Bitcoin trading above $49,000

Major cryptocurrencies are trading mixed, with Bitcoin falling more than 1 percent. The global cryptocurrency market capitalisation is currently $2.13 trillion, a 0.14 percent increase in the past 24 hours. While Bitcoin is trading at above $49,000, gaining more than 6 pecent in a week. Ethereum is trading more than 1 percent higher at around $3,300. Cardano, which recently touched a record high to become the third-largest cryptocurrency by market capitalisation, continues to occupy that spot. Read full here.

PayPal launches crypto buying and selling in the UK

PayPal Holdings Inc will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday. The roll-out, which marks the first international expansion of PayPal's cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class. With over 403 million active accounts globally, the company is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies. It launched crypto buying and selling in the US in early 2021 and enabled customers to use their digital coin holdings to shop at the millions of merchants on its network. Read details here.

India ranks second in global cryptocurrency adoption index

India ranks second in the global cryptocurrency adoption index only behind Vietnam, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. The worldwide adoption of cryptocurrency has grown by over 2,300 percent since the third quarter of 2019 and over 881 percent in the last year. The ranking was based on three metrics including peer-to-peer (P2P) exchange trading volume and value received. India was followed by Pakistan and Ukraine at rank three and four respectively. The US and China’s ranking dipped from sixth to eighth and from fourth to thirteenth respectively. Read details here.

Crypto space too large to ignore now: Experts

The cryptocurrency debate rages on. Even as Bitcoin prices recovered after a months-long dip, Finance Minister Nirmala Sitharaman said othe cryptocurrency bill is ready and waiting for Cabinet clearance. The crypto craze in India is also huge, with Indians having invested close to $6.6 billion in cryptocurrencies till May 2021. Around 1.5 crore Indians have said they have invested in the virtual currency. Currently, about 350 startups are working in the blockchain and cryptocurrency space. In the latest edition of Crypto and India: The Way Ahead, Darshan Bathija, co-founder and CEO, Vauld; Pratik Poddar, Principal, Nexus Venture Partners; Jaideep Reddy, Leader, Technology Law, Nishit Desai Associates; and Gautam Chhugani, Director, Crypto Strategy, Bernstein spoke about future of the virtual currency. See full here.