As the leadership is changed, President Yoon Seok-Yeol, the South Korean government is focusing on developing legislation to provide the growing crypto industry with an updated regulation framework. This legislative regulatory framework is known as the Virtual Currency Business Rights Act. Now, multiple primary securities agencies like Samsung in the country are waiting for its approval.
Activities Of The Large Firms :
Nearly the top seven financial services firms in South Korea are deciding to roll out crypto exchange platforms by next year. One of these big firms is Samsung Securities. That is the financial support of the Samsung Group and Mirae Asset Securities. Also, it is the largest investment banking firm as per the market cap in South Korea.
As per the reports, Samsung Securities is working on the groundwork to provide a trading platform to South Korean users. The platform will deal with cryptocurrencies, and non-fungible tokens (NFTs), and if possible, it will also work on tokenized securities. The organization has been focusing on exploring blockchain-based security tokens since last year. Though, it remained unable to provide the required workforce to develop the security token trading platform.
Strict Regulatory :
After the failure of South Korea-based Terraform labs, the authorities of the country became very conscious of digital assets. They quickly started to focus on regulatory frameworks and work of investigation on crypto platforms. So, it is clear that the situation around cryptocurrencies was fully skeptical.
Though, for the election of Yoon Seok-Yeol as President, the circumstances seem less confusing.
The Presidential campaign of Seok-Yeol has promised to implement pro-crypto and Bitcoin policies along with financial stability for all social classes.
Additionally, the new government is also developing legislation to provide the improved crypto industry with a fair regulatory framework.
Here Is The 'Why' :
This shift could be the reason for South Korean financial firms that are pushing to get a license to launch crypto exchange platforms. According to various reports, these related firms could get their permissions between Q3 and Q4 of 2022. That is anticipating several activities.
Through this activity, Samsung Securities participates in a long list of financial giants and multinational conglomerates leaping into crypto waters.
A month ago, the world's largest asset manager, BlackRock, launched a private Bitcoin trust. The trust offers direct disclosure to spot BTC's price activity. As per the company, the tool is a reply to growing interest from large clients who want to access cryptocurrencies.
Recently, Blockdata, the market intelligence firm also exposed that Google's parent company Alphabet Inc provided $1.5 billion to four blockchain companies. It happened between September 2021 and June 2022. These companies include Dapper Labs, Fire Blocks, Voltage, and the Digital Currency Group. Also, the companies like Morgan Stanley, BNY Mellon, Goldman Sachs, and PayPal invested in blockchain startups as well.
Alongside, on August 16, Brazil's largest brokerage firm by market value, XP Inc, also came with its crypto trading platform. Presently, the platform provides services to users to trade Bitcoin and Ether. It has plans to add ten more digital currencies by the end of 2022. Notably, XP Inc acquired 3.6 million users and anticipates hitting the milestone of 200,000 active crypto users by the end of the year.
Even during the current crypto winter after the crash, the rising institutional adoption of crypto and blockchain technology aims tremendous promise for the virtual digital asset industry. As fast as large companies participate in these rising platforms, retail investors are expected to feel more comfortable investing their capital in this potential asset class. It is expected that over time, this might lead to mainstream adoption and acceptance of crypto products, tools, and services.
Data integration is now decentralized with none other than MOBULA!
Known as the first completely decentralized data aggregator, MOBULA enables dApps to integrate trustable and on-chain data APIs. The Mobula dApp allows any user to participate in the data aggregation process simply by joining the Protocol DAO. It simply enables everyone to query reliable data about any crypto-token. Data is the backbone of any ecosystem and Mobula’s Protocol enables the implementation of a new kind of data aggregator, accessible on-chain on almost all EVM-compatible blockchains which makes the data integration completely decentralized.
From data collection, its processing and the broadcasting, everything is done in a decentralized and reliable way at Mobula. Since its launch, the team at Mobula is trying hard every day to make the whole thing perfect for its users. Just last month, the beta version of Mobula was released with many changes and a lot of bug fixing in it. With the release of this new version, the Mobula has gained efficiency, flexibility and independence and has extended the user benefits. Now, it has a brand new, more pleasant and powerful interface to interact with DAOs. On the other hand, they have launched the governance system that allows governors (member of the governance DAO) to submit and vote on proposed resolutions. This DAO has given days to $MOBL governance tokens which is possible to have by staking of MOBL. +3,000 MOBL are already staked in the DAO pools, which is 20% of the user-minted supply
The three main and impressive things, according to us, that make Mobula one of the best are as follows:
It is Cross-chain: Mobula is cross-chain, supporting almost all EVM compatible blockchains such as Ethereum, Binance Smart Chain and Polygon.
It is Decentralized: Mobula is fully decentralized by design, from data collection to processing and distribution.
On-chain data accessibility: All the data collected and processed by Mobula is completely accessible on-chain, accessible for users and dApps.
