Cryptocurrency News Live: Bitcoin Remains Below $20,000
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 July 13, Bitcoin price stood at $19,476.95, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $870.12 billion, registering a dip of 1.91 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 Lender Celsius Is 'Deeply Insolvent': US State Regulator
Celsius, the US-headquartered cryptocurrency lending platform, which had blocked all withdrawals last month due to “extreme market conditions,” is said to be “deeply insolvent” by the Department of Financial Regulation (DFR) of the US state of Vermont. The DFR said that Celsius doesn’t have enough assets and liquidity to be able to honour its obligations to creditors and customers.
US Treasury Seeks Input On Crypto Risks, Benefits
The overall crypto market is facing an unprecedented meltdown over the past few months, resulting in high sell-offs from investors owing to the highly volatile prices of cryptocurrencies. As a result, regulatory bodies from leading countries are now looking at imposing strict rules on crypto coins and exchanges in order to reduce their implication on the overall financial state of nations. On Tuesday, the US Treasury said that it was seeking input on the opportunities and the risks that are posed by digital assets in the country. It is now preparing a report for President Joe Biden on the implications of cryptos, as per a report by Reuters. On the other hand, global regulators have called for stablecoins to comply with the same safeguards as traditional forms of payments.
Kazakhstan Imposes Higher Tax Rates On Crypto Miners
Kazakhstan President Kassym-Jomart Tokayev has signed into law a bill that imposes higher tax rates on crypto miners working in the country. Cryptocurrency mining, as the name suggests, is the process of creating new cryptocurrencies into circulation. A highly competitive process, crypto mining uses a proof-of-work method to verify and add new transactions to the blockchain. As per Kazakhstan’s new Tax Code, the hiked tax will depend on the average price of electricity and the amount used for the mining process.
Global Crypto Market Cap Remains Below $900 Billion
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, is finding it hard to land in the greens over the past few days. While Bitcoin managed to rise above the $22,000 mark late last week, the coin has been in freefall throughout this week, subsequently bringing down the prices of most other popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Solana (SOL). On the other hand, the Quant (QNT) token turned out to be the biggest gainer over the past 24 hours, along with other lesser known altcoins such as Serum (SRM) and STEPN (GMT). At the time of writing, the global crypto market cap stood at $870.12 billion as per CoinMarketCap data, registering a 24-hour dip of 1.91 percent.
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