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India Pushes Ahead With E-Rupee Trials – Top Crypto Updates

India pushes ahead with E-Rupee trials

India is pushing ahead with plans to launch an e-rupee as concerns about the volatility and regulatory risks of cryptos continue to grow amidst the collapse of FRX. The Reserve Bank of India rolled out its first pilot scheme for the e-rupee at the beginning of November. It has allowed some banks to use the digital rupee to settle secondary market transactions in government bonds.

The RBI now plans to start testing the retail uses of the digital form of the Indian rupee. To learn more about e-rupee, click here.

Crypto prices today: Bitcoin falls 2.1%, ETH down 3.7%

Bitcoin is currently trading at $16,207.37, a decline of 2.14% over the previous day. Ethereum fell 2.7% over the last 24 hours to $1,172.76. Solana fell 7.2% to $13.34, while Cardano is trading lower by 3.61% at $0.305. Avalanche (AVAX) is down 4.7% to $12.32. The global crypto market cap stands at $819.81 billion, a 2.64% decline over the previous day.

Several US states open probe into Genesis: Report

Following FTX’s collapse, multiple U.S. regulatory agencies have opened investigations into other centralized exchanges and operators. The Alabama Securities Commission and other states are investigating crypto lender Genesis Global Capital. This is part of a broader probe into how connected many crypto companies are, and if these companies have violated state securities laws. 

Nigeria seeks to promote digital asset trading

According to a Bloomberg report, Nigeria seeks to advance digital asset trading in the country. It aims to draw a distinction between digital assets (central bank digital currencies, NFTs, stablecoins) and cryptocurrencies. The Nigerian Securities and Exchange Commission (SEC) said it will promote investment in “sensible digital assets” with investment protection. 

Crypto exchange Coinsquare says client data breached

Coinsquare, one of Canada’s largest crypto exchanges, faced a data breach during the weekend. The company has claimed customer assets are “secure in cold storage and are not at risk.” It emailed customers yesterday to report a “data incident” in which an unauthorized third party accessed a customer database containing personal information.

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Investors Shorting BTC, ETH in Record Numbers – Top Crypto Updates

Antalya, Turkey - May 21, 2021: Close up shot of Bitcoin and alt coins cryptocurrency

Investors are shorting BTC, ETH in record numbers: Report

According to a report from CoinShares, a large number of institutional investors are betting on the price of Bitcoin, Ethereum, and other cryptos to go down. Institutional investor sentiment was deeply negative last week, as short product inflows represented 75% of the total inflows— the largest inflow on record. [Short products allow investors to bet on the price of an asset going down.]

Crypto prices today: Bitcoin down 2.5%, ETH falls 3.5%

Bitcoin is currently trading at $15,721.15, a decline of 2.5% over the previous day. Ethereum fell 3.5% over the last 24 hours to $1,090.11. Solana is down 2.9% to $11.46, while Cardano is trading lower by 1.35% at $0.302. Avalanche (AVAX) fell 3% to $11.61. The global crypto market cap stands at $780.37 billion, a 2.48% decline over the previous day.

Genesis Trading warns of possible bankruptcy: Report

According to a Bloomberg report, crypto firm Genesis Trading has warned that it may be facing bankruptcy. The company’s lending arm suspended services last week and failed to raise funds. Due to the collapse of FTX, the company was facing “abnormal withdrawal requests” and requested for a $1 billion bailout last week.

Lawmakers urge Fidelity to drop Bitcoin Retirement Plan

U.S. Senators sent a letter to investment giant Fidelity Investments, warning it against offering Bitcoin to customers following the collapse of FTX. Fidelity is America’s largest provider of 401(k) savings accounts. [A 401(k) plan is an employer-sponsored personal pension account.] In April, the firm launched a new product offering companies and their participating employees access to Bitcoin. 

Bitget registers in Seychelles, eyes global expansion

Singapore-based crypto derivatives exchange Bitget has registered in Seychelles as it looks to expand its services. The company plans to set up more regional hubs on its expansion roadmap. Last week, the exchange started operations in Brazil and will allow users to make crypto purchases in Brazilian reals.

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SBF, Binance to Testify on FTX Collapse – Top Crypto Updates

House Committee calls on SBF, Binance to testify on FTX collapse

The U.S. House Financial Services Committee will hear from Sam Bankman-Fried (SBF) on the collapse of his crypto empire FTX next month. Binance, which offered to buy FTX before pulling out after seeing its financial statements, will also testify along with SBF’s trading firm Alameda Research and other related entities.

Crypto prices today: Bitcoin falls 1.8%, ETH down 3.8%

Bitcoin is currently trading at $16,555.61, a decline of 1.8% over the previous day. Ethereum fell 3.85% over the last 24 hours to $1,199.91. Solana fell 1.26% to $14.2, while Cardano is trading lower by 4.2% at $0.326. Avalanche (AVAX) fell 3% to $13.13. The global crypto market cap stands at $829.49 billion, a 2.17% decline over the previous day.

Crypto liquidity provider B2C2 offers to buy loans from Genesis

Prominent crypto market maker B2C2 has offered to purchase loans from the struggling crypto financial firm Genesis. On Wednesday, the lending arm of Genesis said it was pausing redemptions and new loan originations as it was severely impacted by FTX’s collapse. B2C2 will work with Genesis and its counterparties to replace/divert existing loans at Genesis Global Capital to B2C2. 

CoinSwitch says it holds sufficient reserves to match customer investments

Indian crypto change CoinSwitch confirmed that its overall holdings of crypto and INR balances are higher than those of customers’ holdings on the platform. Its assurance comes in the wake of the collapse and bankruptcy of FTX. Millions of customers lost money, triggering a chain reaction that has impacted other crypto companies and eroded trust in the digital asset.

Uniswap passes Coinbase as #2 Ethereum exchange

Uniswap, a decentralized exchange (DEX) nearly doubled the volume of Ethereum (ETH) transactions compared to Coinbase over the past few days. Binance remains in first place in ETH transactions, with over $1.7 billion in the past 24 hours. DEXs like Uniswap are quickly rising in popularity in the wake of the collapse of FTX, a centralized exchange (CEX).