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Forbes - The bulls 🐂 and the bears 🧸

Good Tuesday morning. Billy Bambrough here, bringing you your latest batch of crypto news and analysis.
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24-hour crypto market snapshot
Bitcoin (+6%) $51,311
Cro (+23%) $0.6476
Matic (+26%) $2.33
A bull trap? 🪤
Following the huge cryptocurrency sell-off over the weekend, most major cryptocurrency prices are climbing this morning. Some remain fearful the rebound is a so-called bull trap, however, when prices slightly rise before resuming their plummet, and this could deter traders from re-entering the market.

The bitcoin price is up almost 6% on this time yesterday, climbing quite convincingly over the $50,000 per bitcoin level. Other smaller cryptocurrencies have rebounded even more strongly, with the rest of the crypto top ten by value as measured by CoinMarketCap up between 6% and 13%.

Outside of the top ten, recently big climbers Crypto.com's cro and polygon's matic are both up over 20%.

Now read this: Bitcoin’s weekend tumble hints at Wall Street traders’ growing sway
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India's crypto debate continues 🗯️
To ban or not to ban: India's government is continuing to weigh just how far it should go in limiting the use and growth of cryptocurrency trading and spending.

Catch up quick: Last month it was widely reported India was on the verge of banning all cryptocurrencies in the country, sparking a localized sell-off despite the same bill having been first floated earlier this year. India's crypto market has grown 641% in the year through June 2021, according to an October report from blockchain research company Chainalysis. Now, details of exactly how India could regulate the fast-growing crypto market are slowly trickling out.

Don't pass go: This morning, Reuters has reported proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, citing an unnamed source and a document seen by its reporters. According to the summary of the bill, India is planning a "general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing" in digital currencies as a "medium of exchange, store of value and a unit of account".

Overseer: Meanwhile, Bloomberg reports India is considering appointing its capital markets regulator to oversee cryptocurrencies, citing "people with knowledge of the matter." Any violators could be fined as much as 200 million rupees ($2.7 million) or imprisoned for 1.5 years, according to the proposals, the people told Bloomberg. The financial newswire had previously reported India could bring in a minimum threshold for investing in crypto assets to safeguard small investors.

Words matter: According to Bloomberg, the bill is likely to use the term "cryptoassets" rather than "cryptocurrencies," and won’t refer to the Central Bank of India's plan to create its own digital currency.

The bottom line: There's a lot still to be worked out but it seems India is leaning away from a China-style bitcoin and crypto ban in favor of a more managed situation.

Good to know: The CIA has "several" crypto projects
Punk'd 🤘
The CryptoPunks collection is one of the most popular NFT projects
The CryptoPunks collection is one of the most popular NFT projects Lava Labs
🧟🤠 CryptoPunks, the 2017 non-fungible token (NFT) collection of 10,000 unique pixelated characters that includes zombies and cowboys, was found to be the most popular NFT project between March and October, generating transactions worth $3 billion and beating out newer collections such as the popular Bored Ape Yacht Club.

✍️ "So far in 2021, users have sent at least $26.9 billion worth of cryptocurrency to ERC-721 and ERC-1155 contracts, the two types of ethereum smart contracts associated with NFT marketplaces and collections," researchers at blockchain data company Chainalysis wrote in a report.

🤫 Chainalysis found "NFTs run on community and word of mouth growth," suggesting early involvement in a new NFT project and can result in greater returns for investors.

Now read this: ‘Unvaxxed sperm’ is trying to become the anti-vax bitcoin
Craig Wright's bittersweet victory ✌️
⚖️ Craig Wright, the highly litigious Australian computer scientist who claims to be bitcoin's mysterious creator Satoshi Nakamoto but has never been able to prove it or access any of the bitcoin thought to be controlled by Nakamoto, has prevailed in a civil trial against the family of a deceased business partner that claimed it was owed half of a cryptocurrency fortune worth tens of billions of dollars.

💰 A Florida federal jury found that Wright did not owe half of 1.1 million bitcoins to the family of David Kleiman, it was reported by the Associated Press. However, the jury did award $100 million in intellectual property rights to a joint venture between the two men, a fraction of what Kleiman’s lawyers were asking for at trial.

🗣️ "I feel remarkably happy and vindicated," Wright said following the verdict in comments reported by Coindesk. Vel Freedman, an attorney for the plaintiffs, said his team, too, was happy with the verdict: "We just won $100 million!"

Meanwhile... it's now less than 50 days until the trial between the anonymous Hodlonaut and Wright begins after Wright sued Hodlonaut for defamation in 2019. "It’s been almost three years of bullshit, so looking forward to end this," Hodlonaut said via Twitter. "I expect a resounding victory."

Now read this: Half a billion in bitcoin, lost in the dump
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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