Cryptocurrency News Live: Bitcoin, Majority Altcoins Suffer Bloodbath
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Coinbase, one of the most popular crypto exchanges, is reportedly facing a probe from the US Securities and Exchange Commission (SEC). The federal agency is investigating if the platform allowed trading of digital assets which should have been registered as securities, as per a report by Bloomberg News on Tuesday.
Elon Musk-run Tesla on Monday revealed it incurred $170 million loss from its Bitcoin investments in the first six months of the year. Tesla revealed last week that it has sold 75 percent of its Bitcoins, adding $936 million in cash to its balance sheet in the second quarter (Q2) this year, as it deals with economic meltdown amid cryptocurrencies falling off the cliff.
Blockchain.com has laid off 25 percent of its workforce, nearly 150 employees, amid the global economic meltdown. The digital assets trading firm said it will shut its Argentina-based offices and halt its expansion plans globally.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped to the $21,000 mark as the overall global market cap plunged below the $1-trillion mark this week. Alongside BTC, popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) also registered heavy losses. The overall bullish sentiment also reflected on the prices of lesser-known altcoins, as Trust Wallet Token (TWT) emerged as the biggest gainer over the past 24 hours with an increase of just under 5 percent. Most other altcoins saw gains of less than 1 percent.
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 26, Bitcoin price stood at $21,175.93, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $967.59 billion, registering a dip of 3.76 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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