Cryptocurrency News Live: Crypto Lender Celsius Sued By Former Employee
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. While Bitcoin managed to float above the $22,000 mark on early July 8 morning, at the time of writing, BTC saw a minor dip and was priced at $21,983.43, as per CoinMarketCap data. The global market cap of the crypto market stood at $972.80 billion, registering a gain of 6.12 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.
US Treasury: Crypto Needs Consistent Regulation Across Countries
The US Treasury said in a press release on Thursday that the US and its foreign allies must work together to set up shared standards in order to relate cryptocurrencies. This will make it harder for bad actors to get away with crimes, the government body said. "Uneven regulation, supervision, and compliance across jurisdiction creates opportunities for arbitage and raises risks to financial stability and the protection of consumers, investors, businesses, and markets," the US Treasury said, as first reported by Bloomberg.
Crypto Lender Celsius Sued By Former Employee, Accused Of Being A Ponzi Scheme
Celsius, the US-headquartered crypto lender, has been sued by a former employee who accused the platform to use customer funds to manipulate the price of its eponymous proprietary token. The former money manager noted in his complaint that Celsius lost hundreds of millions of dollars by failing to hedge risk. Earlier this month, Celsius laid off around 150 employees — a quarter of its total workforce. Prior to that, in June, the platform blocked crypto withdrawals due to ‘extreme market conditions’.
Voyager Marketing For Deposit Accounts Faces US FDIC Probe
Voyager's marketing of deposit accounts for crypto purchases is now being looked into by the US Federal Deposit Insurance Corporation (FDIC). Customers who assumed their deposits were insured by the FDIC learned otherwise after Voyager filed for bankruptcy and a banking regulator began an inquiry, as reported by The Wall Street Journal.
Crypto Market Losses Up 52 Percent To Reach $670 Million In Q2 Globally
The global cryptocurrency market lost at least $670 million in the April-June quarter (Q2), and 97 percent of the losses were due to hacks and scams, a report said on Thursday. The crypto losses in the second quarter were up 52 percent from $440 million in the same period last year. "The majority of these funds was lost by four specific projects, Beanstalk known as a decentralized stablecoin protocol, the Harmony Horizon Bridge, Mirror Protocol, and Fei Protocol," according to data from Immunefi, Web3's leading bug bounty platform.
Bitcoin Shows Signs Of Recovery, Global Market Cap Approaches $1-Trillion Mark
Bitcoin (BTC) managed to rise above the $22,000 mark late on Thursday, showing signs of recovery after days of being in the reds. The world’s oldest and most valued cryptocurrency registered a 24-hour gain of 7.72 percent. Subsequently, most other major altcoins also saw gains across the board, including the likes of Ethereum (ETH), Dogecoin (DOGE), and Ripple (XRP). On the other hand, the MetaversePay token saw a gain of 570.37 percent, along with several other lesser-known altcoins.
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