Tag: cryptocurrencies

In the upcoming winter session of Parliament, starting November 29, the government has listed a bill seeking to ban all private cryptocurrencies. This is among the 26 pieces of legislation, including the repeal of three farm laws, listed for the session. The price of Bitcoin was down sharply from Rs 46 lakh to Rs 40 lakh in just about 90 minutes after this news came in. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the list of businesses for the winter session of Parliament. Read more

Finally, it looks like the government and regulatory authorities appear to be getting together with stakeholders to consider a legislative and regulatory framework for cryptocurrencies. These virtual assets have been around for over a decade — the pioneer bitcoin started trading in 2010. There are literally thousands of cryptos. Some have given truly extraordinary returns. Investors see these instruments as potential hedges against currency volatility and inflation. Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes and Indians actually invest a great deal more in forex-denominated trades. There’s a substantial, active Indian crypto-investment community which multiple sources estimate holds over $15 billion worth of crypto assets. Moreover, the related non-fungible token, or NFT, market is booming and there’s been an advertising blitz tempting Indians to invest in cryptos. Read more

Cryptocurrencies are known for their wild swings in a very short span of time, while micro tokens are renowned for their bizarre moves. Such tokens, with minuscule market cap and extremely trimmed liquidity, deliver ultra-multi-bagger returns in just a day or two. However, not all investors can make money in such tokens. Squid Games-based SQUID and Kokoswap (KOKO) are prime examples. The latest entry to this list is Ethereum Meta (ETHM), which has surged more than 2.35 lakh percent in the last 24 hours, according to data from Coinmarketcap. The digital token skyrocketed a whopping 2,37,000 percent in a matter of hours. The price of this token hit $0.0001194 from merely $0.00000005033 during the period. However, it was trading at $0.00006449 at 11.30 am IST. Read more

The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases, according to some sources. Cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation and as per user case — payments, investment, or utility. People in the know said only the cryptocurrencies that are covered under the government’s definition will be allowed to be traded in India. These crypto assets will then be taxed accordingly, said people aware of the development. Read more

Most major cryptocurrencies plunged today(14th July 2021) as bears continue to push prices lower. Barring US dollar-pegged coins, the top 10 traded cryptocurrencies were down up to 25 percent in the last 24 hours. Bitcoin was down 8 percent while Ethereum tanked 21 percent. Binance Coin, XRP, and Cardano were also down in double digits. Interestingly, the sell-off happened at a relatively higher volume, meaning this trend may continue for some time, said analysts. Analysts believe the upcoming Grayscale unlockings, coupled with the Taproot upgrade, is likely to lead to an increased buying by wealthy investors and BTC whales. Read more

In India investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban. Indians now totaling more than 15 million are buying and selling digital coins. That’s catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K. The growth in India is coming from the 18-35-year-old cohort, says the co-founder of India’s first cryptocurrency exchange. Latest World Gold Council data indicated Indian adults under age 34 have less appetite for gold than older consumers.“They find it far easier to invest in crypto than gold because the process is very simple,” say experts. Read more

Major cryptocurrencies traded lower today(18th June 2021) as the US regulator delayed the approval of Bitcoin ETFs which has dented the sentiments of crypto investors. However, digital tokens, pegged with dollars, showed signs of resilience. The majority of the top 10 digital tokens were trading with cuts at 9.30 hours IST. The Securities and Exchange Commission (SEC) said in a regulatory filing that it will seek public comments on a proposal to list Bitcoin ETFs on Cboe Global Markets Inc. Contrary to US SEC's views, UK watchdog Financial Conduct Authority said more people see crypto assets as a mainstream investment rather than a 'gamble' as ownership of Bitcoin and similar cryptocurrencies have risen to 2.3 million adults in Britain this year. Read more