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Bitcoin hits $40,000 for first time, but sharp drop expected

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Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates

Bitcoin topped $40,000 for the first time on Thursday, as it continues a rally that has seen the digital currency climb more than 700% from a March 12 closing low. Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates.



The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on Jan. 2 and $20,000 on Dec. 16. Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 US cents, respectively. Both currencies often move in tandem with bitcoin.



Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID-19. Market participants though warned a correction could be in the cards after a scorching rally.

“While further growth is inevitable, investors should not expect this to move in a straight line,” said Gavin Smith, chief executive officer of cryptocurrency consortium, Panxora Group. “The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits,” he added.


Bitcoins surge happened as the market cap for the entire cryptocurrency sector topped $1 trillion on Thursday, according to data trackers CoinMarketCap and CoinGecko. Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a “non-zero amount” of the virtual currency reaching an all-time high of more than 33 million.


The information provider also said while interest in bitcoin and news coverage have grown, it is far from being in bubble territory. The number of daily new bitcoins has still not reached 2017 levels, Glassnode said, suggesting the currency is experiencing strong organic growth in adoption, but not the sort of “viral growth typical of a bubble.”


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“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill

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* With the cryptocurrency bill looming large, consumers have been worried about their investments in cryptocurrencies like Bitcoin, Ethereum and others.

* We spoke to industry sources and exchanges to answer your questions, and help you understand if you should sell your Bitcoin and Ethereum investments.

* One of the key takeaways is that you should not panic.

* Read on to find out what you should do in case cryptocurrencies are banned.

One of the biggest questions in the minds of Indians holding cryptocurrencies is if they should sell their crypto investments before the Indian government bans them.

It is not an easy question to answer as there is little information from the government in this regard as of now. If you are panicking about your investments in Bitcoin, Ethereum, dogecoin and other cryptocurrencies, we are here to answer your questions.

Should I sell my cryptocurrencies?

Don’t panic.
Panic selling could prove to be counterproductive, especially since we don’t have enough information about the bill.
“Cryptocurrency holders in India should not panic. They should wait for the government to reveal all the details about what is being banned or not, and then take a decision accordingly,” said Nischal Shetty, co-founder of WazirX.
“Consumers need not panic and sell their crypto investments. CoinDCX has put in safeguard measures to ensure investors are protected, and we have the liquidity to help consumers liquidate their investments if they want to,” said Sumit Gupta, co-founder and CEO of CoinDCX.

“Consumers who are holding cryptocurrencies should not sell their investments in haste. The information in the public domain is incomplete, the details are still not finalised and ban may not materialize,” said Arjun Vijay, co-founder of Giottus Cryptocurrency Exchange”.

What happens if the government bans cryptocurrencies?

The government will likely give investors some time to liquidate their cryptocurrency holdings, so you should not worry about it right now.

“Even if the government bans cryptocurrencies, it will likely give some time to Indian investors to liquidate their assets,” Vijay further added”.

Will the government ban holding cryptocurrencies in foreign countries?

The details are not available right now, so it is suggested that you wait and watch for official information from the government.

Can I invest in cryptocurrencies via the Liberalised Remittance Scheme?

It might be possible to invest in foreign countries taking advantage of the Liberalised Remittance Scheme that allows resident individuals in India to invest up to $2,50,000.
However, in view of absence of details about the crypto ban, you should adopt a wait and watch approach.

Will banks freeze my account if I invest in cryptocurrencies? This is unlikely as your bank account and cryptocurrency investments are not related.

Will I be able to withdraw money from cryptocurrencies into my bank account?

As things stand right now, there is no restriction on selling cryptocurrencies and withdrawing those funds into your bank account. Even if the government bans cryptocurrencies, it is likely to give some time to investors to liquidate their assets.
“Consumers need not worry about cashing out their investments and receiving money in their bank accounts,” Gupta added, assuring that your money will not go down the drain. According to Shetty, millions of Indians hold over INR 10,000 crore in total in various forms in cryptocurrency investments. The government will give them a way out even if it bans cryptocurrency trading.

