Cryptocurrency News Live: Ethereum Shows Signs Of Recovery
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Ethereum (ETH), the world’s second most-valued cryptocurrency after Bitcoin (BTC), showed some signs of recovery after days of slump. BTC, on the other hand, managed to remain above the $19,000 mark over the festive weekend. Other popular altcoins, including the likes of Ripple (XRP), Solana (SOL), and Dogecoin (DOGE) landed in the greens on early Tuesday morning. Among lesser-known altcoins, the Maker (MKR) token emerged to be the biggest gainer, with a 24-hour jump of nearly 9 percent.
Kim Kardashian paid $1.26 million fine after she was charged with unlawfully promoting an illegal crypto investment scheme on Instagram, the US Securities and Exchange Commission (SEC) said on Monday. Kardashian has also agreed to not promote any crypto asset securities for three years. She promoted on social media a crypto asset offered and sold by EthereumMax without disclosing the payment she received for the promotion.
Meta has announced that everyone can now share digital collectibles or non-fungible tokens (NFTs) on Instagram and Facebook. The company started testing digital collectibles with a handful of US creators and collectors in May, and now the feature is available to users in 100 countries. "Everyone in the 100 countries where digital collectibles are available on Instagram can now access the feature," the company said in an update.
Amid the current global economic slowdown, crypto exchange WazirX has reportedly laid off 40 percent of its total workforce. A total of 50 to 70 employees of the 150 workers at the exchange were asked to go. The laid-off employees were informed that they would be paid for 45 days and no longer need to report for work.
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 4, Bitcoin price stood at $19,608.53, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $944.43 billion, registering a gain of 2.33 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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