Cryptocurrency News Live: Bitcoin, Ethereum Register Dips After A Fruitful Weekend
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Bitcoin (BTC) and Ethereum (ETH), the two most-valued crypto coins in the world, managed to rise above the $21,000 and $1,600 marks over the weekend, respectively. However, as of early Monday morning, both cryptocurrencies lost those marks and are now dwelling within the $20,000 and $1,500 range. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), and Solana (SOL) — mostly landed in the reds. The Polygon (MATIC) token managed to become the top gainer, with a 24-hour jump of nearly 5 per cent.
The Indian Central Bank Digital Currency (CBDC) can coexist and thrive with cryptos in the future and such a system, applied to several other sectors on a public blockchain with their own cryptos, can unleash innovation that has not been thought of before, Ashish Singhal, Co-founder and CEO, CoinSwitch, said.
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 7, Bitcoin price stood at $20,870.98, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.03 trillion, registering a dip of 1.93 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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