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Govt committee recommends ban all cryptocurrencies, except those issued by state: FM

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*The central government will take a decision on the recommendation of committee and legislative proposal, says FM
*A cryptocurrency bill is being finalised and it will be sent to cabinet soon, minister of state for finance Anurag Singh

A high-level committee suggested that all the private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India, finance minister Nirmala Sitharaman said on Tuesday.

In a reply to a question in Rajya Sabha whether central government is planning to issue strict guidelines on cryptocurrency trading, Sitharaman said, “A high-level Inter-Ministerial Committee (IMC) constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in its report that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.”

The central government will take a decision on the recommendation of IMC and legislative proposal, if any would be introduced in the Parliament following the due process,” finance minister added. In 2018, the Reserve Bank of India had banned banks from processing transactions relating to cryptocurrency. In in March 2020, Supreme Court overturned the ban.

Reiterating the govt’s stance on Bitcoin, the finance minister said, “It was announced in the Budget Speech for 2018-19 that the government does not consider cryptocurrencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” “The government will explore use of block chain technology proactively for ushering in digital economy,” it further said.
The central government will take a decision on the recommendation of committee and legislative proposal, says FM
A cryptocurrency bill is being finalised and it will be sent to cabinet soon, minister of state for finance Anurag Singh Thakur said

A high-level committee suggested that all the private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India, finance minister Nirmala Sitharaman said on Tuesday.

In a reply to a question in Rajya Sabha whether central government is planning to issue strict guidelines on cryptocurrency trading, Sitharaman said, “A high-level Inter-Ministerial Committee (IMC) constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in its report that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.”

“The central government will take a decision on the recommendation of IMC and legislative proposal, if any would be introduced in the Parliament following the due process,” finance minister added. In 2018, the Reserve Bank of India had banned banks from processing transactions relating to cryptocurrency. In in March 2020, Supreme Court overturned the ban.

Reiterating the govt’s stance on Bitcoin, the finance minister said, “It was announced in the Budget Speech for 2018-19 that the government does not consider cryptocurrencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” “The government will explore use of block chain technology proactively for ushering in digital economy,” it further said.


A cryptocurrency bill is being finalised and it will be sent to cabinet soon, minister of state for finance Anurag Singh Thakur said earlier. “Regulatory bodies like RBI and Sebi etc also don’t have a legal framework to directly regulate cryptocurrencies as they are neither currencies nor assets or securities or commodities issued by an identifiable user. The existing laws are inadequate to deal with the subject. The government had formed an inter ministerial committee and the committee has given a report. Post that there was a meeting of the empowered technology group which happened earlier. The committee of secretaries which was chaired by the cabinet secretary has also its given their report. The bill is being finalised and will be sent to the cabinet soon. So we will be bringing the bill soon,” Thakur said.


Earlier this month, the Reserve Bank of India (RBI) said that it has plans to bring a digital version of the Indian Rupee. The central bank “was exploring the possibility as to whether there was a need for a digital version of fiat currency, and in case there was then how to operationalise it,” it mentioned.


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Indian Government Prepares to Fast Track Crypto Bill — Plans to Introduce Cryptocurrency Law in a Month: Report…..

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The Indian government is reportedly considering taking “the ordinance route” to quickly pass the cryptocurrency bill. “The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance,” a local news outlet detailed.

Indian Government Seeks to Quickly Pass Crypto Bill

All eyes are on what the government of India will do with the cryptocurrency bill that is listed to be introduced in the current session of parliament. The bill seeks to ban cryptocurrencies while creating a framework for the official digital currency to be issued by the central bank, the Reserve Bank of India (RBI).

On Friday, CNBC-TV18 reported that “The government may take the ordinance route to pass the Cryptocurrency and Regulation of Official Digital Currency Bill,” citing unnamed sources. The news outlet elaborated:

The PMO, Finance Ministry, and Cabinet

The PMO, Finance Ministry, and Cabinet Secretariat have started preparing the draft details of the ordinance. The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance

“They want this bill to be cleared as soon as possible,” reporter Timsy Jaipuria noted. She added that “the cabinet is understood to have given clearance to this particular proposal that this bill can be introduced via an ordinance route in its last meeting which was held on Feb. 3.”

