Cryptocurrency News Live: Ethereum Loses Steam, Dips Below $1,300
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Inflation occurs when a fiat currency loses value over time, resulting in rising goods and services prices. Even though some economists believe that inflation might be good for the economy to an extent, this might also create an economic crisis. For example, the Indian government has printed more money than what the citizens need for decades, which is why goods are becoming much more expensive than before. Like gold, even Bitcoin also experiences inflation as it is mined. Since the supply of new Bitcoins is automatically reduced by 50 percent every four years, Bitcoin is essentially deflationary.
Ethereum (ETH), the world’s second-most value crypto coin just after Bitcoin (BTC), dipped below the $1,300 mark, seeing a nearly 4 percent dip in the last 24 hours. Most popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the reds across the board. The TerraClassicUSD (USTC) token, on the other hand, emerged as the biggest gainer, seeing a massive jump of nearly 45 percent in the past 24 hours. The Chiliz (CHZ) token turned out to be 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 11, Bitcoin price stood at $19,041.52, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $918.73 billion, registering a dip of 2.65 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.
- - - - - - - - - Advertisement - - - - - - - - -