Cryptosya

No matter how hard the Indian government tries to contain the growth of cryptocurrencies and blockchain technology, the Indian people continue to love cryptocurrencies and blockchain. 2017 has been an important year for cryptocurrencies in many ways, but there have been great developments especially in India.. The incredible price spikes that Bitcoin experienced made the cryptocurrency spread across the country in India and led to huge Indian media coverage.. Indian media often gives “investment” advice about cryptocurrencies and then warns the public about the risks of cryptocurrencies on behalf of the government.. How exactly did the development of cryptocurrencies and Blockchain technology in India in 2017?

Back to Bitcoin

Reserve Bank of India (RBI) to be in one February and one December 2017 issued two official warnings about cryptocurrencies, such as. In other words, it cannot be said that cryptocurrencies hold a good place in the eyes of the authorities in India.. The warnings by the RBI were naturally related to the purchase of Bitcoin and other digital currencies.. The Finance Minister of India also stood behind the RBI’s warnings, stating that the Indian government did not add any legitimacy to Bitcoin. Only 15,000 signatures were collected for its legalization in Turkey.. Considering that the population of India is 1.2 billion, it becomes clear how small the number is.

Even when we came to the end of 2017, the perspective of official institutions on cryptocurrencies did not change.. In December, the Tax Revenue Department flocked to India’s largest cryptocurrency exchanges (such as Unocoin and Coinsecure) under the guise of collecting information on the functions of Bitcoin and cryptocurrencies.

Highlights and Adoption

ASSOCHAM, one of India’s leading trade associations, held a global summit on Bitcoin and Blockchain in March and described Bitcoin as a “revolution in the field of supply chain economics.” Demand has grown tremendously. It has grown so much that India’s largest exchanges have had to set a limit on the platform due to a supply shortage.. A month later, in June, Zebpay was the 7th most popular in India’s Apple app store.. succeeded in becoming a practice and surpassed the practice of many national banks.. In September, there were reports that the cryptocurrency exchanges in India are acquiring more than 200,000 new users every month.. One is BitIndia, backed by John McAfee, and the other is Coinome, backed by BillDesk.

The Year of Blockchain

IDRBT, the research-division of RBI, India’s premier bank, earlier this year demanded the digitization of the Indian Rupee using blockchain technology. After this development, the largest organizations in India’s crypto money and blockchain sectors established a crypto money organization.. Established as “India Digital Assets and Blockchain Corporation”, the organization aims to self-regulate the sector. made an attempt. In May, Bankchain started sharing AML/KYC data between banks. In November, the bank created a blockchain-based KYC system for its own verification purposes and announced plans to beta-test blockchain-based smart contracts.. This technology has also started to be implemented by other big banks of India such as ICICI, Tech Mahindra, Yes Bank and Axis Bank.

In July, Ernst & Young (EY), a member of the Big Four, is listed on the Mumbai Stock Exchange in Mumbai, India. Held Blockchain Hackathon. Towards the end of the year, the Indian Blockchain Foundation was created and the big names in India’s crypto sector such as Coinsecure, Unocoin, Bitxoxo sided with PwC, Nokia, Microsoft, Yes Bank and the Government of India.

Winners of the Year

With the constant threatening messages from the government, 2017 caused various reactions to Bitcoin and cryptocurrencies.. However, despite the government’s influence, Bitcoin’s trading volume managed to grow, and so did the business of all Bitcoin exchanges.. Indian media is also more moderate towards Bitcoin this year, and many publishing houses are publishing positive articles about Bitcoin and cryptocurrencies.. But this year’s biggest winner has been Bitcoin’s underlying Blockchain technology.. Blockchain has received admiration from many different industries and even the government in India.

After all, everything related to Bitcoin, Blockchain, Altcoins, cryptocurrencies in general, has experienced serious growth in India this year.. Despite the government’s efforts. There is no doubt that all of them were the winners of the year.

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Investors should use discussions about cryptocurrencies on social media platforms like Twitter, Reddit, and Facebook as metrics to measure the performance of a cryptocurrency.

Social media has always played an integral role when it comes to cryptocurrencies.. These platforms have helped developers, innovators, and changemakers build a community to support the growing movement.

Therefore, investors should consider social volume and track these metrics.. While this may seem difficult, online tools like Solume and Cryptometrics make it easy.

Why is social volume an important metric to track?

Social volume is great for investors because of the impact of social media on cryptocurrencies. a metric. Even in their early days, cryptocurrencies have always had a strong connection with online forums and social media platforms.

In 2008, Satoshi Nakamoto introduced the concept of Bitcoin and Blockchain technology to the P2P Foundation, Linux Foundation, Bitcointalk.org and even the P2P Foundation. Leveraged Twitter.

Measuring social volume

Various online tools are available for cryptocurrency traders to measure social volume. It can be said that the most functional of them is Solume.. So here we will give a few examples from Solume. Websites allow traders to see the correlation between the number of social media posts and its price in USD or BTC.

Here is a social map of Monero over the past 7 days:

Solume also offers other options that include comparing the price of cryptocurrencies with shares from different sources.. These resources include Reddit, Twitter, and Bitcointalk.org.