Ordinances are promulgated by the president of India on the recommendation of the Union Cabinet. They have the same effect as an Act of Parliament. Ordinances can only be issued when Parliament is not in session, enabling the government to take immediate legislative action. The current Budget session began on Jan. 29 and will end on April 8. It is held in two phases; the first phase will end on Feb. 13 and the second will start on March 8.

The cryptocurrency bill could resemble the one drafted by an interministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg, who has now resigned from the government. Recently, the Minister of State for Finance Anurag Thakur answered some crypto questions in Rajya Sabha, the upper house of India’s parliament, clarifying the government’s stance on cryptocurrency and the digital rupee.

There are still many unanswered questions about the bill the government is planning to introduce and many are just waiting for the bill to become public. Meanwhile, the Indian crypto industry has launched a campaign to convince the government not to impose a ban on cryptocurrencies.

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nature, earth, environment, science, Technical knowledge, Technology

There is a way to go to the black hole, but it is not possible to come back ‘!!!!!!!!!!!!!!

Technical Mechzone

Two physicists have figured out the conditions necessary to enter the black hole. Black holes are so mysterious that scientists are very keen to know about them. Scientists say that going to a black hole would be a one-way trip, because if the light could also come out from the black hole, then it is useless to predict the possibility of a human coming out. Small black holes do not rotate and the radius of their event horizon is very low. This is the place, after which nothing comes back.

An event horizon means that the event horizon is a boundary beyond which the events beyond it cannot have any effect on the universe outside its boundary, nor can any person sitting outside its boundary know what is beyond the boundary. Used to be.

Here the effect of gravity is very high. Apart from this, the radius of the event horizon of the second massive black hole is 7.3 lakh miles. There is a difference of thousands of billion times in gravity between the center of both and the event horizon. If a star-related object crosses the black hole’s event horizon, it undergoes a process of sphagatification.
Sphagetification is the process by which (in some theories) an object falling into a black hole will be separated or ripped off by gravitational forces. In this, every molecule of its body is pulled by a long strand. This happens because the gravity at one point in space time is much higher than the other point. When this happens, it is impossible to survive in a black hole.

However, if a person falls into a massive black hole, he will be in freefall and there will not be spaghettification. The reason behind this is that the distance between the black hole from the event horizon is much more.

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WhatsApp beta for Android 2.21.3.13: what’s new?

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WhatsApp has just submitted a new update through the Google Play Beta Program, bringing the version up to 2.21.3.13.
What’s new in this update? Discover all details below!

Common questions. Answers
Name of the feature? Mention badge
Status? Under development
Availability? In a future update.
I’ve the same version but I don’t see this news, why?
:. It’s not available yet, but you can see here a preview of the feature, for a future build.
News about iOS? No news yet.

Mention badge
After several updates that addressed bug fixes and general improvements, WhatsApp has released today the 2.21.3.13 beta update. It has nothing new apparently, but we can show today a preview of the feature they’re working on in this build: the mention badge!
The feature is very simple to explain: when you receive a mention in a group, a new badge will be added in the group cell:


This feature is under development and it will be available in a future update.

Taters N Tots
WhatsApp has recently released a new animated sticker pack called Taters n tots, available for previous versions too.

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Indian Exchanges Launch Campaign Seeking to Avert Potential Crypto Ban

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Indian cryptocurrency exchanges have started a joint initiative to convince parliament to regulate cryptocurrencies rather than impose an outright ban.

Under the IndiaWantsBitcoin campaign, the exchanges have launched websites – indiawantscrypto.net and indiawantsbitcoin.org – to help Indian citizens email their representatives at the Loksabha (the lower house of parliament) asking for positive and progressive regulation of the crypto markets.

The campaign has been launched in response to the government’s plan to table the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021,” which would potentially prompt development of a digital rupee while banning “private cryptocurrencies.” While exactly what the bill means for cryptocurrencies like bitcoin and ether isn’t clear, but the industry has concerns.

The campaign is being shared across social media, with supporters tagging friends and urging them to do their bit.

“Within one day, over 10,000 emails have been sent via indiawantscrypto.net from all parts of the country,” Nischal Shetty, CEO of the Binance-owned WazirX exchange, told CoinDesk. “It’s a critical moment, and all eyes are on India to find out if we’re for or against innovation.”

