, CoinDCX is aiming to create more awareness and to share knowledge on crypto through DCX learn. Through our marketing initiatives, we’ve always looked for ways to entice and educate new investors,” said Ramalingam Subramaniam, head of brand and communication at CoinDCX.

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The Indian crypto ecosystem is growing, with about 15 million active cryptocurrency users in the country. Today, India remains one of the most promising markets for the nascent asset class. In anticipation of a massive rush on its trading platform, Unocoin said it is upgrading its infrastructure.

Source: https://blockchain.news/news/indian-exchanges-are-all-out-crypto-ads-ahead-coming-festive-season

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Ethereum Stands at Significant Support Based on the Purchase of Over 10 Million ETH

More than 10 million Ethereum was bought between $3,426 and $3,536, which is a very significant supply wall for support.

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Ethereum (ETH) continues to witness a surge in activities as the second-largest cryptocurrency was up by 4.35% to hit $3,517 during intraday trading.

At this level, ETH sits on significant support.

Market analyst Lark Davis explained:

“More than 10 million Ethereum has been bought between $3,426 and $3,536. This is a very significant supply wall for support, but also it is critical to note there is very little supply bought above this level to be dumped when the price starts running.”

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Ali Martinez echoed these sentiments and noted that Ethereum was edging closer to a breakout, which could see the $3,750 or $4,000 level hit. The on-chain analyst stated:

“Ethereum is a few dollars away from breaking out! The IOMAP shows Ethereum faces only one supply barrier. Roughly 500K addresses had previously purchased 8.50M ETH between $3,475 and $3,577. Slicing through this resistance wall could push ETH to $3,750 or even $4,000.”

Meanwhile, burnt Ether recently inched closer to a billion-dollar value, given that scarcity was introduced every time ETH was burnt after being used in transactions. This feature was introduced by the London Hardfork or EIP 1559 upgrade that went live on August 5.

Ethereum leaving exchanges set a new record

According to data analytic firm IntoTheBlock:

“The net amount of ETH leaving exchanges just hit a new record. Over $1.2B worth of ETH left centralized exchanges yesterday. Last time $1B+ left CEXs, Ethereum increased by 60% within 30 days.”

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This is a bullish sign because it illustrates a holding culture. Furthermore, a drop in ETH supply on exchanges is usually correlated with a price increase.

On the other hand, the total value locked (TVL) in Ethereum 2.0 deposit contract reached an all-time high of 7,683,394 ETH.

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Ethereum 2.0, also known as the beacon chain, went live in December 2020 and is expected to boost scalability by offering a transition to a proof of stake (POS) consensus mechanism from the current proof of work (POW) framework.

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Source: https://blockchain.news/analysis/ethereum-stands-at-significant-support-based-on-the-purchase-over-10-million-eth

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Bybit Launches $BIT Token Listing

Singapore-based cryptocurrency exchange Bybit announced its first token- “$BIT”on its Bybit Launchpad platform.

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On Friday, Singapore-based cryptocurrency exchange Bybit announced its first token, called “$BIT”, on its Bybit Launchpad platform.

Bybit’s listing of BIT will include the launching rewards and free giveaways for participants. Bybit said the Launchpad is open to its users who have completed know-your-client (KYC) L1, ensuring compliance fulfilling local regulatory requirements.

The crypto exchange said the Launchpad is designed to help connect innovative crypto projects and users who may be interested in gaining exposure to promising projects while protecting users and projects alike.

“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” said Ben Zhou, co-founder and CEO of Bybit.

According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Bybit is an initial proponent of BitDAO and has pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. The contribution, at 2021 rates, is projected to exceed $1 billion per year. The BitDAO treasury balance stands at more than $540 million as of Sept. 16.

The crypto exchange was founded in 2018, providing online spot and derivatives trading services, cloud and DeFi mining products, as well as API support to institutional and retail clients, according to their official website.

Bybit is actively expanding its business to different sectors. Last month, the crypto exchange platform has reached a three-year cooperation agreement with e-sports organisation Astralis by displaying its logo for exposure, in the hope that to expand the connection of cryptocurrency in the e-sports industry.

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According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Source: https://blockchain.news/news/bybit-launches-bit-token-listing

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Bitcoin Revisits $50K Amid More Than 1 Million BTC Addresses Transacting

This price surge in the Bitcoin network also saw an uptick in addresses transacting, given that they hit a two-month high.

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After roaring above $50K on August 23 for the first time since May, Bitcoin (BTC) revisited this level in the last 24 hours even though the leading cryptocurrency had retracted to $49.9K during intraday trading, according to CoinMarketCap.

This price surge also saw an uptick in addresses transacting, given that they hit a two-month high. Crypto analytic firm Santiment explained:

“With Bitcoin’s visit above $50,000, we also saw the first day that over 1M addresses were interacting on the BTC network in 2 months.”

Ali Martinez echoed these sentiments that large transactions were being witnessed on the Bitcoin network. The market analyst acknowledged:

“BTC whales and institutional players are back! Bitcoin shows an important uptick in the number of large transactions on the network with a value of $100,000 or greater. Roughly 24,000 large BTC transactions have been recorded today.”

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Bitcoin exits exchanges in droves

Bitcoin’s transaction volume recently reached a monthly high of 47,433.025 BTC. The leading cryptocurrency has been leaving crypto exchanges at a high rate as the balance continues to diminish.

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On-chain analyst Lark Davis believes this could signal the return of institutional money. He noted:

“Huge outflows of Bitcoin from Coinbase = institutional money is once again gobbling up BTC!”

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Institutional investment played a pivotal role in enabling Bitcoin to breach the previous all-time high (ATH) of $20,000 in December 2020, a fate the top cryptocurrency had been trying in vain for three years.

The injection of more capital investments also enabled BTC to hit a record high of $64.8K in mid-April.

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Source: https://blockchain.news/analysis/bitcoin-revisits-50k-amid-more-than-1-million-btc-addresses-transacting

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