Investors can also assess their level of sentiment associated with cryptocurrencies.. As seen below, high negative social volume often has a direct impact on the price of cryptocurrencies.

Social media platforms will continue to play an important role in the development of the cryptocurrency community.. Therefore, it would be wise for investors to take advantage of social volumes when evaluating cryptocurrencies.

Source: BTCManager

Ripple’s XRP has grown by 50% during the night, becoming the world’s second largest cryptocurrency by market cap.

According to CoinMarketCap data, it was 04:00 last night. Ripple, which went up to $2.85 around 00:00, grew more than 50% in 24 hours, but this price dropped a bit and is now down to $2.32.

As of now XRP, the world’s second largest cryptocurrency, has literally had a great month. Starting December at $0.25 level, Ripple has grown by 700% in a month.

Awesome Last December for Ripple

Ripple has managed to achieve good rises several times in December.

One of these spikes was the definite surge XRP experienced in mid-December. With the news that Ripple has completed the cryptographic locking of the tokens, investors reacted to this news and Ripple grew by more than 90% in 24 hours, reaching the level of $ 0.87.

A week after this rise, Ripple saw an increase again.. With its steady momentum and heavy trading from Asia, Ripple hit $1.24.

XRP’s price surged again earlier this week.. Tokyo-based SBI Ripple Asia announced the formation of a consortium to explore how distributed ledger technology could be used in payment cards, and the price of Ripple rose to around $1.50. He said that his priorities in the money industry are starting to change and Ripple is also benefiting from these changes. He said that they did. it was like a throne. The market cap, which was almost $ 17.7 billion at the beginning of the year, is now around $ 600 billion.

According to Rupsys, new investors entering the crypto money industry focus on the profit they will achieve, not the decentralized and anonymous business, which is Ripple’s.

Is This Time Permanent?

According to CoinMarketCap data, Ripple once again surpassed Ethereum and ranked second in May.

Completing 2016 with less than 1 cent, Ripple was able to see even the $1 mark only last week, but it exceeded the $2 level yesterday, thus increasing its percentage in 2017. It has grown by 34,700.

As of now, Ripple has a market cap of $91.5 billion while Ethereum has a market cap of $69 billion. Ripple surpassed Ethereum in May, but this was a temporary situation. This time, we will see if Ripple will take the second largest cryptocurrency seat permanently.

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The depreciation of the Bitcoin price causes a decrease in other cryptocurrencies. Since the market has been in a balanced position for a long time and is much more balanced than in normal times, it is extremely difficult to see decreases and rises or to see their ratios high or low. The fact that the stabilization process in Bitcoin (BTC) price has been going on for about 1.5 months makes it believe that it may cause the beginning of big losses by affecting other competitors.

Bitcoin price dragged others

Bitcoin’ The process of rebalancing in coincidence makes many investors lose hope of offsetting their gains and losses or raising them further. While the reason is that there are very few changes in the balancing process, investors who think of short-term gains have to say goodbye to these thoughts for a long time.

• It is still unknown when the stabilization process in Bitcoin price will end. Only the projections show that the process will be much smoother and that changes in prices will begin to be seen in greater proportions by the end of the next few weeks.

If you had a business and hundreds and thousands of people were trying to pay you, you couldn’t wish for better, right? Not so when it comes to Bitcoin. Bitcoin exchanges are looking for ways to withstand such a large influx of new customers. As these exchanges close their doors one by one to new customers, the options of new investors are gradually decreasing.

You Will Come Back Next Year

If you are trying to enter the Bitcoin market for the first time or if you want to divide your assets despite being in the market for a long time. You may have noticed that it is not easy to open a new account in the stock market these days.. These companies are being bombarded with apps and their support teams are struggling to quickly help those in need.. A few of these companies have already stopped accepting new customers in order to deal with their current business.

Recently, as a result of customer complaints, Bittrex did not remain unresponsive to the situation and announced that it had stopped receiving new registrations with the following statement:

“We are happy to have so many new users willing to join the Bittrex community. Unfortunately, we need to make updates to our support and backend systems to handle this traffic and load.. As a matter of fact, we have stopped new account registrations for now.. If you already have an account with Bittrex, you will not be affected.. Please continue to log in as usual.”

CEX.IO also announced that it would stop new registrations with a similar statement:

“Our exchange generates huge numbers of users every day. is registering. This puts extra strain on our support and verification teams.. We have now reached the point where the number of tickets sent to our support team has reached critical amounts.”

Bitfinex’s message to new users who want to register is as follows:

“New to the system and In order not to harm the quality of service we provide to our existing customers by filling small accounts, we have temporarily stopped new account registrations.”

Insufficient System

Other exchanges accept new customers. may not have made a decision to stop, but many people think that their experience with these exchanges is not so different.. Although these exchanges have not accepted to accept new customers, the very slow processing of transactions and applications made by existing customers causes customers to complain about this situation.. Because while the Bitcoin price is flying in front of your eyes, it is not a very pleasant feeling to “wait in line” at your computer.. Recognizing this decline, Kraken made the following statement:

“Performance is extremely poor and unreliable.. Customers may experience heavy delays and difficulties interacting with all web and API services. Requests will often time out and fail. As of now, the only solution is to wait and try again later.”

