Indian crypto exchange Bitbns has announced that it now allows users to trade futures in Shiba Inu (SHIB), Dogecoin (DOGE) and XRP.

It also offers trading via Tether (USDT) margined perpetual swaps in a slew of other cryptocurrencies, including Solana (SOL), Ethereum (ETH), Cardano (ADA), Polygon (MATIC) and the native BNS token.

It charges a 0.1% trading fee, which is much lower compared to spot trading. The exchange highlighted has noted that there is no tax deducted at the source (TDS) on futures trading.

The Bitbns exchange launched its futures platform in early July. It was built on its margin trading system that went live four years ago. Users are able to trade with up to 10x leverage. Bitbns allows users to take long and short positions simultaneously with the same trading instrument.

Last month, Bitbns had its bank account blocked by local law enforcement officers. This forced the trading platform to delay withdrawals in Indian rupees (INR).

India’s Enforcement Directorate launched an investigation into several cryptocurrency exchanges that are suspected of facilitating money laundering.

In early July, Bitbns experienced a substantial drop in trading volume after the Indian government enforced new cryptocurrency tax rules that require trading platforms to levy a 1% TDS on crypto transactions.

The Indian cryptocurrency market is struggling due to a lack of regulatory clarity. According to a recent KuCoin survey, every third crypto Indian trader is concerned about regulation.

Last month, Nirmala Sitharaman, India’s finance minister, said that crypto traders should “exercise caution.”

Bitbns, a cryptocurrency exchange, has partnered with QuantInsti to launch Bitbns Academy, a dedicated online education platform that offers tutorials, resources and educational content on cryptocurrency and blockchain.  

“Bitbns Academy offers globally-accredited certified courses that not just teach the fundamentals of crypto but help candidates develop in-depth understanding of the subject,” Bitbns said in a press statement.  

India has been one of the fastest-growing markets of cryptocurrency trading. “Besides a rapidly growing base of mature investors, our country is home to a massive chunk of young and tech-savvy population that is increasingly adopting crypto as an alternative asset class,” says Gaurav Dahake, founder and CEO, Bitbns. 

The company also stated that the course has been designed and curated in such a way that it highlights the best practices involved in crypto trading while offering a step-by-step guide in building in-depth understanding of the subject. 

Crypto Prices 

In the cryptocurrency market, the price of Bitcoin (BTC) was up by 0.96 per cent in the last 24 hours, while it was trading at $40,733.83 at 5:00 pm IST. At present, it is dominating the crypto market by 42.56 per cent, which is down by 0.44 per cent in the last 24 hours, according to Coinmarketcap.com. 

In the last 24 hours, Ethereum (ETH) rose 3.61 per cent and was trading at $2,771.13, whereas Binance Coin (BNB) rose 1.88 per cent over the same period and was trading at $384.44. Solana (SOL) was up by 4.44 per cent at $87.33 and Cardano (ADA) was up by 4.11 per cent at $0.8424 . 

Among meme coins, Dogecoin was up 2.14 per cent and was trading at $0.1168 at 5:00 pm on Coinmarketcap.com. Rival Shiba Inu was up 1.73 per cent in the last 24 hours and was trading at $0.00002284. Dogelon Mars was up 1.95 per cent and was trading at $0.0000007156, while Samoyedcoin fell 0.66 per cent in the last 24 hours and was trading at $0.01744. 

Overall Scenario 

In the last 24 hours, the global crypto market increased 2.04 per cent with a market capitalisation at $1.82 trillion, while the total crypto market volume was $93.96 billion, up by 20.94 per cent. 

CatBoy (CATBOY) became the biggest gainer, recording a rise of 899.60 per cent. It was trading at $0.04174 at 5:00 pm, as per Coinmarketcap data. In contrast, The Spook Inu (SINU) witnessed the maximum loss, falling 92.93 per cent and was trading at $0.0000000002523, shows Coinmarketcap data.  

Bitbns announces free trading for Shiba Inu and Dogecoin during Diwali

By Leandra Monteiro

In view of the global rally and the growing investor sentiments in regard to meme tokens such as Shiba Inu and Dogecoin, Bitbns – one of India’s leading cryptocurrency exchanges has introduced free trading (zero trading charges) in SHIB and DOGE for traders and investors on its platform.

As Bitbns offers the highest liquidity in SHIB trading in India, users can avail the best price each time one buys or sells the tokens on Bitbns. Owing to high liquidity, investors can seamlessly buy or sell tokens worth half a million dollars in less than 2% range.

Investors trading on Bitbns can deposit or withdraw their SHIB tokens seamlessly, a service not offered by any other exchange in the country. This has received traction from crypto enthusiasts, all across the country. Besides investors can deposit through their UPI app too, making the process transparent and seamless.

The exchange has also introduced additional benefits whereby investors trading in excess of INR 100,000 and depositing 10K INR can avail freebies such as a Shib t-shirt, whereas all users participating can avail airdrops worth 2.7 million INR on the platform. To scale up the excitement, the exchange has also introduced a contest whereby contests predicting the exact price pf SHIB can receive exciting rewards of up to 4000x the value of the token.

On the occasion, Gaurav Dahake, Founder & CEO, Bitbns said, “At Bitbns we closely assess risk management associated with less popular or newly launched coins, to deliberate unforeseen spikes and evade high volatility associated with them. SHIB is no longer is an unpopular crypto coin, infact Google search trends indicate that SHIB has even surpassed Flipkart during its recognized Big Diwali Sale. With Shiba Inu and Dogecoin entering the top list of global cryptocurrencies, we are extremely bullish of the potential of these tokens and want to encourage retail investors to build wealth with these cryptocurrencies.”

“Besides offering the highest liquidity, Bitbns is the only exchange in the country to offer deposits and withdrawal of Shiba Inu. With trading volumes pegged at about $600 million across platforms in India alone, the investor sentiments have been growing rapidly and we want investors to seize the opportunity and make the best of it,” he further added.

Shiba Inu (SHIB), a meme token, was developed with Dogecoin (DOGE) inspiration. With a dog as a symbol, it has inspired millions to trade in it. It has surpassed tokens like Uniswap, Luna, USD Coin, Polkadot and XRP and is now the 10th largest cryptocurrency in the world, right behind Dogecoin.