Cryptocurrency News Live: Voyager Digital Files For Bankruptcy Following 3AC Loan Default
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Finance guide SavingSpot has conducted a study to figure out the interest and sentiment on NFTs around the world. As per the study, Singapore leads in terms of NFT searches, with 18,717 searches per million residents per month. Hong Kong comes in second, followed by Canada, Iceland, and the US. The study also looked at the countries where NFTs are liked and disliked the most. Montenegro leads in that segment, with 862 positive posts per 1,000 tweets on NFTs.
Voyager Digital, the US-headquartered crypto lending platform, has filed for bankruptcy, the company said in a statement. The announcement comes a few weeks after Voyager issued a default notice to Three Arrows Capital, popularly known as 3AC, which is a Singapore-headquartered cryptocurrency exchange. The loan default, along with the current volatility of the overall crypto market has been cited as the reason behind the bankruptcy by Voyager CEO Stephen Ehrlich.
Vauld, the Singapore-headquartered cryptocurrency exchange, on Monday suspended all withdrawals, trading, and deposits on its platform. Vauld has become the latest crypto firm to have suspended operations amid a global crypto market meltdown. Vauld CEO Darshan Bathija said in a blog post that the company was facing “financial challenges despite our best efforts,” going on to explain why crypto transactions were suspended. Apart from Vauld, crypto lender Celsius and broker Voyager Digital have also suspended transactions. Why is this happening? How does it affect you?
Bitcoin (BTC), the world’s most valued cryptocurrency, managed to float above the $20,000 mark early on July 6, after dipping to around $19,000 on Tuesday. Most other major altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), and Ripple (XRP) found themselves in the reds, as the global crypto market saw a plunge in prices. On the other hand, the BITCCA token saw a gain of 1,286 percent, along with several other lesser known altcoins. In this report, we will take a look at the top crypto gainers and losers over the past 24 hours.
The Singapore government is planning to introduce additional tough measures to safeguard consumers from the crypto meltdown, including restrictions on retail trading. Tharman Shanmugaratnam, Senior Minister and Minister in Charge of the Monetary Authority of Singapore (MAS), said that the recent market conditions clearly demonstrate the risks with prices of several cryptocurrencies dipping significantly.
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 6, Bitcoin price stood at $20,249.54, as per CoinMarketCap data. At the time of writing, the global market cap of the crypto market stood at $898.68 billion, registering a dip of 1.51 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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