The crypto world is abuzz with lots of activities - Bitcoin spot ETF approval not the least of them. Its not really easy to keep tabs on everything which is why I decided to go round and put you right in the thick of crypto news and activities this day. No protocols needed. Lets kick it off with crypto in India
Binance and other crypto apps missing in Playstore India.
You are probably already aware that the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) sometime in December 2023 notified crypto companies including Binance that they are not recognized as registered businesses in that country. These digital asset service providers were required to register with the ministry in order to be recognized legally.
Having failed to register and pay tax for doing business, Binance and other crypto apps have been removed from Google Playstore in India. This follows the same action which Apple took earlier, removing the crypto apps from its store for users in India.
Financial regulators across the group continue to pose a big challenge to crypto companies especially with legislation that requires being registered locally, and paying tax from the digital assets services they render to users. India has taken this action which necessitated compliance from app hosting companies like Playstore and Apple. India crypto users would now be counting on other options available to them to continue trading their cryptos and remaining in the sector.
ETF approval fails to push BTC price movement to above $50k
The huge expectation of the approval of Bitcoin spot ETF came as it was hoped for. The SEC approved ETF's and the price of BTC surged close to $50k. But then, in the days that would follow the rise in BTC price could not be sustained.
After that initial price increase following the SEC's approval, BTC has dumped price and currently trades a little above $42k. A lot of reasons could be behind this price drop. It is possible that the spot ETF approval was overpriced as so much buzz around that event created a false sense of BTC price action. With so many believing that the price would surge so much and be sustained, the opposite has been the case ever since.
BONK records 5% decline in the last 24 hours - more trading volume
BTC has been the main talking point due to the recent ETF approval. But, meme coins have been doing well in the past week. BONK is leading the chart of meme coins that have caught the eye of investors with a price surge of more than 30% in the last one week. However, there have been a drop in price of BONK in the last 24 hours.
BONK is currently trading at $0.00001393. Investors still feel bullish about BONK and believes it could double in price in the next coming days or weeks. The continued growth in its trading volume clearly indicates that the market sentiment for BONK is very bullish. BONK trading volume in the last 24 hours is close to $92m. See the chart below:
As the bull market continues, we will see the effect of BTC rise on alt markets including meme coins like BONK.
Memecoin also pushing strong in the market
Another coin of the MEME category is also trying to capture the attention of traders. Memecoin currently has a trading volume slightly above $16m in the last 24 hours. Currently trading at $0.02773, the coin has had a mixed market price experience, failing to maintain a fairly regular price.
However, seeing that it has recorded more than 20% price gain in the last 7 days shows that memecoin is really having a strong run. Just like other MEME coins, its trending entirely on market sentiments since it lacks any underlying utility. However, the way it has gone in the market and maintained relevance suggests that traders and investors have a measure of confidence in this coin.
Finally
The crypto market is filled with lots of interesting news items and activities. From speculations about the bull market, to BTC spot ETFs and then Alt coins, there is no shortage of action in the space. While you consume the updates in this post, feel free to check for more news and updates from this space.