$MOBL:
MOBULA provides earning opportunities to its users with its native token MOBL and in this way it can be considered as a potentially strong project in the market right now. MOBL is the native utility token of MOBULA that is used for the governance of the project (from treasury management to Protocol-related decisions). Currently deployed on the BNB Chain, on Polygon and on Avalanche, the token allows workers to be rewarded, to vote in DAO decisions, to make proposals, and is a way to redistribute the profit generated by the platform to investors directly via staking pools. With total supply 20,000,000 and a well organized vesting schedule, MOBL is a good token to invest in for long term benefits.
To know more about this potentially strong and promising project, you can check out their socials:
Cryptocurrencies have captured the headlines since the Supreme Court removed the ban on that world in early 2020. Though India is a late candidate to enter the market. But now the country has embraced the crypto world with rapid growth. At present, there are as many as 27 million Indians who are holding crypto assets. The number is largely from Tier II and Tier III cities.
The Indian Crypto Market :
The United Nations Trade and Development (UNCTAD) recent report stated that 7.3% of Indians either acquired or had owned digital assets as cryptos in 2021. The considerable thing is if the cryptocurrency will be able to unofficially replace national currencies if allowed to grow unchecked.
Aniket Jindal, co-founder, of Economy, a blockchain developer platform said that the global cryptocurrency market is still highly volatile for several economic and socio-political factors. The only constant thing is the continued growth and invention of the Web3.0 space. Because more institutions invest capital into it. He added that Cryptocurrencies are coming into the mainstream with media outlets and exchanges showing them as an investment and trading asset. Blockchain is present here to stand. According to him, as regulations and government policies are getting into space, the market anticipates that user adoption will increase with the technology.
The notable thing is that the Reserve Bank of India (RBI) has been an unchanged rival of crypto platforms. Mentionable is that recently in a raid the Enforcement Directorate (ED) seized the assets of the crypto exchanges WazirX and Vauld.
Sankhanath Bandyopadhyay, economist, Financial Sector said that the owners of India-based crypto exchanges like WazirX and Vauld were unable to provide valid explanations of transactions and often refused them. Funds from financial technology (fintech) were collected through exchanges and transferred to anonymous foreign wallets. He also added that there should be accurate exposure to the Comptroller and Auditor General (CAG), Securities and Exchange Board of India (SEBI), and RBI by the individual crypto exchange. it can be made during income tax return filing.
Vineet Budki, the CEO of Cypher Capital, said that Blockchain can track the end-to-end movement of goods accurately in any type of error or blind spots.
How can blockchain fix the transaction risk?
TRUST intends to utilize a centralized paper board to track every VASP party on both sides of a transaction, and an encrypted point-to-point (P2P) channel to handle exchange data.
According to the recent Chainalysis report, more than one million dollars was traded in illegal cryptocurrency in 2021.
Furthermore, the UNCTAD report showed that the global use of cryptocurrencies had grown rapidly because of the COVID-19 pandemic. India was positioned sixth in crypto adoption. It is considered that various investors have profited from the high advantage and utilization of crypto.
According to the investors, the evolution of the ‘Crypto bill’ will be advantageous to the Indian government to balance cheques on the transaction.
Gaurav Mehta, founder of Catax – Simple Crypto Taxes, said that centralized acquiring of transactions and framework is expected to be laid due to the bills. The aim of forex transactions, which considers the purchase and sale of foreign currencies above specific limits, is notified to RBI. Similarly, the government will place a cap on crypto transactions and explain the disclosure guidelines.
Community Responses :
However, over 50% of crypto investors seem to not be obstructed by the crash. That group wants to increase its investments in crypto in the upcoming six months.
Additionally, 33% of surveyees were concerned due to the government’s guidelines that can decrease the crypto platforms.
Alongside, 26% of the respondents were also concerned regarding the issues such as hacks and exploits. 23% of surveyees showed concern about losing capital in a security breach.
The recent year has been facing a massive cryptocurrency fall. Several well-known crypto networks have dropped. The bear market performs worst for the cryptocurrency blockchains like Bitcoin, Terra, and Ethereum.
One of the greatest strategies to balance the volatility of cryptocurrencies is a strong portfolio. That strong portfolio helps a user track their assets. Also, it helps to identify which crypto is appropriate for shorting and which can be owned safely.
Big Eyes :
Due to the continued demand for two well-known meme coins, Dogecoin and Shiba Inu, meme coins came back this year. The meme coins became popular. It is taking inspiration from Elon Musk’s dog. The illustration of the dog, which is called Floki, got huge popularity. Shiba Inu is another meme coin and competitor of Dogecoin. Shiba Inu is a Japanese creation. Although there are several meme coins on the cryptocurrency market at present time.
Turbulence is going to bring its meme coin industry. The Big Eyes are coming from the Japanese industries to save and reinvent the meme coin's actual identity.
