Cryptocurrency News Live: Ethereum Dips Below $1,500 Following The Merge
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
A 32-year-old e-commerce firm employee was arrested for allegedly cheating people by showing fake profit on a fake website, police said on Thursday. The accused has been identified as Sanjeev Kumar Singh, a resident of Gururgam in Haryana, originally from Samastipur, Bihar, they said. Singh is hearing and speech impaired by birth but can write and read English and Hindi, police said. According to the police, the complainant had been contacted by a woman who introduced herself as ‘Diana’ and convinced her to invest in Bitcoin through a website.
Ethereum Merge, the crypto world’s most-awaited event this year, was officially completed on September 15. However, despite general expectations that the Merge will result in a boost in crypto prices, the actual situation turned out to be otherwise. Bitcoin (BTC), the world’s oldest and most valued crypto coin, dipped below the $20,000 mark, while Ethereum (ETH) dipped below the $1,500 mark on Friday morning. Other popular coins, including the likes of Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC), saw themselves in the reds. Among lesser-known altcoins, the Golem (GLM) token emerged to be the biggest gainer with a gain of over 16 percent 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 September 16, Bitcoin price stood at $19,787.55, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $962 billion, registering a dip of 1.12 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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