India’s booming crypto market faces hurdles :

Industry insiders have expressed concerns about the high crypto tax in India despite the notable surge in Bitcoin prices, which led to significantly increased demand on cryptocurrency exchanges and substantial risinDCX, a popular Indian cryptocurrency platform, saw its trading volumes multiply fivefold within the past month, escalating from $5 million at the start of February to approximately $25 million by the end of the month. Sumit Gupta, the co-founder of CoinDCX, attributed this remarkable growth to the upward trajectory of Bitcoin prices in a recent interview with a local media outlet, The National. 
In a similar vein, WazirX, Mumbai’s foremost cryptocurrency exchange and the largest in India, saw a 20-fold increase in trading volumes since the start of 2024. Rajagopal Menon, WazirX’s vice president, observed a notable rise in new user registrations and daily website traffic, linking this surge directly to the escalating Bitcoin prices and the resultant positive market sentiment.
Despite this surge in interest, trading volumes have not returned to their peak levels, partly due to heavy taxes on crypto transactions in India. In 2022, the government imposed a 30% tax on cryptocurrency profits and a 1% tax on all transactions. These measures have impacted retail investments, which, according to Menon, have not reached the heights seen in 2021. Concerns from Indian authorities about the risks associated with cryptocurrency trading, including potential misuse for money laundering, also contribute to the cautious approach to regulation.
However, some industry insiders still view the tax regime as the Indian government’s implicit acknowledgment of cryptocurrencies as legitimate investment vehicles.  
“Over the last couple of years, the industry has seen some progress, firstly the Government’s move to include the VDA industry under the Prevention of Money Laundering Act, 2002 (PMLA) […] However, regulatory challenges, such as tax provisions introduced in the Finance Act of 2022, have remained a deterrent for further adoption,” Gupta told Crypto.news in a separate statement.
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The need for regulatory clarity and confidence in the Indian cryptocurrency market remains crucial for sustaining demand. Sidharth Sogani, founder and chief executive of cryptocurrency research firm Crebaco, also highlighted the difference between the legal and regulated status of cryptocurrencies in India, pointing out that regulation would change the market dynamics significantly.
The concerns over cryptocurrency regulation have been highlighted by Indian Finance Minister Nirmala Sitharaman, who firmly stated that Bitcoin (BTC) and other digital assets should not be regarded as currencies. Sitharaman is looking forward to the G20 — comprising 19 sovereign countries, the European Union (EU), and the African Union (AU) — to establish a comprehensive regulatory framework for cryptocurrencies.
“We have always maintained that Crypto is an asset class, and we have been advocating for regulatory clarity from this perspective,” Gupta added.
“Additionally, we should understand the value that this technology is bringing. This was also made evident by recent statements made by SEBI Chairperson and Shri Uday Kotak when he drew attention to the “emergence of an alternate market and how it is being legitimized by the U.S., UK, and Europe as a major part of their future.”
Gupta further stressed the importance of global collaboration among policymakers to develop a coherent and effective regulatory framework for cryptocurrencies. He argued that such collaboration would lead to a pooling of resources, meaningful exchanges of knowledge, and faster progress toward establishing a regulatory framework that minimizes “regulatory arbitrage.”
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Arbitrum (ARB) unveils Atlas upgrade to slash fees and more 

By Ogwu Osaemezu Emmanuel
March 18, 2024 at 12:28 pm
Edited by Dorian Batycka
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Arbitrum (ARB), a leading Ethereum (ETH) layer-2 solution, has just launched its Atlas upgrade, marking a crucial step in lowering transaction fees and boosting network efficiency.

Arbitrum’s Atlas upgrade is now live 

Offchain Labs, the primary developer behind Arbitrum, has announced the successful activation of the ArbOS 20 upgrade, dubbed “Atlas,” on the Arbitrum network.
As part of the ArbOS 20 update, the Atlas upgrade integrates Ethereum’s Dencun support and introduces blob transactions to streamline data processing at a reduced cost. With the Atlas upgrade now live, Arbitrum plans to implement additional reductions in execution transaction fees on March 18th.
At first, the Atlas upgrade focuses on reducing layer-1 (L1) posting fees through EIP-4844, with further reductions scheduled for next week. Arbitrum states that Atlas aims to decrease the L1 surplus fee per compressed byte from 32 gwei to zero and lower the layer-2 (L2) base fee from 0.1 gwei to 0.01 gwei. Consequently, applications on Arbitrum One should reap the benefits of the new pricing structure without requiring any modifications.