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After the recent increase in food prices in Turkey, Migros has started selling specially packaged grain tomatoes. While the situation was the topic of the day on social media, the price of tomato seeds was determined as 2.86 TL

Migros started the sale of tomato seeds

Giant market chain Migros became the topic of the day with the sale of tomato seeds. While the rising food prices in Turkey forced them to take a series of measures, Migros wanted to find a solution to the increased prices with the sale of tomato seeds. Single tomatoes offered to customers in specially prepared packages were put up for sale for 2.86 TL. After the photo of the tomato seeds was shared on social media, thousands of comments were made, and it was at the top of the agenda on many platforms. Sharing his photo, he said, “I just bought 7 peppers, my blood pressure went up at the checkout. Charleston peppers are 13.95 TL, 7 pieces are 6 TL. Let them love your system! This fire will take you.!!!” had made a statement.

Tom Lee, managing partner and head of research at Fundrustat Global Advisors, believes Bitcoin’s decline is ‘very healthy’.

People Lee, who was not surprised by the volatile ups and downs of the Bitcoin price this month, which he had trouble understanding, said in an interview with Jonathan Ferro at Bloomberg Daybreak:

“It has tripled in the last six weeks. I don’t think anyone should be surprised at Bitcoin’s decline, given that the price of Bitcoin has risen… Otherwise, we would be standing on a parabola that is gaining momentum, right?”

When asked why this change in Bitcoin’s price, Lee , called it just a misunderstanding. Through Frundstrat’s research methods, he said:

“If you look at the number of wallets and transaction activity per wallet, you’ll see that over the past four years, Bitcoin has accounted for 94% of its status. So, Bitcoin is actually tracking the network value.”

Thinking that people who believe that transactions are made by pure speculation do not understand Bitcoin, Lee said that Bitcoin is not a bubble because it is held by only a group of people.

He said in September that he believes the Bitcoin price will reach $25,000 by 2022. He then predicted that it would be considered “digital gold” for millennia and that the price would exceed 100,000 in the next ten years.

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It seems it’s not just ICO founders who get rich from token sales.

According to research by Autonomous Next, cryptocurrency exchanges are among ICO founders who want to list their tokens on high-volume trading platforms. he wants millions of dollars. Here, the commission charged on transaction and withdrawal fees after tokens start trading is not taken into account.

Very high compared to traditional exchanges

The fee that ICO founders pay to have their token listed on an exchange is the fee traditional companies pay to the public. significantly higher than the wages they pay in fulfilling their supply. For example, companies pay fees ranging from $125,000 to $300,000 to be listed on the Nasdaq.

If you are a Ripple investor and you are eagerly waiting for XRP to be listed on Coinbase, there is an important development for you. According to Bloomberg’s report, international payments company Ripple is willing to pay millions of dollars for XRP to be listed on major US cryptocurrency exchanges. Ripple has reportedly offered Gemini and Coinbase some “financial incentives” to list XRP, Bloomberg reported. Ripple executives, who asked whether it was worth it, then offered a $100 million loan that they would repay after the pricing of XRP in talks with Coinbase last fall. However, both platforms rejected Ripple’s proposal.

In the meantime, it’s not uncommon for exchanges to take money to list a coin. According to a study by Autonomous Next, high-volume platforms typically charge between $1 and $3 million from founders who want to list their cryptocurrencies.

Ethereum’s number of active addresses broke a record, exceeding the previous level. Details are in our news.

New record in the number of Ethereum active addresses

The number of active Ethereum addresses has risen to 771 thousand, an all-time high. In January 2018, 735 later reached the highest levels of 739 thousand in November 2020.

In a message shared on Twitter, Coinmetrics stated that Ethereum addresses have reached a new high level.

Ethereum blockchain, last year. witnessed many innovations in a few months. The network handled $1.5 trillion in transactions in the first quarter. In addition, the total value locked across all Ethereum-based DeFi platforms is currently over $54 billion.

High network activity is also evident in the total number of unique addresses. According to EtherScan.io, there are currently over 148.8 million unique wallet addresses on the Ethereum blockchain.

See: Ethereum, Ethereum news and breaking news

As seen in the chart above There has been a steady increase in usage of the Ethereum blockchain since its launch in mid-2015. After the Berlin hard fork, most people are waiting for the implementation of the London update, which will include EIP-1559.

The EIP-1559 update is stated to be a solution to the increased transaction costs of the network. Although no exact date has been given for the London update, the developers expect it to be in July 2021.. Investors consider London update to be a big opportunity for Ethereum. It is thought that the value of the asset will increase if Ethereum finds a solution to its high transaction costs.

Ethereum is instantly traded at $ 2,182 after the recent corrections in the crypto market.. After the correction in the crypto market, Ethereum is relatively on a recovery trend relative to other crypto assets. Weekly depreciation of approximately 2.5%. During the same period, Bitcoin’s weekly depreciation was 13.49%.

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