Cryptocurrency News Live: 3AC Founders Go Missing After Liquidation And Bankruptcy
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Binance, the largest crypto exchange in the world in terms of daily trading volumes, continued to allow trades by Iran-based clients despite US sanctions as well as a self-announced company ban on trades in the region. Seven traders told Reuters that despite the sanction and the ban, Binance continued to process trades as recently as September 2021. In 2018, the US reapplied sanctions against Iran after being suspended three years earlier. In November 2018, Binance announced that it won’t allow trading in Iran, asking traders to liquidate their accounts.
GameStop has announced the launch of its very own non-fungible token (NFT) marketplace. Simply called GameStop NFT Marketplace, the platform is currently in its “public beta” phase. For those unaware, NFTs are unique entities that exist on a blockchain. If you own an NFT, you can rest assured no one else will be able to own the exact same NFT with the exact same features, unless you decide to sell it.
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Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, has been finding itself in troubled waters over the last few months, with prices dipping to as low as $18,000 recently. On Monday, a Bloomberg MLIV Pulse survey revealed that investors think that the Bitcoin price is more likely to drop to $10,000 before it is able to surpass the $30,000 mark. At the time of writing, BTC price stood at $19,731.31 as per CoinMarketCap data.
The recent turmoils in the global crypto market have left many organisations and government bodies calling for the need to regulate the speculative sector. Under this backdrop, the Group of Twenty (G20) watchdog Financial Stability Board (FSB) said on July 11 that it plans to propose a set of “robust” global rules for cryptocurrencies in October. The crypto market has been facing an unprecedented meltdown since May this year, starting with the de-pegging of the TerraUSD stablecoin. This eventually led to LUNA losing nearly all its value and the Bitcoin (BTC) price plunging to as low as $18,000 last month.
The founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts. The mega fund, founded by Credit Suisse traders Zhu Su and Kyle Davies, once managed an estimated $10 billion in assets. Now, both Zhu Su and Kyle Davies are missing.
Bitcoin (BTC) is finding it hard to land in the greens over the past few days. The world’s oldest and most valued cryptocurrency has been on a free fall, dipping below the $20,000 mark late on Monday. Along with it, the prices of most other popular altcoins have also plunged worryingly, including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Solana (SOL). On the other hand, the Polygoin (MATIC) token turned out to be the biggest gainer over the past 24 hours, along with other lesser known altcoins such as Loopring and Nexo.
The Enforcement Directorate (ED) on Monday said it has attached assets worth Rs 14 crore in the Morris Coin cryptocurrency cheating case under the Prevention of Money Laundering Act (PMLA). The attached assets include the balance in the bank accounts of Flywithme Mobile LLP (a firm owned by Nishad K) and immovable properties of the associates of Nishad K, purchased from the proceeds of crime.
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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 July 12, Bitcoin price stood at $19,923.35, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $886.56 billion, registering a dip of 3.45 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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