The five email templates available on both websites highlight the positive role cryptocurrencies can play in helping Prime Minister Narendra Modi achieve his aim of a “digital India” and “atmanirbhar bharat” (self-reliant India).

“I am concerned that the prohibition of private cryptocurrencies might stun the growth of Digital India. With the world embracing cryptocurrencies, it would be regressive for India to be deprived of such once in a generation opportunity,” one email template says.

Another says a potential ban would significantly affect the ecosystem, comprising 10-20 million cryptocurrency users, 340 startups providing related services and direct employment to 50,000 Indians.

The Indian crypto industry has witnessed solid growth since the Supreme Court overruled the Reserve Bank of India’s banking ban on cryptocurrency firms in March 2020.

As per the recent data from Venture Intelligence, investments worth a whopping $24 million have gone into various crypto firms from India in the year 2020,” Sumit Gupta, CEO of the Mumbai-based CoinDCX exchange, told CoinDesk.

As such, a potential ban may result in a significant economic damage for the world’s second-most populous country, as well as have a negative effect on the cryptocurrency markets.

However, an Indian minister recently hinted any ban may be limited, stating that the government aims to curb illicit cryptocurrency transactions and bar their use in payments.


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Goldman Sachs’s Rahmani strikes warning over Bitcoin value

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The wild swings in the price of Bitcoin prove it’s not a real unit of value, though blockchain technology “is here to stay,” according to Goldman Sachs Group Inc.’s Sharmin Mossavar-Rahmani.

Something with a long-term volatility of 80% can’t be considered a medium of exchange,” said Rahmani, head of the investment-strategy group for the bank’s consumer and investment-management division.
Just because everybody piles into into an idea and talks it up doesn’t mean it’s a store of value,” she said during a briefing Wednesday on the group’s 2021 outlook, comparing the cryptocurrency’s spikes to the recent run-up in GameStop Corp.

Bitcoin surged to a record close of almost $41,000 in early January, but has since dropped back to about $37,000.

Rahmani’s skepticism about Bitcoin’s intrinsic value echoes that of European Central Bank governing council member Gabriel Makhlouf, who said last month Bitcoin investors should be prepared to “lose all their money.” Still, the cryptocurrency has plenty of high-profile proponents.


Paul Tudor Jones bought some as a hedge against central bank and government action, while Mike Novogratz and Alan Howard have both invested hundreds of millions of dollars in Bitcoin and other digital currencies. Bridgewater Associates founder Ray Dalio has called it “one hell of an invention” and an alternative, gold-like asset.
Rahmani drew a distinction between Bitcoin and blockchain technology, the public, mostly anonymous ledger that records all the currency’s transactions. That technology could facilitate the smoother flow of global assets and will become part of the financial infrastructure, she said.

Despite doubters on Wall Street, the unceasing buzz over Bitcoin is leading more banks to develop cryptocurrency products for clients. JPMorgan Chase & Co. launched its own digital currency last year and Fidelity Investments started a Bitcoin-only fund. Even Goldman Sachs may be joining the party. The bank issued a request for information to at least one crypto custody player at the end of 2020, website CoinDesk reported in January.

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ExclusiveTop stock picks by Ajit Mishra: Buy Ambuja Cements, Motherson Sumi

Technical Mechzone

Motherson Sumi has formed a fresh buying pivot now and looks all set to resume the uptrend

Ambuja Cements Limited
Recommendation: Buy
Last Close: 276.25

Initiation range: 270-272
Target: 294
Stop loss: 256

Mostly cement stocks have gained substantially in the last two trading sessions and Ambaja Cement is also trading in tandem with the trend. It surged almost vertically from the support zone of the medium-term moving average (100 EMA) on the daily chart and made a new record high as well. The chart pattern, combined with recent buoyancy in the market, is pointing towards a steady up move ahead. Traders can create fresh longs on any dip in the given range.

MothersonSumi Systems Limited
Recommendation: Buy
Last Close: 156.30
Initiation range: 156-158
Target: 180
Stop loss: 145

MothersonSumi has retraced marginally and tested the support zone around 140, taking a breather after a strong recovery from the March 2020 lows. It has formed a fresh buying pivot now and looks all set to resume the uptrend. We thus advise creating fresh longs in the mentioned zone.

