Cryptocurrency News Live: Reds Dominate Charts As Market Still Copes With FTX Meltdown
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 21, Bitcoin price stood at $16,168.17, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $794.02 billion, registering a gain of 1.52 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.
Binance Has About 600,000 Bitcoins Currently
Bitcoin (BTC) reserves have reportedly increased to 582,054, which is valued at $9.62 billion, as per Bitcoin's exchange rate on November 20, 2022. At an all-time high, the reserve stash grew significantly in value from its previous value, which stood at over $5 billion between November 7 and November 14 this year. This happened amid a lot of talks about proof of reserves and self-custody. In terms of percentage, it holds about 2.77 percent of the 21 million capped supply.
FTX Owes $3.1 Billion To Top 50 Creditors
According to a US court filing, FTX crypto exchange owes around $3.1 billion to its top 50 largest creditors in the company that incurred an unprecedented collapse recently. Not just that, the company which is already pushed into legal proceedings, has said that it owes about $1.45 billion to its top 10 creditors in the company founded by its former CEO Sam Bankman-Fried in 2019. FTX's failure and collapse have left everyone worried in the cryptocurrency industry which was already facing a lot of challenges. The firm's bankruptcy filings have also revealed that it owes huge sums of money to over 1 million people and investors.
Global Market Cap Dips Below $800 Billion
The global crypto market cap has dipped below $800 billion due to a severe increase in liquidation following the FTX crypto exchange collapse. While Bitcoin (BTC) managed to stay within the $16,000 range, most other altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and Solana (SOL) — landed in the reds across the board. The UNUS SED LEO (LEO) token turned out to be the biggest gainer, albeit with a minor jump of less than 2 percent. Chiliz (CHZ) emerged to be the biggest loser, seeing a 24-hour loss of over 17 percent.
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