Bitcoin Dips below $26K, India PM Calls for Crypto Regulation

Written by BTSE

August 29, 2023

Trending Tokens on BTSE:

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(as of 10:30 AM Singapore Time, August 29, 2023) 


Last night, major cryptocurrencies remained relatively stable. However, Bitcoin (BTC) briefly fell to $25.9K around 19:30 (Singapore time), causing a surge of bearish views among analysts, even though it quickly bounced back to $26K. Other key cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE) have also stayed consistent, maintaining the price levels established after last week’s market downturn.

In India, Indian Prime Minister Narendra Modi has advocated for the establishment of a global regulatory framework encompassing cryptocurrency, artificial intelligence, and other emerging technologies. Speaking prior to the upcoming G20 summit, Modi emphasized the need for worldwide cryptocurrency regulations, highlighting that these regulations should be applicable to all emerging technologies, including AI, to mitigate potential risks. Modi stressed that such regulations should be universally applicable rather than confined to specific nations or groups.

Overnight, in the US SEC’s latest move in its crackdown on cryptocurrency and Web3-related organizations, Los Angeles-based company Impact Theory was fined $6 million for selling NFTs the SEC argues are unregistered securities. The agency refers to the Founder’s Key NFTs, which have made a total trade volume on OpenSea of $5.4 million since their inception. Impact Theory has yet to admit or dispute the charges.


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