Cryptocurrency News Live: Ethereum Rises Above $1,600 Ahead Of Merge
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 second-highest valued cryptocurrency, managed to climb above the $1,600 mark after registering minor losses over the weekend. Owing to the much-awaited Ethereum Merge scheduled for later today, ETH price is expected to see some positive movement over the next few days. Bitcoin (BTC), on the other hand, failed to rise above the $20,000 mark. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) saw minor losses and gains across the board. Among lesser-known altcoins, the Ethereum Classic (ETC) token saw a gain of nearly 25 percent in the last 24 hours.
Despite laying off 1,100 employees, leading cryptocurrency exchange Coinbase, its full-time employee count stood at 4,977 at the end of the June quarter (Q2) — a 33 percent rise from the 3,730 workers it had at the end of Q4 2021, a report showed.
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 6, Bitcoin price stood at $19,795.73, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $993.39 billion, registering a gain of 1.03 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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