Latest news with #GiottusCryptoPlatform
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Business Standard
3 days ago
- Business
- Business Standard
Bitcoin struggles at high levels, consolidates around $104k: What's next?
The crypto markets have been exhibiting a blend of optimism and caution. The flagship currency, Bitcoin (BTC), despite reclaiming the $107,068 level buoyed by favorable sentiments, has struggled to hold above it and slipped below the $104,000 mark. At 9:15 AM on Monday, May 19, Bitcoin was quoted trading at around $103,851.99, up 0.50 per cent. The world's most popular cryptocurrency had a 24-hour trading volume of $55.13 billion. Bitcoin's market capitalisation stood at $2.06 trillion, the highest among all cryptocurrencies. Bitcoin has traded in the range of $103,295.25 to $107,068.72 in the last 24 hours, according to data from CoinMarketCap. Bitcoin faces resistance $107,000 Bitcoin, Vikram Subburaj, CEO, Giottus Crypto Platform, said, needs to consolidate further above $103,000 before it can breach strong resistance placed at $107,000. The asset's performance is also dependent on the US stock indices, which are likely to have a pullback after a stellar week, delaying a surge in Bitcoin. "If Bitcoin decisively breaks $107,000, aided by strong ETF inflows, it would lead to new highs for Bitcoin, with strong rallies expected among altcoins. Until then, traders are advised to minimize their losses and be ready to deploy cash in case of a breakout," said Subburaj. Notably, the bellwether currency is nearly 4.6 per cent lower from its all-time high of $109,114.88 scaled on January 20 this year. Bitcoin, Alankar Saxena, CTO and co-founder of Mudrex, believes that it seems to be on the verge of forming a golden cross this week, similar to patterns seen in February and October last year, which historically preceded significant rallies and could once again propel prices to record highs. "A decisive breakout above $105,000 could signal a bullish continuation, paving the way for new all-time highs," said Saxena. However, a drop below the $102,500 support zone, Saxena believes, may trigger a short-term pullback toward $100,000. Ethereum and other altcoins Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalization, was also facing resistance at higher levels. At last check, Ethereum was trading at around $2,384.64, down 3.6 per cent. Among other popular cryptocurrencies, Cardano (ADA) was trading lower by 1.45 per cent, Solana (SOL) was down 0.95 per cent, Binance Coin (BNB) was down by 0.56 per cent, and Ripple (XRP) declined by 0.20 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, down 0.01 per cent. Top trending cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Pepe (PEPE) were among the top trending crypto coins on CoinMarketCap on Monday morning.
Hans India
06-06-2025
- Business
- Hans India
From Trust to Turmoil: The WazirX Saga and the Imperative for Accountability in Crypto Exchanges
By Vikram Subburaj, CEO, Giottus Crypto Platform In the annals of crypto history, the WazirX debacle stands as a stark reminder of the perils inherent in centralized exchanges operating without stringent oversight. The July 2024 hack, mostly attributed to the notorious Lazarus Group, resulted in the loss of approximately $230 million. It left over 4.4 million users in a dire situation. The subsequent legal proceedings have been protracted and the court is also reviewing a user-backed plan to recover 85% of the stolen funds. While this plan has garnered support from 93% of users, the remaining 15% of assets remain unresolved. As such, we do not know of any timeline for full restitution. Accountability: A Non-Negotiable Mandate Exchanges must be held to the highest standards of accountability, especially in an emerging sector like crypto. The WazirX incident underscores the necessity for exchanges to have robust security protocols, transparent operations, and contingency plans to protect user assets. The lack of timely communication also accentuated the problem and eroded user trust and highlighted systemic vulnerabilities. Regulatory Clarity: The Need of the Hour The absence of clear regulatory frameworks exacerbates the challenges faced during such crises. India's much-awaited crypto regulations are expected to draw from global standards set by the IMF and FSB. The Union Ministry of Economic Affairs is also working on a crucial concept paper. The regulations will aim to establish a more secure and transparent environment for digital assets trading. As of now, all worthy exchanges in India mandate stringent KYC/AML procedures and regular audits. The regulations may also look at capital adequacy norms to ensure exchanges can withstand financial shocks, like in case of WazirX. Proactive Measures for Users: Navigating Future Crises In light of such incidents, users must adopt a proactive stance to safeguard their investments: Due Diligence: Before engaging with an exchange, assess its security infrastructure, regulatory compliance, and historical performance. Self-Custody: Utilize hardware wallets or other secure storage solutions to maintain control over your assets. Stay Informed: Regularly monitor official communications from exchanges and regulatory bodies to stay abreast of developments. Legal Recourse: In the event of fund loss, promptly consult legal experts to explore avenues for restitution. Community Engagement: Join user groups and forums to share information, coordinate actions, and amplify collective concerns. However, be wary of alarmist social media messages that could drive users to panic. Rely on respected and reliable sources before you act. Diversification: Avoid concentrating assets in a single platform or asset class to mitigate risk exposure. The WazirX episode serves as a cautionary tale, and it emphasises the critical need for accountability, regulatory clarity, and user vigilance in the crypto ecosystem. As the industry matures, stakeholders must collaborate to build a resilient infrastructure that prioritises the security and trust of its users.
