Coinbase Eyes Indian Market Again with FIU Registration Complete
- After leaving India in 2023 due to regulatory issues, Coinbase is re-entering the market.
- The exchange plans to restart its retail services later this year.
Coinbase Global Inc., one of the largest cryptocurrency exchanges has officially registered with India’s Financial Intelligence Unit (FIU), signalling its return to the Indian market. This initiative comes after a nearly two-year hiatus from operating in the country.
With the FIU registration, the exchange will later in the year begin offering retail services, to be followed by more investments and product launches. There has not yet been any timeline for the relaunch announced.
A Troubled Past in India’s Crypto Space
Coinbase introduced its crypto trading platform in India in April 2022. The Unified Payments Interface (UPI) supports to facilitates smooth transactions.
The exchange halted its services following the National Payments Corporation of India (NPCI) clarifying that it did not know of any crypto exchange operating with UPI. It effectively shuts Coinbase out of the nation’s most widely used digital payment system.
Following the halt in services, Coinbase CEO Brian Armstrong later revealed that the company had faced informal pressure from the Reserve Bank of India (RBI). It likely influenced their decision to pause operations.
Notably, India’s position on cryptocurrency is unclear. Although the Union government has yet to set regulations for digital assets, it has imposed stringent taxation. Since 2022, crypto earnings have been taxed at 30%, and every transaction attracts a 1% tax deducted at source (TDS).
The government of India in early 2024 suppressed the offshore crypto exchanges that did not align with regional anti-money laundering (AML) legislation. Established industry leaders including Binance, KuCoin, and OKX were prohibited from offering services within the nation. The reason was that the exchanges were unable to register with the FIU.
Coinbase’s return could fill the gap left by the exchange WazirX. It reportedly lost nearly half its reserves in a security breach last year. In addition, Indian platforms like CoinSwitch and CoinDCX are backed by Coinbase.
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Lido DAO tops losers list amid market selloff with 20% plunge
- Lido DAO (LDO) price fell over 20%, now at $0.8681.
- Trading volume surged 41.70%, reaching $153.89M.
Lido DAO (LDO) has plunged over 20% in the last 24 hours, making it the top loser in the crypto market. The token is currently trading at $0.8681, down 17.32% in a single day. Its market cap stands at $779.21 million, reflecting a 17.32% decline. Meanwhile, trading volume has surged 41.70%, reaching $153.89 million in the past day.
Lido DAO’s fully diluted valuation (FDV) is at $868.14 million, with a 19.65% market cap ratio. The platform holds $16.82 billion in total value locked (TVL), with a market cap ratio of 0.04648.
Will LDO Recover?
LDO is in a downtrend, testing key support levels. The immediate support is at $0.85, with a stronger support zone at $0.80. If these levels fail, the price may decline further toward $0.75. On the upside, resistance is at $0.95, and a breakout could push LDO toward $1.05.
The Relative Strength Index (RSI) is at 27.72, indicating oversold conditions. The RSI moving average is at 33.55, showing continued bearish momentum. The Chaikin Money Flow (CMF) stands at -0.09, suggesting weak buying pressure.
Moving averages confirm the bearish trend. The 50-day moving average is trending below the 200-day moving average, signaling a death cross. This pattern typically indicates extended downside pressure.
Lido DAO’s sharp decline aligns with broader market weakness. Increased trading volume suggests heightened volatility. If buyers step in at support levels, a short-term rebound is possible. However, continued selling pressure could push LDO to new lows.
LDO investors should monitor RSI recovery and potential crossover movements. A break above $0.95 could signal a trend reversal, while failure to hold $0.85 may lead to further losses.
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