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Cryptocurrency prices on August 16: Bitcoin trades flat at $58,400; Altcoins mixed

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Cryptocurrency prices on August 16: Bitcoin trades flat at ,400; Altcoins mixed
Cryptocurrency prices showed mixed trends today, with Bitcoin, Ethereum, BNB, Solana, and XRP trading slightly higher, while Toncoin, Dogecoin, Avalanche, Shiba Inu, and Polkadot traded marginally lower.

The global cryptocurrency market cap remained largely unchanged, edging up just 0.02% to around $2.07 trillion over the last 24 hours.

As of 4:17 pm IST, Bitcoin (BTC) was trading 0.15% higher at $58,428, after hitting a low of $56,161 earlier in the day. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, gained 0.04%, trading at $2,619.

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This market movement came after data revealed U.S. consumer prices rebounded as expected in July, tempering expectations for a substantial rate cut by the Federal Reserve next month.The U.S. consumer price index increased 0.2% last month, after falling 0.1% in June, the Labor Department’s Bureau of Labor Statistics said. In the 12 months through July, the CPI increased 2.9%, after advancing 3% in June.Meanwhile, markets are now pricing in just a 25% chance of a 50-basis-point cut by the Federal Reserve next month, down from 55% a week ago, according to the CME FedWatch tool.”Bitcoin experienced a pullback to the $58,000 level following the release of U.S. CPI data, which indicated a price rebound in July as anticipated. This dampened hopes for a significant rate cut from the Federal Reserve next month,” said Edul Patel, CEO of Mudrex. He also noted that “geopolitical tensions between Iran and Israel further contributed to market pressure, along with significant liquidations in the crypto derivatives market.”Meanwhile, the CoinDCX Research Team observed that “there’s no specific reason for this drop. Both Bitcoin and Ethereum are moving sideways on lower time frames, with the overall market appearing choppy.” They added, “U.S. BTC ETF inflows have slowed down, and altcoins are suffering due to Bitcoin’s decline and the market’s choppy behavior.”

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The volume of all stablecoins is now $68.27 billion, 93.38% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.153 trillion. Bitcoin’s dominance is currently 55.83%, according to CoinMarketCap. BTC volume in the last 24 hours rose 6.36% to $34.68 billion.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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Tatarstan joins the race to open the first Russian cryptocurrency exchange

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Tatarstan joins the race to open the first Russian cryptocurrency exchange

Realnoe Vremya found out the prospects of the republic for participation in the experiment

Photo: Максим Платонов

The first Russian crypto exchange has every chance to open in Tatarstan, State Duma deputy from Tatarstan, member of the Duma Committee on Budget and Taxes Ayrat Farrakhov told Realnoe Vremya. The legislative decision on the creation of a crypto exchange is planned to be prepared for the autumn session. About the bonuses that our republic will receive if it bypasses competitors in the competition for the right to become an experimental platform for finalising the legal regime of cryptocurrency exchange trading, as well as about the pitfalls that await pioneers along this path — read in our material.

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“It opens up new opportunities for the region”

From September 1, the Bank of Russia may approve a program of an experimental legal regime for such trades. Official crypto exchanges in the country can be created for a period of 2 years under an experimental legal regime. This was announced by State Duma deputy from Tatarstan Airat Farrakhov, noting that Tatarstan today is the best region for opening the first crypto exchange.

“It is in our republic that there are all the conditions for creating a crypto exchange,” he told Realnoe Vremya. “They can be briefly described in three words — engagement, readiness, economy controllability. We have the most powerful infrastructure, and the expert and professional potential of the republic makes it the best platform for the implementation of such a project. No decision has been made yet, but Tatarstan may well be entrusted with its implementation.”

In his opinion, the leading regions of Russia, primarily Moscow and St. Petersburg, can compete with our republic in the struggle for the right to become pioneers. The prospect of becoming a platform for the first Russian crypto exchange opens up opportunities for the region to make a huge leap forward in several areas at once — this is an innovative activity that allows payments to be made on a global scale, as well as the development of enterprises engaged in cybersecurity and software developments.

“In connection with the sanctions, the Russian economy is experiencing great problems, in particular with the implementation of payments between friendly countries,” said Farrakhov. “And the development of the crypto exchange will be a serious step in this direction. But this is a tactical task that is being solved in the course of the implementation of the crypto exchange project. And there are also strategic goals: a new type of economic activity is emerging, which has not yet existed. This will ensure the formation of new professional qualities among employees.”

When asked by Realnoe Vremya what prerequisites Tatarstan has for the successful implementation of the crypto exchange project, the deputy listed: developed infrastructure, the presence of technoparks, Innopolis, as well as the development strategy of the republic itself.

“This may become a good driver for the development of its IT industry”

Yan Art, a financial expert, member of the RSPP (Russian Union of Industrialists and Entrepreneurs) Commission on Banks and Banking, Candidate of Economics believes that the opening of the first cryptocurrency exchange in itself will be an extremely positive event, and if it opens in Tatarstan, it will be a serious impetus for the further development of the republic’s economy.

“There are three types of legislation in the world that have been implemented in recent years in relation to cryptocurrencies in general and mining in particular,” he told Realnoe Vremya. “The first one is absolutely liberal, the most extreme version of it was implemented in El Salvador, where bitcoin was made a means of payment. It is dangerous because the situation can get out of control. The second way is a weighted average one, when mining is regulated and controlled, since cryptocurrencies by and large violate the 500-year monopoly of state money issuance. And the third one is to ban everything. In my opinion, it is very positive that Russia has followed the second path, like most countries of the world, realising that this is part of technical and information progress.”

Yan Art stressed that the crypto exchange has huge differences from the usual one, and therefore new specialists and even new professions will be required for its organisation and operation, primarily in the field of IT technologies:

“The crypto exchange is also an organisation of electronic trading, the principle of organising trading is the same as on a classical exchange, but the essence of assets is completely different. Therefore, for Tatarstan, the opening of a cryptocurrency exchange can be a good driver for the development of its IT industry.”

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It is important that after the legalisation of mining in Russia, the interests of citizens who consume electric energy are protected by controlling the consumption of electricity for mining in residential buildings. Максим Платонов / realnoevremya.ru

At the same time, the expert of the publication noted, it is important that after the legalisation of mining in Russia, the interests of citizens who consume electric energy are protected by controlling the consumption of electricity for mining in residential buildings.

“If the exchange will trade stablecoins, it will be reasonable”

Andrey Kochetkov, a Realnoe Vremya expert and private investment consultant, is more careful in his statements about the prospects of cryptocurrency exchange trading.

“The crypto market is a very complex entity,” he argues. “Let’s start with that the cryptocurrency has no economic background, it is the work of some computing power to create a unique cryptographic code. The so-called stablecoins are of great relevance — they are a crypto asset backed by real assets. And if the exchange will trade stablecoins, it will be reasonable.”

“Cryptocurrency has no economic underpinning.”. Максим Платонов / realnoevremya.ru

But the very appearance of a crypto exchange on the territory of Tatarstan, in his opinion, in any case, will be useful for the republic primarily because its opening will ensure the emergence of new jobs.

“If cryptocurrency trading is allowed on the territory of the Russian Federation, then the appearance of such an exchange will most likely not be a completely private enterprise, but will involve some kind of state participation or strong state control. Such platform may turn out to be more stable than many exchanges in the world, which are essentially offshore enterprises that are not controlled in any way.”

For the legalisation of cryptocurrencies and the crypto market, Kochetkov sees only advantages in opening a crypto exchange, but in his cautious assessments of the prospects of a new enterprise, he proceeds from that the cryptocurrency market today is built mainly on trust and interest in these assets. He stressed that he has a very high volatility on which one can earn, but they can easily lose a lot of money:

“For individuals, this is probably an unnecessary temptation and they should not give in to it right away, it is better to study the functioning of this market, because cryptocurrencies, unlike stocks or just currencies, are a completely different sphere, no economic principles work there.”

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Inna Serova


Tatarstan

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Cryptocurrency expert Scott Enders explains “meme coins” on Coast Live

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Cryptocurrency expert Scott Enders explains “meme coins” on Coast Live

HAMPTON ROADS, Va — Cryptocurrency expert Scott Enders examines the recent surge in popularity of “meme coins,” explaining the factors driving this renewed interest and the impact on the broader cryptocurrency landscape.

For more information, visit scottenders.com.

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Ledger Taps Revolut For Crypto Payments In Europe – FinanceFeeds

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Ledger Taps Revolut For Crypto Payments In Europe – FinanceFeeds

UK Fintech giant Revolut has teamed up with hardware wallet firm Ledger to expand cryptocurrency payment options in specific European Economic Area (EEA) countries.

Announced today, the partnership will allow Ledger customers to buy and sell cryptocurrencies, including Bitcoin, through Revolut’s on-ramp service, Revolut Ramp.

The alliance will integrate Revolut as an official buy provider within Ledger’s wallet application, Ledger Live, in 27 EEA countries, including Bulgaria, Denmark, Ireland, Malta, and Switzerland.

The partnership is said to simplify the process of buying cryptocurrency while maintaining full digital ownership. Revolut customers who have completed Know Your Customer (KYC) checks can now bypass additional verification steps when buying crypto through Ledger, making the process faster and more secure.

Revolut Ramp also allows non-Revolut customers to complete KYC checks and make purchases using Visa or Mastercard in minutes. The integration includes Revolut Pay as a payment method on Ledger, facilitating instant online payments.

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Revolut, the UK’s highest-valued fintech company, has been providing cryptocurrency services since 2017 and currently serves over 40 million customers globally.

“We’re delighted to be working with Ledger, a leader in the self-custody space, as we further cement Revolut as the go-to financial app for crypto investors,” said Revolut’s general crypto manager Emil Urmanshin.

Meanwhile, Ledger has integrated MoonPay’s instant crypto purchasing and token swap capabilities into its Ledger Live.

The collaboration also introduces a limited-edition Ledger x MoonPay Nano X hard wallet, which is purple and includes a $25 crypto voucher from MoonPay. A one-year subscription to Ledger Recover, a key recovery service, will soon be available with this product.

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Ledger already allows users of its popular crypto hardware wallet to buy cryptocurrency directly in the App with bank cards after it has inked a partnership with Canadian payments firm Nuvei. The agreement gives Ledger users a fiat onramp to conduct and settle crypto transactions, a grey area of business where a gauntlet of KYC requirements and other regulations kick in.

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