Connect with us

Bitcoin

Exclusive: Bitcoin [BTC] in India back on track with INR trading on Giottus exchange

Anirudh VK

Published

on

Exclusive: Bitcoin [BTC] in India back on track with INR trading on Giottus exchange
Source: Unsplash

Indian cryptocurrency investors will find a reason to rejoice as they can now trade as they would before the ban by RBI. Giottus, an exchange platform has reopened INR withdrawals and deposits, while still keeping in line with the rules and regulations specified by the RBI. The COO of Giottus, Arjun Vijay, spoke to AMBCrypto in an exclusive interview regarding the move.

The Reserve Bank of India ordered all banks under its jurisdiction to halt any operations with cryptocurrency-related businesses, leading to prominent exchange platforms to begin offering Peer-to-Peer [P2P] trading solutions.

Giottus was one of the first exchanges to begin offering P2P in the country. It currently offers services for Bitcoin [BTC], Bitcoin Cash [BCH], Litecoin [LTC] Ethereum [ETH] and XRP. Vijay stated on the recent move:

“We were one of the first exchanges to launch P2P in India. We decided that the market needed a P2P after RBI bank fencing decision, as this was what was happening in China and other places. Since then, Giottus launched a P2P exchange solution along with normal exchange in April.”

He went on to say:

“From our P2P experience, we were able to identify people who can process deposits and withdrawals faster and who can deliver service levels that can raise the bar of Giottus. “

The way that Giottus has been able to reopen deposits and withdrawals for their customers is by identifying specific traders who can process deposits and withdrawals quickly. This is still done through P2P, allowing the traders to still function normally. Vijay also spoke about the other details in the service, such as collateral and operating fees, stating:

“We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals”

The traders can process about 60-70% of their collateral, stated Vijay. He also said that the partners cannot have a balance of more than 60% of their collateral. If they do, they are asked to increase the collateral or add more partners so that the risk is reduced. The COO gave his reason for the move and stated:

“The market was still yearning to get back to open order book, or spot exchange trading…we envisioned a model that can make this customer’s dream a reality.”

The program has been a big hit among the traders on the Giottus platform, and comes with a program for scaling their contribution to the exchange. The COO stated:



“The P2P part provides robustness and redundancy, so we’ll be adding more and more P2P partners. We have already got a lot of requests. The partners who provide better service, are given more weightage and asked to process more payments.”

The partners also stand to make money, as they collect 0.2% on all the transactions that are processed by them. This especially comes into play on bigger quantities, as they will be able to make a higher profit.

An Indian cryptocurrency investor, Arjun Tilak, stated:

“The RBI has been dead set on their ban on cryptocurrencies, as the board responsible for passing it believed that cryptocurrency is only used for illegal activities. I think moves like these by exchanges show that it is not, and that there is a vibrant trading community behind the technology in general. One can only hope that the government will embrace it.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

Avatar

Published

on

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending