Tag: cryptocurrency

As the government begins taxing gains from cryptocurrencies and non-fungible tokens from April the Indian tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs). So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The move will ensure that the details about VDA-related transactions are available with the authorities on a real-time basis, and there would be lower chances of revenue leakage or their going unexamined. Read more

After logging decent gains over the past few days, crypto traders turned defensive today(18th Feb.2022) as tensions between Russia and Ukraine intensified. Following this, the appetite for riskier assets, including the digital token, dropped sharply. Investors now looked for safe heaven bets like gold, dampening the sentiments further. Barring the dollar-pegged Tether, all other top digital tokens were trading in deep red on Friday. Avalanche and Terra dropped 9 percent each followed by Bitcoin and Ethereum, each losing over 7 percent.

The world's biggest and best-known cryptocurrency Bitcoin rallied 10 percent to a two-week high today(5t February 2022)mainly due to a return in risk appetite and a rally in stock markets cryptocurrency Ethereum, the second-largest crypto in m-cap terms, also jumped 9 percent. Among key cryptos, Bitcoin was up 10 percent in the last 24 hours at $41,615.37. Earlier, it hit a high of $41,983, taking gains from Thursday's lows to nearly 16 percent and marking a 27 percent rise from the year's low of $32,950.72 on January 24. Ethereum was quoting at $3,030.08, up 8.57 percent. Most of the 10 top digital tokens were trading with strong gains on Saturday. Solana climbed up 10.82 percent, taking its 7-day rise to 23 percent. Polkadot soared 15.37 percent, taking its 7-day rise to 20 percent. At the same time, Terra was up 11.53 percent. BNB, XRP, and Cardano gained 9-12 percent. Tether was trading flat.

Finance Minister Nirmala Sitharaman today(30th Nov.2021) clarified in Rajya Sabha that the government is not considering a ban on cryptocurrency advertisements and that a bill will be introduced in Parliament after Cabinet approval. "This is a risky area and not in a complete regulatory framework. We are not considering a ban on advertisements, but we've been taking steps to caution the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India are being studied and the regulations that they have are being looked into so that we can make a decision on how to handle it, if necessary," said Sitharaman. The government will soon introduce a Bill related to cryptocurrencies once the Cabinet clears it, she added. Last week, the government had listed a bill for the ongoing winter session of Parliament seeking to ban all private cryptocurrencies. Read more

As Bitcoin has lost almost 20% in less than two weeks, it looks like extreme volatility remains a hallmark of crypto investing. But, it’s largely business as usual with bullish conviction intact in the bitcoin market. whereas in traditional markets moves on this scale are met with alarm. The largest cryptocurrency edged higher after earlier slipping as much as 3.4% to $55,663 on 19th Nov.2021. Some analysts say a sharp pullback is normal after prices skyrocketed 40% in October. China’s crypto crackdown and new U.S. tax-reporting provisions that are being viewed as unfriendly to crypto investors have also soured sentiment. “During 2016/17 Bitcoin winter, the thing that really took the wind out of the sails of crypto was when interest rates rose and liquidity was draining from the system,” said a financial expert. 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

Bitcoin, the largest cryptocurrency was trading just above $57,000 as of 7:52 a.m. in London, some $7,700 shy of its April record. A recent rally in digital tokens like Bitcoin and second-ranked Ether contrasts with the travails of assets such as stocks, bonds and gold amid a bout of jitters in global markets. Record highs for Bitcoin are possible, maybe at around $80,000 to $85,000 based on chart patterns, say some experts. Bitcoin’s climb has activated an inverted head and shoulders chart pattern. The so-called measured objective for Bitcoin derived from this pattern is about $79,000, which would top the all-time high of almost $65,000 from April. A study of Bitcoin and Ether price momentum shows that short-term momentum has crossed above the longer term trend. Over the past five years, both tokens were significantly higher a year after each such crossover. Positioning in the options market suggests bets on a continuation of the Bitcoin advance. Read more

Major cryptocurrencies were trading mixed on Friday after the big Etherum update. Six of the top 10 digital tokens were trading higher at 9.30 hours IST, thanks to gains in Bitcoin, Ethereum, and Uniswap. The global crypto market cap declined to $1.65 trillion, about 2 percent higher compared to the last day. However, the total crypto market volume jumped 22 percent to $100.09 billion. It was a fantastic session for blue chips in cryptocurrencies. Bitcoin surpassed $40,000, Ethereum hovered around $2,800, said Edul Patel, CEO, and co-founder of Mudrex. The second-largest blockchain network, Ethereum, went through the much-awaited 'London Hard Fork' software upgrade on Thursday, which is expected to stabilize transaction fees and reduce the supply of the Ether token. The digital token reversed its losses.

Major cryptocurrencies regained some ground after a broad-based crackdown from China today(24th June 2021). Following the recent volatility, six out of the top-10 digital tokens were trading with decent gains at 9.30 hours IST, whereas the rest four tanked up to 5 percent. On technical charts, numero uno crypto token Bitcoin formed a 'death cross', signaling further losses ahead. Prices of Bitcoin have already halved since its peak of $65,000 in April this year. Market players are citing jitters on bitcoin mining in thin liquidity for the losses. The past 24 hours were massively volatile for the cryptocurrency market. Bitcoin broke below the critical support level of $30k before making a day's low of $28,91. A short-lived rebound quickly followed the dip. It is one of those days where stop losses got triggered on both long and short positions," said an expert. Read more

RBI is informally urging lenders to cut ties with cryptocurrency exchanges and traders as the highly speculative market booms, despite a Supreme Court ruling that banks can work with the industry, according to sources. The guidance comes as India is crafting a law to ban cryptocurrencies and penalise anyone dealing in them, which would be among the most sweeping crackdowns on the new investing fad in the world. But with the Covid-19 crisis engulfing the country, no one is sure when such a bill may be passed, adding to investors' confusion. The RBI in 2018 had forbidden banks from dealing in all transactions related to bitcoin and other such assets. That diktat was challenged by the crypto exchanges and in March 2020, India's top court overturned the RBI ban and allowed lenders to extend banking facilities to them. With investors continuing to rush into the hot new asset class, however, regulators appear to be gearing up for another try. Read more

The RBI is concerned over the impact cryptocurrencies may have on the financial stability in the economy and has conveyed the same to the government, Governor Shaktikanta Das said today(24th Feb.2021). "We have certain major concerns about cryptocurrencies. We have communicated them to the government. It is under consideration in the government and I do expect and I think sooner or later the government will take a call and if required Parliament also will consider and decide," he said in an interview with CNBC-TV18. "I want to make it clear that blockchain technology is different. Blockchain technology benefits have to be exploited, that is another thing. But on crypto, we have major concerns from the financial stability angle and we have shared it with the government. The government will consider and take a call," Das said. Read more