Cryptocurrency News Live: Elon Musk's Tesla Sells 75 Percent Of Bitcoin Holdings
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 21, Bitcoin price stood at $22,322.19, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.02 trillion, registering a dip of 3.52 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.
Tesla Sells Most Of Its Bitcoin Holdings But Holds On To DOGE
Tesla, the US-based electric car manufacturer co-founded by billionaire entrepreneur Elon Musk, has sold off 75 percent of its Bitcoin (BTC) holdings. Musk has been a strong supporter of cryptocurrencies, but the current Crypto Winter that has led to an unprecedented plunge in the prices of most crypto coins has led to Tesla selling off its majority BTC holdings. However, Musk clarified that the company is still holding on to its Dogecoin (DOGE) assets. The meme-based altcoin has been a favourite of Musk for years, who has often come out in its support on Twitter, rallying its prices from time to time.
Zipmex Suspends Withdrawals Until Further Notice
Singapore-headquartered crypto exchange Zipmex has announced to pause withdrawals until further notice, becoming another crypto company to bear the brunt of volatile market conditions. The digital assets exchange has operations in Singapore, Australia, Indonesia, and Thailand.
Minecraft Stops Support For Blockchain-Based NFTs On Its Platform
Minecraft has announced not to support non-fungible tokens (NFTs), giving a shock to the Blockchain developer community. "NFTs are not inclusive of all our community and create a scenario of the haves and the have-nots," the popular Microsoft-owned game said in a statement.
BTC, ETH See Dips After Rising Above $24,000 And $1,600, Respectively
Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and several other cryptocurrencies have registered minor dips in the past 24 hours. While Bitcoin managed to touch the $24,000 mark on Wednesday, Ethereum, too, managed to float above $1,600. However, both the crypto coins lost most of their value on early Thursday morning. On the other hand, Monero (XMR) turned out to be the biggest gainer over the past 24 hours, along with a handful of other altcoins including Binance USD (BUSD).
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