Bitcoin, the biggest cryptocurrency in the world, enjoyed a gargantuan surge ever since Donald Trump’s victory in the US presidential election held on November 5. It is not just Bitcoin; other major names in the digital currency space, including the likes of Ripple, Ether, and even Doge, have seen a spike in their value.

Bitcoin In Decline?

In the past week, Bitcoin even attained the historic feat of crossing USD 1,00,000 for the first time in its history. This surge was of course augmented by the appointment of the crypto-friendly Paul Atkins as the next head of the Security Exchange Commission (SEC).

However, in the recent past, a wave of decline appears to have hit the digital currency. In the past five trading days alone, the value of Bitcoin slumped by 2.48 per cent or USD 2,475.31.

Bitcoin

In the bargain, the value of Bitcoin dipped below the coveted USD 1,00,000 mark after its euphoric rise. This has taken the overall value of Bitcoin to USD 97,419.86

This many not seem like a major downturn, and may fall pale in comparison to the astronomical surge it has seen over the past month and more, this once again serves as the reminder of the extensive volatility that comes with supposedly safe means of monetary transaction and accumulation.

Ether

The story was no different with other major names in the crypto world. Ether or Ethereum also saw a major dip.

In the past five days alone, the value of the currency have declined by an even greater 8.48 per cent or USD 339.75. This has taken the overall value of Ether to USD 3,665.39.

Ripple

Meanwhile, Ripple, another crypto coin also declined. Ripple declined by 3.83 per cent or USD 0.09. This took the overall value of the crypto currency to USD 2.34. 

It remains to be seen whether this trend continues or will the series of surge return to this new asset category.

The Monetary Authority of Singapore (MAS) has imposed a civil penalty of SGD 2.4 million on JPMorgan Chase Bank, N.A. (JPM), according to a media release issued by the central bank of Singapore. The penalty was for JPMorgan Chase Bank failing to prevent and detect misconduct committed by its relationship managers (RMs).

The media release said: “In 24 over-the-counter (OTC) bond transactions, the RMs had made inaccurate or incomplete disclosures to clients, resulting in the clients being charged spreads that were above the bilaterally agreed rates.” These transactions took place between November 2018 and September 2019, said MAS.

Explaining that the RMs of JPMorgan Chase Bank had misled the clients into paying more than what they should have paid, MAS said that “JPM did not establish adequate processes and controls to ensure that its RMs adhered to pre-agreed spreads with clients when executing OTC bond transactions on their behalf”.

The central bank “sampled OTC bond transactions conducted by JPM’s RMs” and found that in the 24 transactions, the RMs had “either misrepresented the price components or omitted material information that the spreads charged were above the agreed rates”. The phrase “price components” refers to the executed interbank price and/or spread charged.

MAS said that this misrepresentation and omission by the RMs was “in contravention of sections 201(c) and 201(d) of the Securities and Futures Act (SFA)”.

Informing that the private bank had accepted these violations and its responsibility for what the relationship managers did, MAS said: “JPM has admitted liability under section 236C of the SFA for its failure to prevent or detect the misconduct by its RMs and has paid MAS the civil penalty. The bank has refunded the overcharged fees to affected clients.”

At the same time, JPMorgan Chase Bank has taken measures to prevent a repeat of this. “The bank has also enhanced its pricing frameworks and internal controls to prevent the recurrence of such misconduct,” said MAS. “Separate reviews into the individual RMs involved in the misconduct are ongoing.”

What is the MAS civil penalty?

“A civil penalty action is not a criminal action and does not attract criminal sanctions. The civil penalty regime, designed to complement criminal sanctions and provide a nuanced approach to combat market misconduct, became operational at the beginning of 2004,” said the MAS media release.

“Under section 232 of the SFA, MAS may enter into an agreement with any person for that person to pay, with or without admission of liability, a civil penalty for contravening any provision of Part 12 of the SFA. The civil penalty may be up to three times the amount of the profit gained or loss avoided by that person as a result of the contravention, subject to a minimum of USD 50,000 (if the person is not a corporation) or $100,000 (if the person is a corporation).”

Under section 201(c) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any capital market products, make any statement he knows to be false in a material particular.

● Section 201(d) of the SFA
Under section 201(d) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any capital market products, omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.

● Section 236C of the SFA
Under section 236C of the SFA, a corporation which fails to prevent or detect a contravention of any provision in Part 12 of the SFA that is committed by an employee or officer for its benefit and attributable to its negligence, commits a contravention and shall be liable to an order for a civil penalty.

Zypp Electric, a leading EV-as-a-service platform in India, has reached a significant milestone by completing over 20.5 million zero-emission deliveries in the last year. With a focus on sustainable logistics, Zypp plays a key role in reducing the carbon footprint of last-mile delivery and currently handles 15-20% of quick commerce orders in the Delhi-NCR region.

The quick commerce sector in India, valued at $60-70 billion, is witnessing rapid growth and is expected to expand to $25-55 billion by 2030. Companies like Zypp Electric are driving this transformation by improving delivery efficiency, lowering business churn rates, and promoting eco-friendly logistics solutions to meet the demands of this booming market.

Zypp Electric has significantly reduced carbon emissions through its strategic partnerships with major quick commerce players like Zepto, Blinkit, Big Basket Now, and Instamart. The company has helped cut 2.5 million kilograms of carbon emissions over the past year. With Zepto, Zypp completed 10.4 million deliveries, saving 11.95 lakh kg of carbon, while Blinkit achieved 7.19 million deliveries, reducing emissions by 8.29 lakh kg.

Big Basket Now contributed 2.76 million deliveries, resulting in a 4.22 lakh kg reduction in carbon, and Instamart’s 2.15 lakh deliveries helped cut over 72,000 kg. Zypp is not only advancing eco-friendly logistics but also providing substantial earning opportunities for delivery partners, with top earners during the festive season reaching Rs 99,949 per month, demonstrating the platform’s impact on both the quick commerce and gig economy sectors.

Akash Gupta, Co-Founder & CEO of Zypp Electric, said, “I remember when we had our 1st meeting with all our amazing quick commerce partners Zepto, Blinkit, BB Now & Swiggy Instamart, we were sure that this sector will revolutionize the delivery market. This achievement is not just a number; it signifies our relentless pursuit of sustainability in quick commerce. At Zypp Electric, we believe that quick and sustainable logistics is the future of e-commerce. Our partnerships have shown that we can break the myth that speed and sustainability are mutually exclusive. As we move forward, we are excited to lead the charge in making electric deliveries the norm in India, and I would personally cherish delivering the 21st million delivery landmark myself with my leadership team.”