Cryptocurrency News Live: MEDOC Token Gains Over 3,000 Percent
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
The Boring Company, the Elon Musk-founded tunnel construction services firm, appears to be the latest outfit to jump onto the crypto bandwagon. It has reportedly started offering customers to pay for Loop rides with Musk’s favourite cryptocurrency, Dogecoin (DOGE). Musk’s other ventures, Tesla and SpaceX, are no strangers to DOGE. While the electric car maker accepts Dogecoin as payment for merch on its online store, SpaceX plans to launch a DOGE-funded satellite mission later this year. Musk has always been a strong supporter of Dogecoin, saying that he will continue to buy DOGE tokens in the future as well.
The revenue departments in the US states of Colorado and Utah are implementing programmes to enable businesses and individuals to pay their taxes with cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The two states plan to implement the same within a few months. However, the idea of crypto payment for taxes has been largely shelved by most other US states as the overall crypto market suffers from an ongoing meltdown.
Bitcoin (BTC), the world’s most valued cryptocurrency, managed to float above the $20,000 mark early on July 6 and managed to stay there throughout the entire day. Subsequently, most other major altcoins also saw a boost in prices, including the likes of Ethereum (ETH), Dogecoin (DOGE), and Ripple (XRP). On the other hand, the MEDOC token saw a massive gain of over 3,000 percent, along with several other lesser-known altcoins.
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 7, Bitcoin price stood at $20,445.21, as per CoinMarketCap data. At the time of writing, the global market cap of the crypto market stood at $917.82 billion, registering a gain of 2.49 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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