Cryptocurrency News Live: DOGE Loses Steam
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 3, Bitcoin price stood at $20,359.27, as per CoinMarketCap data. At th2 time of writing, the global crypto market cap stood at $1.01 trillion, registering a gain of 0.95 per cent in the last 24 hours. 2
While cryptocurrency is unregulate09in 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.
Cryptocurrency Price Today: Bitcoin, Ethereum Manage To Remain Stable
Dogecoin (DOGE), Elon Musk’s favourite memecoin, has lost its gain streak and landed among the top losers on early Thursday morning. Bitcoin (BTC) and Ethereum (ETH) managed to remain within the $20,000 and $1,500 range despite seeing minor dips. The recent 75-bps interest rate hike by the US Federal Reserve has also left a negative impact on crypto prices across the board. It can be expected that the global crypto market cap might see a decline in the coming days. The Arwearve (AR) and Litecoin (LTC) tokens saw massive jumps in the last 24 hours, at over 64 per cent and 13 per cent, respectively.
Can Ethereum Overtake Bitcoin Anytime Soon?
Bitcoin and Ethereum are the two cryptocurrencies that have been at the forefront dominating a significant portion of the crypto market. All thanks to their global adoption. Even though these two cryptos have been in the market for almost a decade, they are still holding onto their top positions with no sign of losing them. With the recent Ethereum Merge, the network now moves to less expensive and much more energy-efficient proof-of-stake consensus than the earlier proof-of-work. It is the most significant event in the whole cryptoverse ever. The potential chance of Ethereum overtaking Bitcoin is called the flippening.
Full-Fledged CBDC Launch 'In Near Future': RBI Governor
The RBI will follow up on the wholesale e-rupee pilot with a similar trial on the retail side this month itself, governor Shaktikanta Das said on Wednesday. He termed the launch of the central bank digital currency (CBDC), which started on the wholesale front between a limited set of banks on Tuesday, as a landmark moment in the history of currencies in the country, and added that it will majorly transform the way of doing business. "The retail part of the CBDC trial will be launched later during this month. We will announce the date separately," he said, speaking at the annual FIBAC conference of bankers here.
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