The Meme Coin's History :
There are so many categories of cryptocurrencies on the market. There are categories like Play-to-Earn, Metaverse and meme coins. Meme coins are inspired by a prominent online joke or meme. Later, some specific currencies changed into enthusiastic investments for crypto experts. Online communities also play a crucial role in their development.
But they might have a unique and humorous origin than other existing cryptocurrencies in the market. Meme coins and other cryptocurrencies are assets of wealth that are treated similarly to stocks and other investments. That is not any legal tender. Cryptocurrencies act with the help of blockchain technology. Blockchains are considered decentralized digital ledger that keeps track of transactions and makes transaction in blocks.
It is important to gain knowledge before investing in meme coins or other cryptos that what it is actually.
Big Eyes (BIG): The Cutest Kitten Identity :
Big Eyes plans to originate itself as a community-driven coin aiming to reroute assets into the ecosystem of decentralized finance (Defi). The blockchain network plans to contribute 5% of its profits to a charity wallet. That initiative will support projects that are focused on ocean and marine life conservation intended to safeguard an essential portion of the global ecosystem.
Through a unique mascot, Big Eyes aims to bring a part that they realize to be a “billion-dollar market” by targeting specific charitable organizations. The mascot is a big-eyed kitten or baby cat that was influenced by Japanese animation.
The platform chose a kitten as their recognition is a stark departure from the canine-based canon. That many meme coins follow as their model. The platform credits cats. Because the creator and developer of the Big Eyes platform followed a novel strategy that massively got attractions from people.
The token’s future is in the hands of the community. The activities or responses will matter. One of the projects, related to comic books and other media, will enlarge the Big Eyes setting and characters.
Additionally, BIG is also renowned for its dynamic tax structure, democratic community management, and above all the tax-free fees. After all, this idea has a huge potential to both raise meme currencies to a new level and keep the bear market recovering.
Mentionable, Billy Markus and Jackson Palmer, Dogecoin (DOGE) Originator said that when they invented Dogecoin in 2013, they didn’t want their humorous cryptocurrency to be taken seriously or heavily. Meme coins existed for a long time.
Notably, Dogecoin is a decentralized and open-source peer-to-peer digital currency whose features can be compared to Bitcoin, as it works around digital payment mechanisms.
Cryptocurrencies are highly volatile and randomly change their position. Cryptocurrency volatility depends on several matters. It can be highly influenced by large investors' regular massive transactions in the market. These massive investors or making transactions accounts are known as whales and their bulky transaction amounts or activity are known as whale movements. Strategic traders always follow the whale movements. It raises expectations to benefit from the price volatility. The whale movement is a crucial thing for the price of the crypto market.
How do whale movements impact the market?
When the market whales start to buy large amounts of crypto, the particular crypto's price would increase. On the other hand, if a group of large investors starts to sell any token or crypto, the price would drop later.
In this movement, the anticipation is easy. When the whale group starts to purchase massively, it causes scarcity. That led to a high rate. Contrarily, when the investors free their assets into the market or start to sell, that time supply increases. This causes the price to drop.
Though, many traders and investors start to follow and copy the whale's movements. When the group starts to sell or buy, the whole market follows the same.
The Indicator Of Whale's Selling Pressure :
One of the indicators of whale selling movement is when it is noticed that a wallet transfers a huge amount of crypto into any exchange wallet. That indicates that the whales are going towards selling the crypto which will cause a price fall in the market. That is the time for the users to get back their amount before the price falls.
Sign Of Whales' Buying Pressure :
Investors mainly choose cold wallets for storing cryptos for the long term. To make the wallets less secure from hack and attacks, the wallets are not connected to the internet. When it is seen that any massive withdrawals take place out of an exchange wallet and into a whale wallet, it is a great sign that the whales are preparing to hold their assets.
This holding pressure from crypto exchanges results in a scarcity of supply. That causes a high price rate.
In 2019, the price of Bitcoin rose to around $11,500 from $4,200 in June. This price breakout was caused by the purchase of 20,000 BTC executed across three different exchanges.
Over-The-Counter Trading :
When whales do not go for any movement in the market, they follow to opt for over-the-counter or OTC trades. It refers to the transfer of crypto from one wallet to another wallet for a fixed price that is predetermined. The wallets are secretly owned by an exchange or another buyer. These OTC trades only affect the markets during any breaking news.
The Tracking Tools Of Whales :
Some of the whale tracking basics are known to several users. Let's have a look at some of the tools that a user can follow to track whale movement. The tracking is possible because of the transparent nature of cryptocurrencies. There could be anonymity but not full secrets.
Blockchain Explorers :
The cryptocurrency's transparency is unlocked through blockchain explorers. They function as crypto search engines. Here, a user can search for a wallet and explore its holdings and all the transactions.
Several blockchain explorers offer the user to sort transactions by amount. This helps them to get precise data on the whales and get in-depth information on what they are preparing for. To get the information, the explorers help the users.
Though these explorers' actual use was to check and track the success or failure of the users' transactions. Now, they have also shifted into whale tracking platforms.
