Cryptocurrency News Live: Bitcoin Fails To Regain $20,000 Mark
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
World's largest cryptocurrency exchange Binance has confirmed that hackers have stolen more than $100 million from its platform. The Binance Blockchain, also known as BNB Chain, said that a total of 2 million BNB tokens — worth nearly $568 million — were initially stolen by the hacker. However, the company suspended the BMB Chain which resulted in more than $100 million being vanished, while the rest of the tokens couldn't be transferred by the cybercriminals.
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Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, failed to rise above the $20,000 mark over the weekend, as the overall crypto market saw minor price movements across the board. Popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) registered minor gains across the board. The TerraClassicUSD (USTC) token emerged to be the biggest gainer in the last 24 hours, with a jump of 13 percent. The Toncoin (TON) token, on the other hand, became the biggest loser.
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 October 10, Bitcoin price stood at $19,448.02, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $943.71 billion, registering a dip of 0.71 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 this year, 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.
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