Zee Entertainment Enterprises Limited
Recommendation: Buy
Last Close: 242.90
Initiation range: 240-242
Target: 260
Stop loss: 228

We’re seeing a gradual recovery in media stocks and Zee Entertainment is also participating in the move now. It has witnessed a fresh breakout on February 2, after spending nearly one and a half months in a consolidation range. Indications are in the favour of recent momentum to extend further. Traders shouldn’t miss this opportunity and create fresh longs in the given range.

Note: Dear readers

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Cryptocurrency bill: Bitcoin in India trades at 20% discount to global prices

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• The government’s plan to ban all private cryptocurrencies in India has spooked investors with prices of the world’s oldest cryptocurrency bitcoin trading at a steep discount of up to 20% against a premium of 10% in the last few days.

The government on Friday had listed a bill, which proposes to ban all private cryptocurrencies in India — such as bitcoin, ether, ripple — in the legislative order of business for the Budget Session of 17th Lok Sabha.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 also stated that certain exceptions to promote the underlying technology of cryptocurrency and its uses would be allowed.

Due to the fact that a cryptocurrency draft bill leading to its ban has got listed in the items for discussion during this budget session, the entire industry is in panic. We have seen some panic selling as well, which has led to reduced prices of cryptocurrencies. Bitcoin and ether, which used to trade at 10% premium compared with global markets are now trading at 20% discount,” said Sathvik Vishwanath, co-founder and chief executive officer, Unocoin.
*According to the expert, cryptocurrencies didn’t see any notable recovery despite the topic not coming up in the budget speech.
Bitcoin was trading marginally higher on Tuesday after hitting a high and a low of $34,715.66 and $33,150.73, respectively, over the past 24 hours
The government’s plan to ban all private cryptocurrencies in India has spooked investors with prices of the world’s oldest cryptocurrency bitcoin trading at a steep discount of up to 20% against a premium of 10% in the last few days.

The government on Friday had listed a bill, which proposes to ban all private cryptocurrencies in India — such as bitcoin, ether, ripple — in the legislative order of business for the Budget Session of 17th Lok Sabha.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 also stated that certain exceptions to promote the underlying technology of cryptocurrency and its uses would be allowed.

“Due to the fact that a cryptocurrency draft bill leading to its ban has got listed in the items for discussion during this budget session, the entire industry is in panic. We have seen some panic selling as well, which has led to reduced prices of cryptocurrencies. Bitcoin and ether, which used to trade at 10% premium compared with global markets are now trading at 20% discount,” said Sathvik Vishwanath, co-founder and chief executive officer, Unocoin.


According to the expert, cryptocurrencies didn’t see any notable recovery despite the topic not coming up in the budget speech.

Bitcoin was trading marginally higher on Tuesday after hitting a high and a low of $34,715.66 and $33,150.73, respectively, over the past 24 hours. It was trading at $34,265 at 1.45 pm (IST) on Tuesday, as per data available with crypto exchange WazirX.

Last year, the Supreme Court of India had quashed a Reserve Bank of India’s (RBI) ban on crypto-related payments.


Industry experts also are hoping for government support. “The contents of the draft bill remain unknown, which is also adding to the panic of the community. India is known for following the footsteps of developed counties when it comes to technical innovation and it is the time for governments and regulators to look at how this has played out there more closely before making knee-jerk reactions,” said Vishwanath.

RBI earlier had also said that the apex bank is exploring a digital version of the rupee.


“We’re proud that the RBI is exploring a digital rupee built on a blockchain. Blockchain technology not only lowers costs, but it also improves accounting since it is an immutable ledger, which would give the government new tools to fight corruption. However, creating a government currency doesn’t require the banning of non-government crypto assets. On the contrary, safely including all aspects of this new technology will bring tremendous tax revenue and innovation,” said Rahul Pagidipati, chief executive officer at ZebPay.


In other cryptocurrencies, ethereum and tether were trading in the green by up to 8%, while stellar was down 5% in the red on Tuesday.


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