Cryptocurrency News Live: Bitcoin Rises Above $23,000
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
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 20, Bitcoin price stood at $23,421.06, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.06 trillion, registering a gain of 4.23 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 Regulation: Governments, Central Banks 'Way Behind The Curve', Harvard Professor Says
Kenneth Rogoff, a Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University as well as a chess Grandmaster and former International Monetary Fund (IMF) chief economist, said that central banks and governments are “way behind the curve” when it comes to regulating cryptocurrencies. Rogoff said that officials only “throw out” the idea of having a Central Bank Digital Currency (CBDC) to “distract the conversation.” Rogoff has been a staunch crypto skeptic for years.
Crypto Hackers Using Fake Apps To Dupe Investors: FBI
In a public warning issued on Monday, the Federal Bureau of Investigation (FBI) said that fraudulent cryptocurrency apps have swindled investors in the US out of $42.7 million between October 2021 and May 2022. The agency said that it has observed “cybercriminals contacting US investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cybercriminals have used with increasing success over time to defraud the investors of their cryptocurrency.” A total of 244 victims have been identified by the FBI.
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