Cryptocurrency News Live: Bitcoin, Ethereum Lose Steam
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Bitcoin (BTC) and Ethereum (ETH), the world’s most value cryptocurrencies, saw a dent in their bull run as their prices dipped to the $20,000 and $1,600 range, respectively. The reason behind the sudden dip is largely attributed to the US inflation data released last night. Other popular altcoins, including the likes of Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP), landed in the reds across the board. The Terra Classic (LUNC) emerged to be the biggest gainer in the last 24 hours, with a jump of nearly 8 percent. On the other hand, Solana (SOL) turned out to be the biggest loser.
A 26-year-old Indian citizen has pleaded guilty in the first-ever cryptocurrency insider trading case in the US, in which he along with his brother and their Indian-American friend made ill-gotten profits, totalling over a million dollars. Nikhil Wahi, a citizen of India and residing in Seattle, on Monday pleaded guilty to wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase's exchanges. Coinbase is one of the largest cryptocurrency exchanges in the world.
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 14, Bitcoin price stood at $20,307.81, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1 trillion, registering a dip of 5.90 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 - - - - - - - - -