According to Off Chain Labs, Layer 3 Rollup chains constructed atop Arbitrum One will automatically experience reduced fees.
Meanwhile, self-governed Orbit L2 rollup chains are encouraged to embrace ArbOS Atlas and enable blob posting to enjoy similar benefits.
Offchain Labs further highlights that Arbitrum RaaS (Rollups-as-a-Service) providers like Altlayer, Caldera, Conduit, and Gelato have committed to upgrading existing Orbit chains to support the Atlas upgrade and the Ethereum Dencun upgrade.
Moreover, the Atlas upgrade brings Arbitrum (ARB) in line with EVM’s security standards by incorporating support for EIP-6780. This paves the way for future improvements to the EVM.
Offchain Labs highlighted that by optimizing transaction costs, the Atlas upgrade will make previously impractical use cases like gaming, SocialFi, and DeFi exchanges viable.
The recent implementation of Ethereum’s Dencun upgrade, aimed at reducing gas fees on L2 blockchains, is expected to promote greater adoption of the Ethereum ecosystem. However, it’s important to note that immediate fee reductions are contingent upon project teams upgrading their architecture to accommodate the new standard.

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Arbitrum’s upcoming ‘unlocking’ event

In the evolution of Arbitrum, a series of upgrades have played a pivotal role in shaping its capabilities and performance. Before the recent Atlas upgrade, key enhancements made on the network marked significant milestones for the blockchain project.
The Arbitrum Nitro upgrade, released in August 2022, was a crucial development that focused on boosting network capacity and speed to address scalability challenges within the Ethereum ecosystem. This upgrade aimed to improve transaction throughput and efficiency, laying a solid foundation for a more robust and scalable Layer 2 solution.
In related news, the Arbitrum DAO has opted to retract a proposal aimed at donating around $1.28 million worth of ARB tokens to aid in covering legal expenses for Tornado Cash developers Roman Storm and Alexey Pertsev. This choice comes following concerns voiced by token holders regarding the potential legal liabilities linked with these donations.
This proposal, involving a donation of approximately $1.28 million worth of ARB tokens, aimed to support legal charges against Tornado Cash developers.
However, concerns raised by token holders regarding potential legal risks associated with this donation led to the withdrawal of the proposal. 
The willingness of the Arbitrum community to step up and offer financial support for legal matters highlights the collaborative nature of the cryptocurrency ecosystem, emphasizing the importance of legal clarity and responsibility within the industry.
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NFT artist’s meme coin on Solana nets $10m in one-day presale

By Julius Mutunkei
March 18, 2024 at 12:25 pm
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A non-fungible token (NFT) artist going by the pseudonym Kero broke the crypto internet after he raised more than $10 million in Solana (SOL) in less than a day during the presale of a meme coin, which apparently started for a laugh. 
Kero launched the presale after conducting a poll on X on whether they should launch a coin on Solana “for fun” to mark the occasion of joining the network. 

After garnering more than 5,000 votes in the poll, the little-known NFT artist then launched a coin presale by posting a wallet address, which accumulated over 55,000 SOL, or $10.4 million at current prices, in a matter of hours. 
Kero admitted to being clueless about what to make before the poll and named the new coin SNAP, after one of their meme characters Coco, a croc drawn in the style of another popular meme character, Pepe the Frog. 

SNAP officially launched on March 16 and is already being listed on various exchanges, such as CoinW. 

An analysis by The Block using data from Solscan revealed that most contributions in the prelaunch were made in small amounts, averaging about 3.5 SOL, although there were a few contributions in the hundreds.
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 Kero is the creator of several NFT collections including Rare Coco and Snappy Cocos. Despite a history with NFTs, the artist does not have much of a track record when it comes to issuing tokens, leaving the worth of investments in the new venture rather ambiguous. 
Some contributors claimed to have received tokens worth $17,000, but the meme coin is still in the early stages of development, with limited market liquidity, and its value is yet to stabilize. 
SNAP is currently trading at $0.00004256, a 52.5% drop from the level it entered the crypto market at, according to data from CoinGecko. 
In that period, it became the 30th most traded cryptocurrency, registering a trading volume of more than $679 million. It also has a market capitalization of $70.24 million, putting it on CoinMarketCap’s digital asset list at #2,374. 
SNAP 24h price chart | Source: CoinGecko 
Kero’s jump from an NFT artist to a token millionaire overnight sparked a lot of buzz in the crypto community, with some expressing disbelief as to how an unknown artist could accumulate such funds in such a short amount of time. 
Others have come out to announce that they will also be launching their own meme coins in an effort to challenge the rationale behind supporting individuals with little experience. 
The overwhelming contributions to the SNAP presale underscore the growing interest in meme coins and how their value can skyrocket by just riding a wave on social media.
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ETH, BTC holders excited; Koala Coin presale gains traction

March 18, 2024 at 12:16 pm
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The cryptocurrency community is closely watching Koala Coin (KLC), a new entrant blending internet meme culture with technology, as its presale begins at $0.014. This initiative is even attracting attention from Bitcoin and Ethereum holders.
The cryptosphere is undergoing a transformation with the unveiling of Koala Coin (KLC). Rooted deeply in the rich culture of the internet and memes, Koala Coin (KLC) distinguishes itself by blending humor with a sense of belonging. The presale starts with a price of $0.014.