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Business Standard
30-05-2025
- Business
- Business Standard
Tariff tensions shake crypto markets as Bitcoin dips to lowest in week
Bitcoin price today, Friday, May 30, 2025: Uncertainty arising from former US President Donald Trump's tariff policy has unsettled the cryptocurrency markets, with the flagship cryptocurrency Bitcoin (BTC) falling to $104,684.72, its lowest level in seven days, after climbing to a record high of $111,970.17 last week. The decline followed a legal twist in the United States, where a federal appeals court on Thursday temporarily reinstated Trump's extensive tariff measures. This came just a day after a US trade court ruled that Trump had exceeded his authority in imposing the duties and ordered them to be halted immediately. READ MORE Despite this legal back-and-forth, Bitcoin has shown signs of recovery. As of 10:23 AM on Friday, May 30, Bitcoin was trading at $106,061.71, reflecting a decline of 1.29 per cent over the previous 24 hours. Over the past 24 hours, Bitcoin has fluctuated in the range between $104,684.72 and $108,910.05, according to data from CoinMarketCap. The cryptocurrency had a 24-hour trading volume of $56.77 billion, while its market capitalisation stood at $2.1 trillion, maintaining its position as the most valuable cryptocurrency. At present, Bitcoin is trading 5.38 per cent below its peak recorded on 22 May 2025. Tariff tensions weigh on Bitcoin sentiment Vikram Subburaj, CEO of Giottus Crypto Platform, attributed Bitcoin's recent decline to renewed tariff concerns. 'Bitcoin has slipped to its lowest level in a week as tariff worries resurfaced. Despite Nvidia's strong quarterly results, US stock indices remained subdued as the Trump administration challenged a court order to reverse the tariffs.' Subburaj added that with uncertainty mounting, risk-on markets have experienced liquidity withdrawals. 'Bitcoin's four-hour chart shows a shift in market structure, signalling a potential further decline, possibly towards the early $100,000 range.' Meanwhile, Bitcoin, Edul Patel, co-founder and CEO of Mudrex, believes, is consolidating near $106,000 amid geopolitical uncertainty, as stalled US–China trade talks revive trade war concerns. "Additionally, macroeconomic pressures such as higher-than-expected US jobless claims and a 0.2 per cent GDP contraction in Q1 2025 have added to short-term market caution." Despite this, Patel remains optimistic about the outlook of the flagship currency, citing that institutional confidence in Bitcoin remains strong, "with $432 million flowing into spot Bitcoin ETFs, helping in price recovery." Currently, Bitcoin, Patel said, needs to reclaim the $108,000 level for sustained momentum. "On the flipside, if we do not get follow-through buying, Bitcoin could test the $103,700 level." Ethereum and other altcoins trade lower Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was also following a similar trajectory. At last check, it was quoted trading at $2,637.83, down 3.34 per cent. Ethereum has fluctuated in the range of $2,564.87 to $2,743.57 in the last 24 hours. Ethereum, Subburaj believes, has to hold on to the $2,600 support level to maintain its relative strength against Bitcoin. Among other popular cryptocurrencies, Cardano (ADA) was trading lower by 5.12 per cent, Solana (SOL) was down 3.63 per cent, Hyperliquid (HYPE) declined by 3.15 per cent, Ripple (XRP) by 2.67 per cent, and Binance Coin (BNB) was trading lower by 1.38 per cent.
