Cryptocurrency News Live: Bitcoin Dips To Three-Week Low
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 22, Bitcoin price stood at $21,415.23, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.02 trillion, registering a gain of 1.30 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 Mapping: Australia To Conduct First-Of-Its-Kind Sector Audit
The Australian Department of Treasury is set to conduct a global-first audit of the country’s crypto sector. To better understand and regulate the industry, Australia is beginning a review of crypto assets, ‘mapping’ all tokens in the nation. The move aims to protect investors from misleading advertisements and promotions of crypto investment opportunities. Based on the findings of the audit, the federal government will take a renewed look at regulating the crypto sector after consulting with all stakeholders associated with the market.
Cryptocurrency Price Today: Bitcoin Hovers At $21,000
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped to a three-week low over the weekend. On early Monday morning, it continued to hover within the $21,000 range, showing little signs of recovery. Other popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) managed to see minor gains and dips across the board. Among lesser-known crypto coins, the EOS token emerged to be the biggest gainer on August 22, while Celsius (CEL) turned out to be the biggest loser over the last 24 hours.
FTX, 4 More Crypto Firms Face Cease-And-Desist Orders Over 'False' Claims In US
The US Federal Deposit Insurance Corporation (FDIC) has issued cease-and-desist letters to five crypto companies, including leading cryptocurrency exchange FTX, over "false and misleading statements". Apart from FTX, Cryptonews.com, Cryptosec.info, SmartAsset.com, and FDICCrypto.com also received cease and desist letters on Friday, with the agency giving them 15 days to remove the "false and misleading statements" from their websites and social media accounts.
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