Cryptocurrency News Live: Bitcoin Climbs Above $22,000
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
The Ethereum Merge is expected to take place this week. Arguable the most-awaited event for crypto enthusiasts, the Merge will the Ethereum network switch from a proof-of-work (PoW) model to a proof-of-stake (PoS) system. This will lead to the creation of Ethereum 2.0, or ETH 2.0. To celebrate the Merge, Google has put up a countdown timer, marked by two cartoon pandas approaching each other slowly as the Merge approaches.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to climb above the $22,000 mark as the global crypto market seems to ride high on the upcoming Ethereum Merge. Ethereum (ETH), the second most-valued crypto coin after Bitcoin, managed to hold steady within the $1,700 range. Among popular altcoins, Solana (SOL) saw a massive gain of above 10 percent in the last 24 hours. Among lesser-known altcoins, Ravencoin (RVN) emerged to be the biggest gainer in the last 24 hours.
Ethereum Merge is expected to take place within the next few days, before September 20. When the Merge takes place, Ethereum will be moving from a proof-of-work (PoW) model to a proof-of-stake (PoS) system.
But what does that mean? Click here to check out vital facts to know about the Merge.
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 September 13, Bitcoin price stood at $22,304.70, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.06 trillion, registering a gain of 1.33 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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