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Indian cryptocurrency exchange WazirX completes Rs 100 crores worth of P2P trades

Jibin M George



Indian cryptocurrency exchange WazirX completes Rs 100 crores worth of P2P trades
Source: Pixabay

The Indian cryptocurrency exchange WazirX recently announced on Twitter that they had completed P2P trades with a net value of Rs. 100 crores on its trading platform. The announcement was made by Founder and CEO of WazirX Nischal Shetty via Twitter.

The announcement comes as welcome news for India’s beleaguered cryptocurrency market and traders as well as an exchange that had posted a total trade volume of Rs. 60 crores in the month of December.

Source: Twitter

Its founders, all of whom also co-founded Crowdfire, the social media management app have been at the forefront of the campaign to introduce cryptocurrency and promote the development of blockchain technology in India. Often citing cryptocurrency as the future of finance and banking technology, each of them has consistently campaigned for the wider introduction of cryptocurrency and blockchain in India.

The growing worth of WazirX is perhaps symbolic of the growing number of people in India who are participating in cryptocurrency trades, despite the strict regulatory environment in place at this moment. Back in December when WazirX had also posted a significant jump in trade volume, CEO Nischal Shetty had said:

“The recent uptick in the crypto prices has gotten a lot of Indians trading again … whenever there’s volatility people forget the problems and start trading. That’s exactly the reason why we’re seeing our volumes shooting up so fast.”

WazirX’s success offers hope to many exchanges and traders across India who were hit significantly by the Reserve Bank of India’s [RBI] decision to ban financial institutions such as banks from facilitating services to entities or individuals engaged in cryptocurrency trading services. Such issues have been given innovative solutions to by exchanges such as WazirX and Unocoin with the P2P trading facilities.

Presently, the Supreme Court is yet to hear several petitions filed against the said RBI circular and exchanges such as WazirX remain at the fore of such a campaign to allow the wider trade of cryptocurrencies in India.

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




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.

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