Koala Coin features

Koala Coin gains traction with its playful nature and advanced technology. It has features like rapid transaction speeds, enhanced security, and user accessibility while maintaining minimal transaction costs and complete transparency. 
The Koala Coin token extends beyond typical cryptocurrency functions, facilitating access to a community where fans of memes and digital currency enthusiasts come together for enjoyment and potential financial benefits.
Additionally, Koala Coin token holders are privy to governance rights, staking incentives, and exclusive meme content positioning Koala Coin as an interesting investment that promises more than economic benefits.
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Bitcoin continues surge

Bitcoin (BTC) remains the towering figure in the crypto ecosystem with its price trading at an all-time high range of about $70,000. Exhibiting an impressive monthly surge of 33% Bitcoin continues to set the benchmark for digital currencies. 
However, exponential growth in something as large as Bitcoin is impossible and there’s a growing appetite among investors for new ventures capable of delivering exponential returns.

Ethereum sees massive growth 

Ethereum (ETH) showcases its prowess within the crypto habitat with unmatched confidence. Its current valuation of over $3,800 is accompanied by a notable monthly increase of 34%. Thanks to its flexibility and smart contract capabilities Ethereum has cemented its status as a key player within the digital domain. 
However, Ethereum transaction fees are hobbling it and investors eager for groundbreaking prospects with substantial upside are increasingly attracted to rising projects such as Koala Coin.
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Koala Coin makes huge strides

Koala Coin is securing its position as a legitimate cryptocurrency. While behemoths like Bitcoin and smart contract contenders like Ethereum have their merits, Koala Coin’s fusion of communal engagement, advanced technology, and meme allure makes it an appealing choice for investors
Koala Coin’s combination of humor-infused tech and community benefits elevates Koala Coin beyond a mere investment. This is perhaps why investors from various projects are flocking to Koala Coin. 
Learn more about this meme project at the official website.
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Ethereum crosses $4000; Pushd presale draws LTC, TRX holders

March 18, 2024 at 11:26 am
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In the dynamic crypto market, Ethereum surpasses the $4,000 mark, drawing increased attention, while the Pushd presale begins to attract investors from Litecoin and Tron, signaling potential shifts in investor focus toward new platforms.
The crypto market is going wild over Ethereum (ETH) which has managed to trade over $4k. Ethereum had been trading fairly around $3.4k before hitting a high price of $4k. Similarly, Litecoin (LTC) may as well hit the $100 price as it has shown signs of going higher in the coming days. However, Tron (TRX) is on the decline. Trading at $0.12, Tron holders may be getting more losses than profits.
Amid Ethereum’s trend, Pushd (PUSHD) e-commerce is gaining traction. Pushd has drawn more holders even from major cryptocurrencies. With nearly 30k registrations recorded, Pushd’s stage 6 has just begun and is expected to attract more investors.
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Ethereum makes more headlines in the market

It appears that the giant Ethereum owns the moment as it hit a high price of $4000. Ethereum isn’t stopping anytime soon as analysts have predicted the crypto coin, to still go higher and probably hit $5k in a short period. Fans and holders are also optimistic that Ethereum has just started and will be a real gainer in the future.
Not only is the Ethereum cryptocurrency doing well but has also garnered more attraction to its blockchain. The Ethereum blockchain has become a top pick for many developers.

Litecoin holders set to earn more gains

Like Ethereum, Litecoin holders will be earning some profits as the coin has seen a significant price increase. Now selling for $97, Litecoin is likely to hit $100 and more in the coming week. Holders in return hope that Litecoin will hit a more significant price this year.
Litecoin was created from the Bitcoin blockchain. Although it offers more scalability than Bitcoin, Litecoin is still far below Bitcoin. However, holders are looking at the bright side of Litecoin expecting it to someday be prominent like the Bitcoin blockchain.
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Tron struggles to stand on its feet

Unfortunately, Tron is on the decline and now trading at $0.12 presently. Tron hasn’t shown holders signs that it will step back on its feet which has forced holders to look into better alternatives like Pushd with a brighter future. Pushd could be the game-changer for Tron holders.

