Cryptocurrency News Live: Ethereum Crosses $1,800 In Massive Rally
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 11, Bitcoin price stood at $24,421.60, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.15 trillion, registering a gain of 6.84 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.
Australian Crypto Ownership Needs Consumer Protection: ASIC
A recent survey of 1,053 retail investors by the Australian Securities and Investments Commission (ASIC), conducted last November, found that 44 percent of them reported holding cryptocurrencies, making them the second-most popular investment after Australian shares, as per a report by Reuters. A quarter of the investors surveyed who held cryptocurrency said it was their only investment. The securities watchdog said that most investors got the necessary information from YouTube videos than from financial advisers, calling the survey's data a "strong case for regulation".
Binance Seeing Surge In Clients Due To Rising Inflation
Binance, the largest crypto exchange in the world, is seeing a surge in clients owing to rising inflation and a historically strong US dollar, that has depressed emerging market currencies, a company executive told Reuters. "Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation," said Maximiliano Hinz, who heads Binance in Latin America, during an interview in Lima.
Cryptocurrency Price Today: Bitcoin Rises Above $24,000 Yet Again
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to climb above the $24,000 mark yet again following a dip over the past few days. Ethereum (ETH), the world’s second most valued crypto coin gained over 12 percent to rise above the $1,800 mark. Alongside, most other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), and Ripple (XRP), managed to see themselves in the green as well. Among lesser-known altcoins, the Celsius (CEL) token emerged as the biggest gainer, whereas UNUS SED LEO (LEO) turned out to be the biggest loser over the past 24 hours.
UN Trade Body Urges Actions To Curb Cryptocurrencies In Developing Countries
The UN Conference on Trade and Development (UNCTAD) called for action to curb cryptocurrencies in developing countries in three policy briefs. While private digital currencies have rewarded some, and facilitated remittances, they are an unstable financial asset that can also bring social risks and costs, the UN trade and development body warned.
WazirX Sees Drop In Crypto Trading By Over 55 Percent
Indian cryptocurrency exchange WazirX has witnessed a sharp 50 percent drop in trading on its platform, while its WRX crypto token nosedived from Rs 23 per coin earlier this month to Rs 17 on Wednesday, as the row between Nischal Shetty-run crypto platform WazirX and Changpeng Zhao-run Binance deepened. In the last seven days, WazirX's trading volumes have sunk by over 55 percent — from $4.3 million on August 5 to $2 million on August 9.
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