Cryptocurrency News Live: Bitcoin, Ethereum Fail To Impress
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Bitcoin (BTC), the world’s oldest and most-valued cryptocurrency, briefly dipped below the $20,000 mark late on Thursday, but managed to float above early Friday morning. Ethereum (ETH), which saw a bull run earlier upon the announcement of its Merge date, is now slowing down, as its price appears to be dwelling around the $1,600 mark for now. Most other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), and Ripple (XRP), saw minor gains across the board. Among lesser-known altcoins, the TerraClassicUSD (USTC) token gained nearly 15 percent over the last 24 hours, emerging as the biggest gainer of the day.
Due to an unfortunate typo, cryptocurrency exchange Crypto.com mistakenly issued a customer AUD 10.5 million (roughly $7.2 million) rather than the expected AUD 100 (roughly $68), media reports say. Seven months later, the exchange finally discovered the error, but till then some of the money had already gone. The initial transfer occurred in May 2021. However, the exchange only realised the mistake when conducting an audit in December that year, the report said.
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 2, Bitcoin price stood at $20,247.13, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $988.57 billion, registering a gain of 1.27 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 will be 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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