Pushd e-commerce presale sells well

Pushd is an e-commerce platform that has gained the attention of various holders around the globe. Similarly, Pushd has earned the trust of buyers and sellers who would like to take advantage of the platform when it finally launches. Eventually, Pushd will be stiff competition for top online marketplaces.
The Pushd cryptocurrency is forecast by analysts to be a profitable coin. As a result, holders from the likes of Tron have begun to buy quickly into the presale. As a reward, Pushd allows presale token holders to earn revenue from fees generated from the platform.
To learn more about the Pushd presale, visit the Pushd website.
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Binance launches investigation into BOME insider trading allegations

By Rony Roy
March 18, 2024 at 10:35 am
Edited by Dorian Batycka
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Crypto exchange Binance recently announced the initiation of a detailed investigation into the claims concerning Book of Meme (BOME), a Solana-based meme coin. 
This move came in response to allegations and community discussions about possible insider trading linked to the “BOME rat warehouse” incident. The exchange made an official statement on the X platform highlighting its commitment to market fairness and transparency and emphasizing the immediate start of an internal inquiry following these allegations.
The announcement from Binance indicated that the investigation was triggered by concerns over potential insider trading involving BOME. The goal was to assess any Binance personnel’s involvement in the matter. However, Binance’s preliminary investigation findings reported that the individual in question has no ties with the exchange.
Furthermore, Binance has called on individuals possessing information on any wrongdoing, including insider trading or corruption related to currency listings, to report such incidents. The exchange has committed to offering rewards between $100,000 and $5 million for confirmed reports while ensuring the anonymity of whistleblowers.
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Additionally, the exchange has reiterated its commitment to conducting comprehensive investigations into the allegations of misconduct in the BOME insider trading case and has maintained an openness to feedback from its user community.
The development comes on the heels of Binance disclosing its decision to list BOME, including specific spot trading pairs such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, starting March 16 at 12:30 UTC. Notably, the listing fee was set at 0 BNB as a demonstration of support for the meme token’s inclusion on the platform. 
Binance has also introduced the USDS-M BOME Perpetual Contract on its Futures platform, with leverage options up to 50x. Following the listing announcement, BOME’s value surged by 345% on March 16 to reach $0.02703, with its trading volume increasing by 262% to $3.8 billion. This placed BOME ninth among the most-traded cryptocurrencies. Since its market introduction on March 14, BOME has seen an extraordinary rise of over 39,000% from its all-time low.
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Kelexo presale captures attention of Toncoin, Avalanche holders

March 18, 2024 at 10:31 am
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The Kelexo presale has attracted interest from investors within the Toncoin and Avalanche ecosystems, highlighting its relevance in the peer-to-peer lending space. This engagement suggests a growing acknowledgment of Kelexo’s role in offering practical lending solutions.
Projects launching through presales often offer tokens that provide immediate utility within their ecosystems, such as access to services, voting rights, or reward mechanisms. Investing in these presales not only grants financial exposure to the project’s growth but also offers practical benefits and engagement opportunities within the project from the outset.
The Kelexo (KLXO) presale has captured the attention of Toncoin (TON) and Avalanche (AVAX) investors, who predict a massive growth in the lending sector powered by Kelexo’s platform. This attraction from the Toncoin and Avalanche communities indicates a belief in Kelexo’s potential to enhance peer-to-peer lending, offering interesting solutions that could significantly better user experience and financial accessibility.
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Toncoin community explores high-yield defi platforms

Toncoin offers fee discounts and access to exclusive features, but faces challenges due to limited real-world adoption and concerns about its long-term viability compared to established players. 
Investors in Toncoin, drawn to the project for its ambitious goals of creating a decentralized and scalable network, are now turning their attention to the defi sector, seeking platforms with the potential for high returns.

Avalanche investors see Kelexo as a defi catalyst

Avalanche, known for its lightning-fast consensus mechanism and low transaction fees, has created a community of investors looking for defi platforms that can match Avalanche’s efficiency and scalability. 
Questions surround the sustainability of its token distribution model and potential vulnerability to manipulation. Meanwhile, Kelexo aims to incorporate advanced technology to improve lending operations, making its presale an option for individuals interested in exploring new developments in the defi sector.
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Kelexo eyes breakthrough in defi lending

Kelexo is developing a comprehensive ecosystem designed to support a wide array of applications and services within the blockchain space.
From defi projects to tokenized assets and beyond, Kelexo’s ecosystem aims to provide a robust and scalable platform that can meet the diverse needs of its users. Kelexo’s holistic strategy positions it at the forefront of blockchain advancements, providing a flexible and evolving platform. 
The strong interest from both Toncoin and Avalanche investors highlights Kelexo’s potential. Anticipations of 50X growth reflect the community’s confidence in Kelexo’s ability to deliver a new lending platform that not only meets the current demands of defi users but also introduces novel features that set new industry standards.
As Kelexo continues to gain traction with its current price of only $0.04 per presale token in the second stage of the presale, it is gaining traction and attracting investors. 
To learn more, visit the Kelexo presale or the website.
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