Cryptocurrency News Live: Bitcoin Dips Below $23,000
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Bitbuy and Newton, two crypto exchanges based in Canada, have introduced annual buy limits for some cryptocurrencies in order to “protect crypto investors” so that customers are “aware of the risks associated with investing in crypto assets.” While the restrictions are not applicable to popular crypto coins, including the likes of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), it does help promote a word of caution on the behalf of crypto platforms amidst an ongoing global crypto meltdown that has resulted in the loss of investors’ wealth amounting in billions.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $23,000 mark after remaining above the level over the past few days. Ethereum (ETH), the second-most valued crypto, managed to remain stable as its expected September Merge looms on the horizon. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) landed in the red across the board. Among lesser-known coins, Gnosis (GNO) emerged as the biggest gainer in the last 24 hours, as the Oasis Network (ROSE) token turned out to be the biggest loser.
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 19, Bitcoin price stood at $22,793.25, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.08 trillion, registering a gain of 1.53 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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