Crypto roundup: ADA shows life; Meta brings back crypto ads; India to regulate, not ban
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It’s been a fairly flat day in the crypto market so far, especially in the top 100, but there are at least a few fundamentally positive news stories surfacing.
And those include a crypto-ad-ban reversal from Meta/Facebook, and some better news from the Indian government (potentially). More on that in a bit…
At the time of writing, the only crypto in the top 10 showing any upwards movement of significance across the past 24 hours is… drumroll… Cardano (ADA). It’s currently up about 5.6%. Not a staggering daily crypto gain, but the #ADAGang community will certainly take it.
Maybe it has something to do with bouncing off some technical support, or its first decentralised exchange, SundaeSwap, moving into its testnet phase… or maybe it’s a combination of both.
Who's ready to sample some flavors?🍨
We're proud to announce that the SundaeSwap Testnet Event will be going live on the Evening of Sunday, December 5th (EST)! 🎉
Read the article below for more details! 👇https://t.co/qVroIJT06x
— SundaeSwap Labs 🍨 (@SundaeSwap) December 1, 2021
As for the entire crypto market right now, it’s down about 2.5% since this time yesterday and hanging around the US$2.76 trillion mark, according to CoinGecko data.
And as we reported earlier, Bitcoin (BTC) continues to stay in its US$55k-59k-ish range for now. Plenty of analysts are staying reasonably cautious about BTC in the short term, while keeping a more hopeful eye on a break of the US$60k-$61k resistance zone that’s recently formed on the charts.
As for Ethereum (ETH), it continues to show a bit more strength relative to Bitcoin just at the moment, with some predicting further short-term upside…
On the 4h chart #Ethereum is indicating a getting closer of the 'Moving Averages' MA 50 & MA 200. This is good.
— Dom's Crypto (@Doms_Crypto) December 2, 2021
With not much else to look at of significance in the top 10 (even this Elon Musk tweet did nothing for DOGE today), let’s look slightly further afield.
Layer 1 smart-contract platform Terra (LUNA) has now flipped dog-meme coin Shiba Inu (SHIB) for the no.12 spot on the market-cap lists, edging its way ever closer to the top 10. Only seems like a matter of time before that happens. It’s up about 3% since this time yesterday.
Some solid crypto projects pumping outside the top 100 today include: Energy Web Token (EWT) +32%; Unibright (UBT) +31%; WazirX (WRX) +24%; Maple Finance (MPL) +20%; and XDEFI +15%.
Maybe the popular crypto-degen identity @DonnieBigBags knows something about EWT the rest of us currently don’t…
Going on @crypto_banter at 9:30am EST
Full disclosure: I'm invested in all of them
— Donnie (Beware of Fake Donnie) (@DonnieBigBags) December 2, 2021
If you see any Indian-based cryptos looking a bit healthier, such as the crypto exchange WazirX mentioned above, then it might be something to do with fresh rumours circulating today about India’s stance on crypto.
As reported by NDTV (New Delhi Television), an Indian parliamentary Cabinet note has apparently been circulated regarding India’s cryptocurrency bill currently under review. According to “sources”, the suggestion is that the government will look to regulate “private cryptos” as opposed to banning them.
— naiive (@naiiveclub) December 2, 2021
As reported by Stockhead earlier this week, it was beginning to look pretty clear that the “banning” fear was a misinterpretation of the Indian crypto bill – at least according to its creator, the former finance secretary Subhash Garg.
Still… India’s government has seemingly gone back and forth on its crypto stance more times than Virat Kohli’s pushed for a second run. So, we can only wait and see what happens when it comes to its official conclusion.
Also making news of significance today – Meta has now relaxed its rules for crypto ads. This means crypto exchanges, wallets and various other crypto-focused companies can begin advertising once again across all Meta platforms, including Facebook, Instagram and WhatsApp.
In announcement today, the Mark Zuckerberg-owned company said: “We’re doing this because the cryptocurrency landscape has continued to mature and stabilise in recent years and has seen more government regulations that are setting clearer rules for their industry.”
Nice. Bitcoin on the Meta balance sheet next, then, Zuck?
— Ryder (@Rydercryp) December 2, 2021