Cryptocurrency News Live: TerraClassicUSD Remains Top Gainer Two Days In A Row
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
CNN has surprisingly shut down its crypto and Web 3.0 project called 'Vault' where the company aimed to sell non-fungible tokens (NFTs) of news stories. The shocked users accused CNN of a "rug pull", a term used when crypto developers abandon a project and run away with investors' funds. The media giant launched 'Vault by CNN' in 2021 as a marketplace for its own NFTs that would "offer collectors the opportunity to own a piece of history."
Cryptocurrency exchange Crypto.com has said that the report suggesting that it laid off over 2,000 of its employees was "incorrect", media reports say. The cryptocurrency exchange has reportedly quashed the recent mass layoff reports and has called them "inaccurate". "Any media reports of ongoing job reductions are inaccurate, as are additional estimates and rumours around the total number of reductions," a spokesperson was quoted as saying.
An Indian-origin Sikh man and his Malaysian partner who mistakenly received $10.4 million from a cryptocurrency company following an administrative bungle in Bulgaria are facing a trial in Australia over allegations that the couple spent the money on items, including a $1.2 million house.
Thirty one people from Solapur city in Maharashtra have allegedly been cheated of Rs 45 lakh after they made investments through a crypto cloud mining app, police said citing complaints. Cloud mining is a mechanism to mine a cryptocurrency, such as Bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software.
Bitcoin (BTC) and Ethereum (ETH), two of the world’s most valued cryptocurrencies, failed to pick up steam as they hovered withing the $19,000 and $1,200 range, respectively, on early Wednesday morning. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) saw a mix of gains and losses in the last 24 hours. The TerraClassicUSD (USTC) continued to remain the biggest gainer over two consecutive days. ApeCoin (APE), on the other hand, emerged as the biggest loser in the last 24 hours.
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 12, Bitcoin price stood at $19,059.96, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $919.36 billion, registering a gain of 0.03 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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