Cryptocurrency News Live: Most Altcoins Land In The Greens
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 14, Bitcoin price stood at $16,808.59, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $845.41 billion, registering a gain of 4.15 percent 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 percent on gains. A TDS of 1 percent 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.
FTX Woes Continue As SoftBank Writes Off $100-Million Investment In Bankrupt Firm
Beleaguered Japanese investment firm SoftBank has reportedly written off about $100 million it invested as part of its Vision Fund 2 in now bankrupt crypto exchange FTX. According to MarketWatch, the investment is now marked down to zero with SoftBank saying "it would not face a material markdown in the value of its stake". SoftBank had backed FTX after the startup raised $400 million in January, valuing it at $32 billion.
Amid Crypto Market Meltdown, Hong Kong-Based AAX Suspends Withdrawals
Hong Kong-based crypto exchange AAX has suspended withdrawals, citing the "failure of our third-party partner", which caused some users' balance data to be improperly recorded while scheduling a system upgrade. "Limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users' holdings," AAX said in an official statement.
Crypto.Com Accidentally Sends Ethereum Worth $400 Million To Gate.Io Crypto exchange
Crypto.com has admitted that it mistakenly sent over $400 million in Ethereum digital coins to another crypto exchange called Gate.io. Crypto.com CEO Kris Marszalek said in a tweet that the company was supposed to send 320,000 cryptos to one of its offline wallets, but accidentally sent it to a "whitelisted" address belonging to the corporate account at Gate.io.
Crypto Crash: Cautious Government, RBI Approach Help India Dodge Bullet
Cryptocurrency markets worldwide have been battered with billions of dollars being wiped out but India managed to stay relatively unscathed thanks to a cautious approach of the government and the RBI. While the Reserve Bank of India (RBI) has refused to recognise cryptocurrencies and repeatedly issued warnings against trading in them, the government fired the tax bullet to wean off demand. Net result - Indian investors have been largely spared from the crypto meltdown that has taken the total market value of cryptocurrencies below $1 trillion in just a year from $3 trillion in 2021 and sent Bahamas-based crypto exchange FTX into bankruptcy after a rush of customer withdrawals.
Cryptocurrency Price Today: Bitcoin, Ethereum Recover
Bitcoin (BTC) and Ethereum (ETH) — two of the most valued crypto coins — managed to rise above the $16,000 and $1,200 marks, respectively, on early Tuesday morning. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the greens as overall prices saw minor gains across the board. The Quant (QNT) token emerged to be the biggest gainer, seeing a 24-hour jump of over 23 percent. Convex Finance (CVX), on the other hand, turned out to be the biggest loser.
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