Cryptocurrency News Live: Bitcoin, Most Other Crypto Coins Face Bloodbath
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Dubai’s Virtual Asset Reality Authority (VARA), the nation’s digital assets regulator, has released marketing and promotion guidelines for any entity using media sites and publishing channels in the country to promote digital assets. As per a report by Khaleej Times, VARA’s new set of guidelines look to provide a progressive framework that can enable borderless economic opportunity, without compromising market security.
Bitcoin (BTC), the world’s oldest and most-valued cryptocurrency, saw a massive sell-off as its price dipped below the $20,000 mark over the weekend, after US Federal Reserve Chair Jerome Powell hinted that the US central bank might keep raising interest rates and keep them elevated for some time in order to stamp out inflation. Most other popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL), also saw a bloodbath, registering losses across the board. Among lesser-known altcoins, the eCash (XEC) token emerged to be the biggest gainer, seeing a nearly 40 percent rise in value over the last 24 hours.
More than half of all Bitcoin daily trading volumes are reportedly fake, as the world's largest cryptocurrency nosedives again amid global economic turmoil. According to a Forbes analysis of 157 crypto exchanges and trading platforms, more than half (51 percent) of all reported trading volume is likely to be fake or non-economic.
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 29, Bitcoin price stood at $19,851.89, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $956.93 billion, registering a dip of 1.09 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.
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