Cryptocurrency News Live: Reds Dominate Price Charts As Coins Continue To Dip
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Indonesia on Thursday passed an order asking crypto exchanges in the country to stop trading FTX tokens after the embattled company’s bankruptcy filing in a US Court, said the sector's regulator in a statement, as reported by Reuters. The order is effective since November 14, as per Indonesia's Commodity Futures Trading Regulator. The development comes after the FTX crypto exchange went bankrupt and filed for Chapter 11 bankruptcy protection in the United States on November 11. A big collapse pushed the company into bankruptcy, which left everyone worrying in the industry.
Ethereum (ETH) — the second-most valued crypto coin in the world — dipped below the $1,200 mark early Thursday morning. Bitcoin (BTC), on the other hand, appeared to remain stable within the $16,000 range. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the reds across the board. The Trust Wallet Token (TWT) emerged to be the biggest gainer, with a 24-hour jump of over 11 percent. Algorand (ALGO) turned out to be the biggest loser.
The Reserve Bank of India (RBI) in November announced its first pilot project of Digital Rupee for the retail segment. Nine central banks — including State Bank of India, Bank of Boroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC — will be participating in this project. The Digital Rupee is expected to be launched in some selected states for retail masses within a month.
The recent collapse of FTX – which has filed for bankruptcy protection in the US, but was valued at US$32 billion earlier this year – has had significant repercussions for the entire cryptocurrency industry.
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 17, Bitcoin price stood at $16,537.50, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $831.06 billion, registering a loss of 2.35 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.
- - - - - - - - - Advertisement - - - - - - - - -