Cryptocurrency News Live: BTC, ETH Dip As Crypto Bloodbath Continues
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Cryptocurrencies are currently going through an unprecedented meltdown, sending the price of Bitcoin (BTC) — the oldest and most valued crypto coin — down to a two-year low. It is largely believed that the latest bloodbath is caused by the liquidation issues of crypto platform FTX, which also saw a loss of millions due to “unauthorised transactions”. The recent dip in prices has once again brought to the forefront discussions on bringing in regulations to protect investors from the adverse effects of the crypto sector's volatile nature — so much so that crypto regulation will be one of the top priorities for India at the upcoming G20 summit.
Not long ago, FTX was one of the world’s largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than $30 billion earlier this year. All that has changed in the past two weeks. First, concerns emerged about links between FTX and an asset-trading firm called Alameda Research, including suggestions that customers’ funds have been transferred from FTX to Alameda.
Beleaguered crypto exchange FTX on Sunday admitted that "unauthorised transactions" have drained hundreds of millions of dollars from its wallets, saying the company has moved many digital assets to a new "cold wallet custodian". FTX, which last week filed for bankruptcy in the US, did not reveal how much it lost in unauthorised transactions but reports claimed the amount could be as high as $600 million.
The beleaguered crypto exchange FTX on Friday announced it has filed for Chapter 11 bankruptcy in the US, as its Founder and CEO Sam Bankman-Fried resigned from his role. John J Ray III has been appointed the new CEO and nearly 130 additional affiliated companies — including FTX US and Alameda Research — have also begun the bankruptcy process, the company said in a statement. The move is "in order to begin an orderly process to review and monetise assets for the benefit of all global stakeholders," said FTX.
Bitcoin (BTC), the most valued crypto token, dipped below $16,000 mark early Monday morning as crypto bloodbath continued over the weekend. Following the FTX hack, cryptocurrencies continue to see an ever worse loss in prices than earlier last week as selloffs increased considerably. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC) — landed in the reds across the board. Trust Wallet Token (TWT) continued to be the top gainer for the second consecutive day as Cronos (CRO) started the week off as the biggest loser.
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 14, Bitcoin price stood at $15,964.97, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $810.71 billion, registering a loss of 4.88 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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