Cryptocurrency News Live: Bitcoin Rises Above $24,000
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Celsius, the US-headquartered crypto lending platform, filed for bankruptcy in July to “provide the company with the best opportunity to stabilise the business”. Now, a report by Financial Times, citing sources familiar with the matter, said that the embattled company’s CEO Alex Mashinsky took charge of Celsius’ trading strategy and placed some bad bets with considerably large sums of Bitcoin (BTC) that backfired. Mashinsky reportedly “took control” just months before Celsius filed for bankruptcy protection. Furthermore, Celsius also got signoff from a US bankruptcy judge to mine and sell Bitcoins, but not stocks or debt.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to climb above the $24,000 mark on early Wednesday morning. Ethereum (ETH), the second-most valued crypto coin, is showing a steady growth towards the $1,900 mark as its Mainnet Merge is expected to take place in September. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), registered gains across the board. Among lesser-known altcoins, the EOS token emerged as the biggest gainer in the last 24 hours, and Celsius (CEL) continued to be the biggest loser second day in a row.
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 17, Bitcoin price stood at $24,045.44, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.15 trillion, registering a gain of 0.58 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.
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