Cryptocurrency News Live: Bitcoin, Ethereum, Majority Altcoins Show Signs Of Recovery
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 5, Bitcoin price stood at $20,250, as per CoinMarketCap data. At the time of writing, the global market cap of the crypto market stood at $909.30 billion, registering a gain of 5.31 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. On top of that, 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.
WazirX, CoinDCX, ZebPay Suffer Trading Decline In India As Crypto TDS Kicks In: Report
Starting July 1, a TDS of 1 percent has been imposed on cryptocurrencies in India. Cryptocurrencies are currently clubbed under virtual digital assets (VDAs) in the country, facing taxation of 30 percent on all gains, as part of the new tax regime that came into effect on April 1. This month, an additional TDS was slapped on crypto transactions. This has led to a worrying dip in trading volumes among leading crypto exchanges in the country, as per data from crypto data aggregator CoinGecko, as reported by Bloomberg.
NFTs, Cryptocurrency Marketplaces Banned By Chinese Tech Firms As Part Of Industry Initiative
Chinese internet and tech giants on Monday signed an initiative to ban cryptocurrency and digital collectibles (NFTs), along with a promise not to establish secondary marketplaces.
Crypto Romance Scam: US Investors Lost $185 Million In Just 3 Months
People lost crypto worth over $185 million in the US via romance scams in the first quarter this year, as fraudsters use new means to rob their victims, with romance scams featuring prominently. Nearly 46,000 Americans reported losing over $1 billion in crypto to scams since early 2021, according to a recent Federal Trade Commission (FTC) report.
Celsius Lays Off 150 Employees: Find Out Why
Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. The platform last month paused all withdrawals citing "extreme market conditions".
British Army's YouTube, Twitter Accounts Breached; Hackers Post Crypto Scams
Hackers infiltrated the British Army's Twitter and YouTube accounts to promote cryptocurrency scams and on YouTube, they replaced the British Army's videos with old livestreams featuring Tesla CEO Elon Musk and former Twitter CEO Jack Dorsey.
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