Category: Crypto

RSS is a blockchain based crypto currency whose tokens in circulation are backed by an equivalent amount of Indian Rupees, making it stable coin with a price pegged to INR.

RupeeStandard Coin Launched in MuGambo Block chain Network today. These coins will be traded under Symbol RSS very soon.

RSS belongs to cryptocurrencies called stablecoins which aim to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular cryptocurrencies like Bitcoin and Ethereum. That would allow it to be used as a medium of exchange and a mode of storage of value, instead of being used as a medium of speculative investments.

Cryptocurrency Price Today: Bitcoin on Tuesday, April 19, took a U-turn to touch the $41,000 mark for minutes, before going stable at $40,000 levels. Bitcoin’s recoil was largely a result of volatile markets. Not only Bitcoin, the global cryptocurrency market surged by over 4 per cent, as all major crypto coins rallied on the day. On the other hand, Terra’s (LUNA) stable coin, TerraUSD or commonly known as UST, has pipped USD(BUSD) to become the third largest stable coin in terms of market cap.

Bitcoin price today at the time of writing this article soared by 4.40 per cent to trade at $40,739.16, as per data. Ether price too rose by 4.53 per cent to stand at $3,047.80, according to data by CoinMarketCap. Both Bitcoin and Ether, along with other top crypto coins, contributed to a consolidated rise in the global cryptocurrency market.

“A key indicator of Bitcoin’s recent price rise is the late-afternoon rally in the Nasdaq 100 (NDX) by close to 80 points. Given that Bitcoin is so highly correlated to the NDX in 2022, the cryptocurrency also saw a late flurry in the early hours of April 19,” said Darshan Bathija, CEO and co-founder of Vauld.

“The continued high correlation between BTC and the NDX shows that the crypto is very risk-on. This could be a deterrent to Bitcoin’s recovery as the NDX is 3.5% below its 100-day moving average (DMA) whereas Bitcoin is currently testing its 100DMA,” he added.

“On the 4-hourly daily timeframe, BTC has broken out of the descending channel pattern. The daily RSI has edged closer to 45 as buyers dominated the last two days of trading. The market sentiment for BTC has come out of the Extreme Fear zone and we could expect more buying momentum to follow. The next resistance is expected at $48,600 and an immediate support for BTC is expected at $37,600,” said the WazirX trade desk.

“Terra’s(LUNA) stable coin, TerraUSD or commonly known as UST, has pipped Binance USD(BUSD) to become the third largest stable coin in terms of market cap. This was reflected in the price of its native token, LUNA, as it surged over $92 gaining over 17% in the last 24 hours. Terra has recently been accumulating large quantities of Bitcoin, amounting close to  $2.4 billion, to back its UST stablecoin,” it aded.

Here are the top 10 cryptocurrencies and their prices on April 18, 2022 (data from coinmarketcap.com)

Bitcoin $40,739.16 or 4.40 per cent gain in the last 24 hours

Ethereum $3,047.80 or 4.53 per cent gain in the last 24 hours

Tether $1.00 or 0.01 per cent loss in the last 24 hours

BNB $420.50 or 5.19 per cent gain in the last 24 hours

USD Coin 0.9997 or 0.01 per cent loss in the last 24 hours

XRP $0.7678 or 4.09 per cent gain in the last 24 hours

Solana $102.00 or 5.11 per cent gain in the last 24 hours

Terra $89.16 or 16.07 per cent gain  in the last 24 hours

Cardano $0.9309 or 5.54 per cent gain in the last 24 hours

Avalanche $77.66 or 5.70 per cent gain in the last 24 hours

Source: News 18

An effort is underway in Malaysia to possibly allow bitcoin and other cryptocurrencies to take their place alongside fiat as legal tender. If the initiative survives, it could be a great addition to the country’s small casino market

It’s a long shot and has a long way to go to find approval, but an initiative has begun to transform cryptocurrencies into legal tender in Malaysia. Bloomberg reports that the country’s Communications and Multimedia Minister, Zahidi Zainul Abidin, supports the idea. He planted his position in front of Parliament yesterday.

We hope the government will allow this. We are trying to see how we can legalize this so that we can develop the participation of young people in cryptocurrencies and help them,” states Zahidi.

Currently, the concept is only an idea. There has been no formal presentation of legislation to alter the country’s financial laws. The Finance Ministry dictates the rules, although the Ministry of Housing and Local Government provides guidance on “digital financial activities,” according to Zahidi.

Malaysia’s Gambling Industry

Malaysia doesn’t have a large casino market – there are only five in the country. Four, including Resorts World Genting, are under the Genting Group umbrella in the country. There is also no legal online gaming activity, although discussions to change this appear from time to time.

Malaysia has piloted cross-border transactions using a CBDC with Australia, Singapore, and South Africa. However, it hasn’t addressed the inclusion of existing cryptocurrencies.

It’s easy to imagine Genting Group supporting any cryptocurrency progress in Malaysia. It already expressed its enthusiasm for cryptocurrency in gaming when it launched Resorts World Las Vegas.

Cryptocurrency Finding its Place

To date, El Salvador is the only country to have legalized bitcoin as a form of tender, although Switzerland could make it a “de facto” legal tender, as well. Tonga and Mexico are also exploring cryptocurrency adoption.

Now, after a year, only around 14% of consumer activity centers on the use of bitcoin in El Salvador. However, the anti-crypto pundits who look at that as a negative miss the bigger picture.

Approximately 14% penetration after just a year is significant. Even in more developed countries, adopting new ways to do things is difficult. It took over 15 years for the US to realize that email served a purpose. Even the telephone was once considered too inadequate to be “seriously considered as a means of communication,” according to Western Union in 1876.

More important is the adoption of the US dollar. It took over 100 years for the dollar to gain respect around the world. In some countries, for years, people used it as wallpaper.

Reference: casino.org