Cryptocurrency News Live: Bitcoin, Ethereum Register Losses
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
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Background
Cryptocurrency still remains a mystical subject for many keen investors in India. While cryptos are slowly gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender, there are still a sizeable number of people who wish to invest in crypto, but aren't able to closely track breaking and developing news in the sector, which will help them take note of price movements, major sell-offs, and announcements of new blockchain-based developments.
This live news blog is here to help. From major market losses to noteworthy declarations, follow this live blog to stay updated with all the latest happenings in the world of crypto.
While there are many cryptocurrencies to explore, Bitcoin (BTC) is the most popular as it is the world's oldest and most valued crypto coin. As of August 10, Bitcoin price stood at $23,866.50, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.08 trillion, registering a dip of 3.96 percent in the past 24 hours.
While cryptocurrency is unregulated in India, cryptocurrencies are clubbed under virtual digital assets (VDAs). Under the new tax regime that went into effect on April 1 this year, VDAs attract taxation of 30 percent on gains. A TDS of 1 percent will be applied on top of that.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
Cryptocurrency Price Today: Popular Altcoins Land In Red
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dropped below the $23,000 mark late on Tuesday, losing the gain streak it saw over the past few days. The second-most valued crypto, Ethereum (ETH), also appears to have lost steam as it dipped below the $1,700 mark. Alongside, other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) also registered losses over the last 24 hours. Among lesser-known altcoins, the UNUS SED LEO (LEO) token emerged as the biggest gainer.
Colombia Said To Have Detected $20 Billion Likely Tied To Money Laundering
Colombia's financial crimes body, the Financial Information and Analysis Unit (UIAF), has detected around $20 billion in financial operations potentially tied to money laundering over the last three-and-a-half years — a value equivalent to over six percent of the nation's annual GDP. The UIAf has found some 570 channels through which money is laundered - including fake or inflated invoices, currency trading, exports, and crypto-currencies, Gutierrez said, as reported by Reuters.
Coinbase Reports 'Larger-Than-Expected' Q2 Loss
Coinbase, the popular US crypto exchange, has reported a larger-than-expected quarterly losses, sending its shares down six percent on Tuesday. Trading volumes more than halved to $217 billion in the second quarter, with retail participation sinking 68 percent and institutional trading falling 46 percent. Coinbase said it expects trading volumes to fall further in the current quarter, underscoring the turmoil brought to the sector by the collapse of certain crypto ventures and a broader selloff in financial markets, as reported by Reuters.
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