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India Leads 2024 Crypto Adoption Index Despite High Tax Rate

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India has again ranked as the leading country with local investors adopting crypto. The latest metric comes despite the government’s continuous efforts to discourage digital asset adoption.

According to Chainalysis’ latest research, seen by CryptoPotato, India also led last year’s Crypto Adoption Index.

India Leads Crypto Adoption

The study ranked global countries based on their engagements with centralized services, retail centralized services, decentralized finance (DeFi) services, and retail DeFi services. Unlike the 2023 metrics, this year’s record excluded the Peer-to-peer (P2P) exchange volume, citing “a substantial decrease in activity” in various regions. LocalBitcoins.com, a notable P2P exchange, halted operations last year, triggering the performance drop.

India saw the most interaction with centralized crypto entities. However, it ranked second and third in retail DeFi operations and DeFi services. The latter metric is a decrease from the country’s leading position in the past year.

By maintaining its leading position, investors in the Asian country demonstrate their commitment to boosting crypto adoption despite the government’s stringent stance on crypto assets. A recent report confirmed that the Indian finance minister upholds a 1% tax deducted at source (TDS) rate on crypto trades and a 30% income taxation on crypto profits.

Looking forward, it remains uncertain if the Indian crypto market will maintain its leading position from next year due to the severity of a recent $230 million hack of a local crypto exchange, WazirX. Public data shows that 4.2 million Indians incurred substantial losses from the exchange’s breach.

CSAO Captures $750B in Crypto Inflow

Chainalysis research revealed that seven of the top 20 countries belong to Central and Southern Asia and Oceania (CSAO), a slight increase from last year’s record. These countries include India, Indonesia, Vietnam, the Philippines, and Pakistan.

Between July 2023 and June 2024, CSAO locked in $750 billion in crypto assets inflow, representing 16.6% of the market share. This Index cements CSAO’s third position among leading regions adopting crypto.

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Cryptocurrency

Ripple (XRP) Price Prediction for This Week

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XRP seems to have found support around 50 cents. Can buyers push the price higher this week?

Key Support levels: $0.50

Key Resistance levels: $0.54, $0.68

1. Price Finds Support

After a sharp fall last week, bulls appear to be back. XRP opened this Monday in green and is keen to return on an uptrend. As long as the key support at 50 cents holds, buyers have a good chance to return on the offensive.

XRPUSDT_2024-10-07_16-38-24
Chart by TradingView

2. Sellers are Retreating

Early October saw a spike in sell volume, but now sentiment across the market is improving, which could see the momentum shift back into the bulls’ favor. If so, buyers can aim to take XRP back above 60 cents. However, once there, sellers could return, as in late September.

XRPUSDT_2024-10-07_16-38-36
Chart by TradingView

3. MACD Momentum Shifting

After a difficult start this month, the momentum on the daily MACD is showing the first signs of a reversal, with a histogram making higher lows. If this trend continues, buyers could soon take over the price action and push XRP to break higher again.

XRPUSDT_2024-10-07_16-39-30
Chart by TradingView
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The Unexpected Crash of Bitget’s BGB Price: CEO Speaks Up, Promises Compensation

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The price of Bitget’s BGB token unexpectedly dropped by 50% on the morning of October 7 before beginning to recover.

The platform has announced that it will compensate users for any losses resulting from the sudden volatility, which is still under investigation.

Exchange Promises Full Compensation

According to CoinGecko data, the incident saw the token’s value fall from $1.14 to $0.64 before staging a quick recovery. In a post on X, Bitget addressed the situation, saying, “BGB experienced unexpected volatility today due to market conditions, but the price has quickly stabilized.”

The platform reassured its users, promising to fully compensate for any asset losses. It also announced that a detailed compensation plan would be released within 24 hours, with the entire process set to be completed within 72 hours.

Bitget CEO Gracy Chen reiterated this message in a separate X post:

“The incident is still under investigation, but I want to assure everyone affected that we will not let any Bitget users suffer losses.”

Chen emphasized that Bitget’s overall standing remains strong, noting that the platform achieved a global market share of 11% in the third quarter of 2024, making it the fourth-largest exchange globally. Additionally, it boasts an asset reserve exceeding 176% and holds the second-largest protection fund globally, which is designed to compensate users quickly in the event of such incidents.

The Nature of Flash Crashes

Meanwhile, this incident mirrors a past development that occurred earlier this year with OKB, the native cryptocurrency of the OKX exchange. The token faced sudden price collapses, falling from a high of $48 to $25 within hours. The event was reportedly triggered by several large leveraged position liquidations, leading to further sell-offs and price declines.

At the time, OKX responded by reassuring its users that it would compensate them for the losses incurred from the unusual liquidation. While OKB’s crashes were linked to market-wide volatility, Bitget has yet to pinpoint the exact cause behind today’s event.

A cryptocurrency “flash crash” occurs when several holders rapidly sell a specific crypto asset, surpassing buyer demand and causing the price to drop sharply in a short amount of time. Unlike a typical collapse, the price usually recovers quickly, often returning to a level close to where it started.

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Blockchain Life 2024 in Dubai: A Gathering of Market Insiders Ahead of the Bull Run

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[PRESS RELEASE – Dubai, UAE, October 7th, 2024]

On October 22-23, the Blockchain Life 2024 forum will take place in Dubai. Over 10,000 participants from 120 countries will come together for the crypto event to share industry insights on the eve of Bull Run 2025.

Participants will hear from leading voices in the blockchain space, who will share market analysis on market trends and potential future developments.

Confirmed figures include:

  • CEO Tether – Paolo Ardoino
  • Co-Founder Animoca Brands – Yat Siu
  • CEO Ledger – Pascal Gauthier
  • CEO Cardano Foundation – Frederik Gregaard
  • CEO Dubai Blockchain Center – Dr. Marwan Alzarouni
  • Co-Founder Litecoin Foundation – Xinxi Wang
  • CEO Vechain – Sunny Lu
  • CEO of dYdX Foundation – Charles d’Haussy
  • Founder Listing.Help, Jets Capital – Sergei Khitrov
  • Founder DWF Labs – Andrei Grachev
  • Co-Founder Tezos – Arthur Breitman
  • CEO Trust Wallet – Eowyn Chen
  • Co-Founder Osmosis Labs – Sunny Aggarwal
  • Co-Founder of Sui (Mysten Labs) – Kostas Chalkias
  • Head of Investments at Maelstrom Fund – Akshat Vaidya
  • Founder Notcoin – Sasha Plotvinov
  • Co-Founder, CEO Celestia Labs – Mustafa Al-Bassam
  • Google Cloud – Tiago Henriques
  • Program Lead MetaMask – Zied Brini

In addition to the lineup of speakers, Blockchain Life 2024 is also set to include behind-the-scenes discussions that will provide an opportunity for networking and exchanging information on the latest advancements in the sector.

The forum is coming soon. Readers can purchase tickets with a 10% discount using promo code chainwire.

https://blockchain-life.com

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