Cryptocurrency News Live: Bitcoin Manages To Stay Strong Despite Tesla Sell-Off
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Two Indian brothers and their Indian-American friend have been charged in the US in the first-ever cryptocurrency insider trading scheme in which they made illicit profits totalling over a million dollars. Ishan Wahi, 32, and his brother Nikhil Wahi, 26, are citizens of India and were residing in Seattle while Sameer Ramani, 33, resides in Houston. The Wahi brothers and Ramani were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase’s exchanges.
Crypto technology as a means of payment is logical extension of fintech companies but challenges lie on its usage as an asset class and an alternative to currency, Minister of State for Electronics and IT Rajeev Chandrasekhar said. Speaking on sidelines of Fintech Festival, Chandrasekhar said the whole world is grappling with the issue of crypto and has to come to an understanding on the ways and means to address it.
Bitcoin (BTC) managed to rise above the $23,000 mark on early Friday morning. Despite speculations that it would lose its value after Elon Musk-owned electric carmaker Tesla announced that it is selling 75 percent of its BTC asset, Bitcoin managed to stay strong so far. Several other popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) managed to register minor gains over the past 24 hours. Among lesser-known altcoins, Bitcoin Gold (BTG) became the top gainer over the past 24 hours.
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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 22, Bitcoin price stood at $23,007.11, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.05 trillion, registering a gain of 2.47 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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