India is one of the countries that has banned crypto-related trading within its jurisdiction and the chances of the atmosphere becoming conducive for the field seems unlikely. In the latest crypto-verse related news from the world’s largest democracy, Unocoin, a once popular exchange, revealed that they only had 14 employees left after funding talks to revitalize the company failed.
The company fired 86 percent of its employees to reach the current number of 14 from a peak of almost 100 employees, recorded in February 2018. Unocoin raised almost $1.5 million from investors, including Blume Ventures, Bitcoin Capital and several others.
The troubles for the exchange started last year when the firms founders Sathvik Viswanath, Harsh B, Abhinand Kaseto and Sunny Ray were arrested by a central crime branch team for failing to get permission to install a Bitcoin ATM at a mall in Bengaluru, India. During the arrest, Sathvik Viswanath had stated that it was completely legal for users to own Bitcoin in the country, He even referred to the statements made by the Indian Finance minister by saying:
“The minister’s statement was clear, he stated that cryptocurrencies are not legal tender in India. He did not say ‘illegal tender’. There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry.”
Just this month, India cleared its stance against cryptocurrency as Coindelta, another popular cryptocurrency exchange in the country was also shut down due to the surmounting pressure of India’s regulations. The abrupt shutdown happened on March 30 right after the Crypto vs RBI case was adjourned within minutes of its hearing.
The issue escalated when users found out that the withdrawal fees had been increased on every single transaction. This move was compared to what Zebpay, another Indian exchange had done a few months earlier. Naif Amoodi, a Quora user, also pointed out the disparity in the new and the old prices by stating:
“Bitcoin: 0.0020 BTC / Rs.600 (previously just 0.0005 BTC)
Litecoin: 0.05 LTC / Rs.225 (previously just 0.002 LTC)
Lumens: 28 XLM / Rs.225 (previously just 0.01 XLM)
Ether: 0.03 ETH / Rs.300
XRP: 10 XRP / Rs.230
EOS: 0.8 EOS / Rs.250
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Basic Attention Token surges by over 6% as Ad Launch nears
The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].
The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.
BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.
Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,
“They are about to launch ads this month hence the pump.”
BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.
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