crypto correction and starlink's potential entry to india

Global Crypto Market Witnesses 6.16% Fall as Bitcoin, Ethereum see huge dips.

The global crypto market witnessed a fall of 6.16% at 8 am December 4th with a total market capitalisation of $2.34 trillion. Bitcoin was trading at $53,028.87 on December 4th with a fall of 5.88% in 24 hours. In the past week, Bitcoin’s prices fell by 5.62% and the coin’s dominance in the crypto market fell by 0.14% to 41.19%

Ethereum, the second-largest coin by market cap, was trading at $4,154.68 as of December 4th, falling by 7.34% in the 24 hours. Binance coin was trading at $587.01 and fell by 4.12%, Tether at $1 with a fall of 0.02% and Solana fell by 9.99% and was trading at $204.62.The Biggest Winner in the Market was COXSWAP which recorded a rise of 756.79%. The biggest loser of the market was December which saw a fall of 97.24%.

The Meme coins also saw falls in the market. Dogecoin fell by 4.53% trading at $0.1973, Shiba Inu fell by 4.22%, Dogelon Mars fell by 7.08% and Samoyed Coin fell by 0.94%. Meanwhile, Euro Shiba Inu Jumped by 72.43% in the 24 hours.

Starlink to Apply for India Commercial Licence by the End of January

Elon Musk’s Starlink will apply next year for a commercial licence in India to provide broadband and other services, according to the company head.

StarlinkCountry director for India Sanjay Bhargava said this in a LinkedIn post,” We hope to have applied for a commercial license on or before 31st January 2022 (unless we hit some major roadblock),”

The company plans to roll out its services in India by April 2022 and plans to have 200,000 Starlink devices in India by December 2022. The company has previously said it expects 80% of these devices in rural areas. It has already received over 5000 preorders for its devices in India.

The Indian government however has advised people against subscribing to Starlink as it does not have a license to operate in India and has warned the company and ordered it to refrain from taking bookings and rendering services. Following this Starlink has stopped taking preorders, according to its website, saying “pending regulatory approval”.

As of last month, Starlink registered a local unit called Starlink Satellite Communications, making it ready to begin operations and business in India.

The major competitors for Starlink in India are Kuiper from Amazon and OneWeb co-owned by the British Government and India’s Bharati Enterprise.

Written By: Rajat Pujar