Cryptocurrency News Live: Celsius Files For Bankruptcy
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 14, Bitcoin price stood at $20,172.74, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $896.05 billion, registering a gain of 2.94 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.
Indian Crypto Exchanges Facilitated Overseas Transactions Flouting KYC, Money-Laundering Rules: ED
The Enforcement Directorate (ED) in its latest probe has reportedly found that top cryptocurrency exchanges in India have facilitated transactions from countries such as Brazil, Germany, and the US, without complying with know-your-customer (KYC) regulations as well as ant-money laundering (AML) rules. The ED investigation also reportedly revealed that popular crypto trading platforms such as CoinSwitch, CoinDCX, and WazirX have facilitated requests of foreign investors to convert one crypto to another using third-party exchanges and earn commissions on them.
Celsius Files For Bankruptcy Days After Pausing Crypto Withdrawals
Celsius, the US-headquartered cryptocurrency lending platform, on Wednesday said it has filed for bankruptcy, in order to “provide the company with the best opportunity to stabilise the business.” In June, Celsius paused all crypto withdrawals citing “extreme market conditions.” The overall crypto market is currently facing an unprecedented meltdown, which started with the crash of the LUNA token back in May. This, along with other macroeconomic factors, led to a plunge in prices for most crypto coins, including the likes of Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). The overall slump has had an adverse effect on several crypto exchanges around the world. Even Celsius laid off 150 employees — a quarter of its workforce — earlier this month.
Cryptocurrency Price Today: MATIC Sees Highest 24-Hour Gain
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, has barely managed to float above the $20,000 mark as the overall crypto market showed slow signs of recovery on July 14 morning. Greens dominated the crypto price chart as popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Solana (Sol), and Ripple (XRP) registered minor gains over the past 24 hours. On the other hand, the Polygon (MATIC) token turned out to be the biggest gainer over the past 24 hours, alongside lesser known altcoins such as Aave (AAVE) and Curve DAO Token (CRV).
Sri Lanka Warns Public Not To Use Cryptocurrencies Amid Economic Upheaval
The Central Bank of Sri Lanka has warned the public from using cryptocurrencies amid the grave economic crisis in the country, saying that this market is "largely unregulated". The bank said in a notice that the public is "warned of the possible exposure to significant financial, operational, legal and security related risks as well as customer protection concerns posed to the users by investments in Virtual Currencies (VCs)".
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