Cryptocurrency News Live: Bitcoin Dips Below $21,000 Yet Again
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Celsius, the US-headquartered crypto lending platform, has reportedly hired the Kirkland & Ellis LLP law firm to help in its restructuring process. Celsius has been finding itself in troubled waters lately due to the ongoing crypto market meltdown. In June, it announced that it paused all crypto withdrawals citing “extreme market conditions.” Earlier this month, it announced that it has laid off 150 employees — nearly a quarter of its workforce. Now, a Wall Street Journal report suggests that Celsius has hired lawyers from Kirkland & Ellis to advise on its restructuring options.
Cryptocurrencies face the same risks as the traditional finance sector, and as such the overall crypto industry must be subject to strong regulation before it poses severe financial risks, said US Federal Reserve Vice Chair Lael Brainard late last week. During a Bank of England conference held in London, Brainard said, “It is important that the foundations for sound regulation of the crypto-financial system be established now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system.”
Rosfinmonitoring, the official financial monitoring agency of Russia said it was using software to track cryptocurrency transactions and hopes to improve its capabilities. The news comes under the backdrop of Moscow ushering in regulation on what one lawmaker dubbed "cryptomania," as per a report by Reuters. The Bank of Russia has called for a complete ban on trading and mining of crypto, which is interestingly at odds with a government keen to regulate the industry.
Cryptocurrency platforms in Hong Kong will reportedly face a new licensing regime soon as part of the region’s Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. The bill, still in its draft stage, looks to introduce licensing for virtual asset service providers (VASP) as well as the registration for dealers in precious metals and stones.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, is currently facing a prolonged price dip. While it saw an all-time high of $68,000 back in November 2021, its value has dipped to around $20,000 owing to the overall crypto market slump. Given the current scenario, investors are reluctant on putting their money on BTC, as there’s a lot of uncertainty on when the price of Bitcoin is expected to bounce back. Under this backdrop, controversial former stockbroker Jordan Belfort, best known as the ‘Wolf of Wall Street,’ said that he believes long-term Bitcoin investments “can certainly make money.”
Russian majority state-owned banking and financial services firm Sberbank on Saturday said it had executed the first digital financial asset transaction on its platform, as per a report by Reuters. Its subsidiary SberFactoring executed a RUB 1-billion issue with a three-month maturity.
Bitcoin (BTC) on July 8 managed to rise above the $22,000 mark, but lost most of its gains over the weekend, dipping below the $21,000 mark yet again on July 11 morning. Subsequently, most other major altcoins also saw major dips in their prices, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP). Even lesser-known altcoins, which usually see a gain of nearly 1,000 percent on any given day, didn’t manage to impress as the top gainer over the last 24 hours is the Chiliz token, which saw a gain of only 4.98 percent.
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 July 11, Bitcoin price stood at $20,624.36, as per CoinMarketCap data. At the time of writing, the global market cap of the crypto market stood at $917.69 billion, registering a dip of 2.69 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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