Cryptocurrency News Live: Ethereum Merge Finally Has An Official Date
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 25, Bitcoin price stood at $21,576.25, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.03 trillion, registering a gain of 1.41 percent in the last 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.
Ethereum Merge To Kick Off On September 6
Ethereum now has an official date of Merge. After months of speculation, the Ethereum Foundation — the non-profit dedicated to supporting Ethereum and related technologies — announced that the much-anticipated Merge will take place on September 6. The actual Merge is expected to trigger between September 10 and September 20. When the Merge takes place, Ethereum will be moving from a proof-of-work (PoW) model to a proof-of-stake (PoS) system. This will lead to the creation of Ethereum 2.0, or ETH 2.0.
NFTs Worth Over $100 Million Stolen In Last 12 Months
NFTs, or non-fungible tokens, currently have a global market cap of $40 billion and are fast approaching the $50-billion mark. Thanks to the growing popularity of the sector, it is also becoming a target for thefts. As per data from blockchain research firm Elliptic, as reported by Reuters, thieves stole NFTs worth over $100 million in the year to July. For those unaware, NFTs are unique digital assets that are marked by exclusive features. If you own an NFT, you can rest assured that no one else can own the exact same NFT with the exact same features, leading to the high value and demand for such tokens.
Cryptocurrency Price Today: BTC, DOGE, More Altcoins Register Minor Gains
Ethereum (ETH), the second most-valued cryptocurrency after Bitcoin (BTC), is steadily approaching the $1,700 mark as of Thursday morning. Bitcoin, on the other hand, managed to see a minor gain and appears stable within the $21,000 range for now. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC) registered minor gains across the board. Among lesser-known altcoins, the Ankr (ANKR) token emerged to be the biggest gainer in the last 24 hours.
Optimism Around NFTs Slides 14 Percent Amid Crypto Meltdown
The sentiment around non-fungible tokens (NFTs) fell by 14 percent among companies in the June quarter (Q2), demonstrating a decline in optimism around NFTs due to rising discussions about the downturn in the cryptocurrency market, a report showed. In Q2 2022, NFTs have been the topic of more debates than ever, although opinions have changed resulting in a decrease in optimism.
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