While the FTT token is on a roll, India's crypto exchanges are allowing bank deposits. Crypto is back on track in India now that exchanges are allowing bank deposits. Following FTX's acquisition of LedgerX, Ethereum has reached a three-month high, and the FTT token has been on a tear.
In this episode of The Daily Forkast, September 2nd, we'll have more on those topics - as well as other news influencing the cryptocurrency and blockchain worlds.
For a long time, India's stance on cryptocurrency has been a top priority for us, and it appears that things are changing. Some large cryptocurrency exchanges are now again able to accept deposits from well-known financial institutions. It's a complete 180-degree turn from earlier this year. We'll talk about that and a lot more in the near future.
So, back in May, we saw banks cite an out-of-date Reserve Bank of India circular from 2018 to demand clarity on crypto transactions.
Despite the RBI's declaration that this was no longer the case, most crypto exchanges were unable to accept deposits via net banking, debit cards, or credit cards as a result.
However, cryptocurrency appears to be regaining traction in India, with WazirX now accepting deposits from Indian Overseas Bank, IDBI Bank, and Punjab National Bank.
However, there is still a sense of unease. Not every bank is on board. There's also the forthcoming legislation that would outright outlaw cryptocurrency.
In May of this year, the RBI published a statement stating that its 2018 circular had been overturned by the Supreme Court in March 2020.
Despite having the capacity to do so, the central bank did not give direct orders to banks instructing them to resume providing services to bitcoin companies.
However, certain well-known banks are also offering net banking services, and crypto exchanges WazirX and CoinDCX, both of which went unicorn this year, are now allowing consumers to deposit funds via net banking from certain banks.
During the banking crisis, WazirX users had to rely on alternative deposit methods, such as the Mobikwik wallet or the Reserve Bank of India-regulated Unified Payment Interface.
However, these are still baby steps; several of the country's most well-known banks, including as ICICI Bank, HDFC Bank, and State Bank of India, are not yet included.
As a result, as India's crypto law awaits cabinet approval, the regulatory landscape remains hazy.
Meanwhile, the cryptocurrency market has risen almost 6.5 percent this week, bringing the overall market capitalization to US$2.23 trillion.
Ethereum, the second-largest cryptocurrency, reached its highest levels against Bitcoin and the dollar in more than three months on Thursday morning Asia time.
Despite a day of sluggish price activity in the broader crypto market, Ether's price rose above US$3,800.
Since just before the Ethereum Network's London hard fork at the beginning of August, the price of Ether has been steadily rising.
However, for the majority of August, Ethereum traded flat around the US$3,500 mark until surging above US$3,800.
Why? According to Caselin, Ethereum price hikes are to be expected for the time being, as it is still the favored platform for stablecoin, NFT, and DeFi issuance. However, he adds that, with rapid improvements from the likes of Solana and Terra, the position should not be taken for granted in the coming year or two.
Those who aren't aiming to make a quick buck are still accumulating Bitcoin, despite the buzz surrounding NFT and other advances closely linked to Ethereum and comparable platforms.
In terms of financial methods, it may be a case of the tortoise or the hare.
Finally, Ethereum isn't the only cryptocurrency on the rise right now. FTT, the cryptocurrency of crypto exchange FTX, is also performing well.
It broke its previous high, achieved in May before the market crisis, and hit US$66.33 Thursday morning Asia time, according to Coinmarketcap.
Since FTX acquired the crypto derivatives platform LedgerX earlier this week, the price has increased by 40%.
The price of the acquisition was not disclosed, but FTX claims it will allow them to expand their product offerings to include futures and options trading in the United States.
So, may an initial public offering (IPO) be on the cards here? When I interviewed FTX CEO Sam Bankman-Fried for our podcast Word on the Block earlier this year, he said they're absolutely looking into it.
“We'd be insane not to conduct our due diligence on it, right?” We don't have any definite plans, but we're studying as much as we can and doing our homework.”
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