Cryptocurrency News Live: Bitcoin Dips Below $24,000
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 18, Bitcoin price stood at $23,452.67, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.12 trillion, registering a dip of 2.72 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.
Crypto.com Lays Off More Employees In 'Worse' Second Job Cut
Crypto lending exchange Crypto.com has laid off more employees in the second round and this time, the firing of employees is worse than the previous job cut, as the global crypto meltdown gets deeper.
Crypto Scam Revenue Slips 65 Percent In 2022, In Line With Plunging Prices Of Bitcoin
As the global downturn continues, the crypto scam revenue for 2022 also dropped 65 percent at $1.6 billion this year, lower than where it was through the end of July in 2021. Since January 2022, scam revenue has fallen more or less in line with Bitcoin pricing, reports Blockchain analysis firm Chainalysis.
Crypto Broker Genesis Lays Off 20 Percent Of Workforce
Genesis Trading, a New York-based digital broker, has reduced its headcount by 20 percent as it names chief operating officer Derar Islim as the interim head of the platform, as per a report by Reuters. Islim will replace Michael Moro. The ongoing ‘crypto winter’ has not only had an adverse effect on the prices and trading volumes of crypto coins, but has also led to massive layoffs across the board for most cryptocurrency platforms across the globe.
Cryptocurrency Price Today: Celsius Emerges As Biggest Gainer After Days Of Slump
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $24,000 mark after rising above it briefly on Wednesday. The Celsius (CEL) token emerged as the biggest gainer on early Thursday morning, after the embattled and bankrupt Celsius crypto platform managed to get a signoff from a US judge to mine and sell Bitcoins. Alongside, other popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) saw minor dips across the board. Among lesser-known altcoins, the EOS token turned out to be the biggest loser in the last 24 hours.
Kidnappers Take Rs 1.3-Crore Ransom In Bitcoins From Lucknow Businessman
In a first-of-its-kind crime reported in the state capital, three persons, who had held a real-estate businessman captive, used cryptocurrency to take a ransom of Rs 1.3 crore in Bitcoins before releasing him. The matter came to light a week after the police arrested the three persons — Sandeep Pratap Singh, Vijay Pratap Singh, and Rajveer Singh. Police said that the arrested accused were aware that the victim traded in cryptocurrency.
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