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Business Standard
28-05-2025
- Business
- Business Standard
Bitcoin steady at $108k as market awaits move; Ethereum eyes $3,000
Bitcoin (BTC) price today, Wednesday, May 28, 2025: The cryptocurrency market continues to trade within a narrow range, with leading digital asset Bitcoin (BTC) consolidating around the $108,800 mark following an unsuccessful attempt to break through resistance near $111,000. Market analysts called the current consolidation healthy and said it indicates investors are waiting for clearer breakout or breakdown signals. The bellwether currency was quoted trading at around $108,810.13, lower by 0.21 per cent at 11:40 AM on Wednesday, May 28. The world's most popular cryptocurrency had a 24-hour trading volume of $52.64 billion. Bitcoin's market capitalisation stood at $2.16 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $108,445.43 and $110,744.21, according to data from CoinMarketCap. Bitcoin, Edul Patel, Co-founder and CEO of Mudrex, said, is currently in a re-accumulation phase, where steady buying interest is helping maintain bullish momentum. "Market sentiment was further boosted by US President Donald Trump's media company announcing plans to raise $2.5 billion to establish a Bitcoin treasury." Calling Bitcoin's consolidation healthy, Vikram Subburaj, CEO, Giottus Crypto Platform, said that, "As long as BTC holds above the weekly open near $109,000, the path to a renewed breakout above $110,000 is likely." A brief dip into the $106,000–$108,000 zone, Subburaj believes, would fall within normal volatility. Ethereum faces resistance at $2,750 Ethereum (ETH), on the other hand, touched the $2,700 mark briefly but failed to hold. Last seen, it was quoted trading at $2,629.79, up 0.92 per cent, with a trading volume of $24.32 billion. It has fluctuated in the range of $2,566.49–$2,712.29 in the last 24 hours. Ethereum's market cap stood at $317.5 billion, making it the second-largest cryptocurrency by market capitalisation. Despite the dip, Harish Vatnani, head of trade, ZebPay, said, the Relative Strength Index (RSI) remains at 64—comfortably below the overbought threshold of 70—suggesting there's still room for bullish momentum if buyers regain control. "However, caution is warranted, as the MACD flashed a bearish crossover on Friday, signalling potential short-term weakness and a possible continuation of the downward move. Traders will likely keep a close eye on these technical levels for confirmation of the next trend direction," said Vatnani. ETH is facing strong resistance at $2,750. If it breaks and closes above this level with good volumes, then Vatnani expects the price to further rally up to $3,000 and $3,350. Altcoins trade mixed Among other popular altcoins, Binance Coin (BNB) was trading higher by 0.69 per cent, while Cardano (ADA) was trading lower by 1.9 per cent, Ripple (XRP) was trading lower by 0.56 per cent, and Solana (SOL) lower by 0.33 per cent.
Business Standard
23-05-2025
- Business
- Business Standard
Bitcoin pauses around record high levels; Ethereum, Cordano blaze ahead
The bellwether cryptocurrency Bitcoin (BTC), after a continuous march in price discovery into uncharted territory, appears to take a breather as the price seems to be consolidating around the recent highs. As of 9:54 AM on Friday, May 23, Bitcoin was trading at around $110,886.55, lower by 0.40 per cent, with a 24-hour trading volume of $63.95 billion. Over the past 24 hours, Bitcoin has moved within a range of $110,293.12 to $111,970.17, according to data from CoinMarketCap. Bitcoin's market capitalisation stood at $2.2 trillion, making it the wor;ds largest cryptocurreny by market capitlasions. Bitcoin faces resistance at $112,600 Bitcoin, Alankar Saxena, Co-founder and CTO of Mudrex, said, is stabilising around $111,500 after hitting a new all-time high of $111,970, entering uncharted territory with strong momentum. "Moreover, institutional inflows have helped BTC maintain sustained momentum, with Spot ETFs seeing over $600 million in net inflows in a day. Additionally, the US Dollar Index has dropped more than 2.6 per cent over the last 10 days, making crypto an attractive hedge against inflation," said Saxena. For the flagship currency, Vikram Subburaj, CEO, Giottus Crypto Platform, believes that there are signs of continuation in the short term with $115,000 being the immediate target. "A pullback post this is likely given its overbought conditions, though the rally can extend like in December 2024. Market sentiment continues to strengthen with the Crypto Fear & Greed Index climbing to 78 (Extreme Greed)," said Subburaj. Altcoins trade higher Sentiments were favorable among other cryptocurrencies as well. Ethereum (ETH) was trading higher by 3.52 per cent at $2,713.79, with a trading volume of $26.97 billion. It has traded in the range of $2,603.36 - $2,731.22 in the last 24 hours. Ethereum's market capitalisation stood at $327.18 billion, marking it as the world's second-largest cryptocurrency by market capitalisation. That said, Ethereum is nearly 44 per cent lower from its all-time high of $4,891.70, scaled on November 16, 2021. Among other popular altcoins, Cardano (ADA) was trading higher by 5.33 per cent, followed by Solana (SOL) up 4.69 per cent, Ripple (XRP) up 2.14 per cent, and Binance Coin (BNB) up 0.15 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $0.99, down 0.01 per cent.
