Cryptocurrency News Live: Bitcoin, Ethereum Dips As Meltdown Continues
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Bitcoin (BTC) and Ethereum (ETH) — two of the most valued cryptocurrencies — dipped below $17,000 and $1,200, respectively, as crypto prices continued to see an unprecedented meltdown. It is largely believed that Binance’s sudden u-turn on FTX takeover has resulted in the steady bloodshed of crypto prices, with several popular altcoins — including the likes of FTX Token (FTT), Solana (SOL), and Curve DAO Token (CRV) — taking heavy losses in the tune of up to over 50 percent in the last 24 hours.
The US authorities have seized around 50,676 Bitcoin worth $3.36 billion stored in a circuit board hidden in the bottom of a popcorn tin in a bathroom closet. The 32-year-old James Zhong from Georgia fraudulently obtained the Bitcoin from The Silk Road — a site on the dark web once called "the Amazon of drugs" — in 2012. Zhong has now pleaded guilty to committing wire fraud in September 2012, when he unlawfully obtained over 50,000 Bitcoin from the Silk Road dark Web Internet marketplace, the US Department of Justice said in a statement.
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 November 10, Bitcoin price stood at $16,385.46, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $821.02 billion, registering a dip of 9.57 per cent in the last 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, 2022, VDAs attract taxation of 30 per cent on gains. A TDS of 1 per cent is 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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