Cryptocurrency News Live: Global Market Cap Fails To Recover Above $900 Billion
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 November 11, Bitcoin price stood at $17,041.42, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $858.06 billion, registering a gain of 3.76 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.
Why Is Crypto Market Down? Here’s What Investors Should Keep In Mind Amidst Current Bear Trends
Cryptocurrency prices have been in a freefall over the past couple of days. So much so that within a span of four days, the global crypto market cap has dipped from $1.03 trillion (November 7) to $821.02 billion (November 10), as per CoinMarketCap data. As a result, top coins such as Bitcoin (BTC) and Ethereum (ETH) dipped from around $21,000 and $1,600 to $16,000 and $1,100, respectively. So, what’s causing the sudden meltdown in crypto prices? And, perhaps more importantly, what should investors keep in mind during the current bear trends?
Cryptocurrency Price Today: Bitcoin, Ethereum Show Minor Signs Of Recovery
After a couple of days of bloodbath, crypto prices appear to be on a slow upward swing. Bitcoin (BTC) and Ethereum (ETH) — two of the most valued coins — managed to climbe above the $17,000 and $1,200 marks, respectively. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP) — landed in the greens across the board. FTX Token (FTT), which was the top loser over the past few days, emerged to be the biggest gainer in the last 24 hours, with a gain of over 28 percent.
Crypto Major Binance Backs Out Of Deal To Buy Rival FTX
World's largest crypto exchange Binance on Thursday took a U-turn on acquiring its rival FTX, saying it was backing out of the deal after reviewing the company's finances, leading to further fall in major cryptocurrencies. Binance on Tuesday signed a non-binding, letter of intent to purchase FTX for an undisclosed sum. In a tweet, the company said that as a result of corporate due diligence, "as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX".
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