While the Reserve Bank of India (RBI) has refused to recognise cryptocurrencies and repeatedly issued warnings against trading in them, the government fired the tax bullet to wean off demand.
This may not be the right time to explore the crypto space. It’s better to wait for the government to come out with some regulations.
The accused Aamir Khan launched a mobile gaming application namely E-Nuggets, which was designed for the purpose of defrauding the public, ED said.
Bitcoin mining farms have multiplied in the United States since China halted this activity in 2021. The United States is now emerging as a global leader in the industry.
Cryptocurrencies were envisaged as a decentralised alternative to the banks, corporations and governments that failed so spectacularly during the global crash of 2008.
Bitcoin, the world’s largest cryptocurrency, on Monday dropped close to 6% and reached below $18,300 level on Monday, and Ethereum too hit multi-month low following the Merge.
The minister said Sriki, accused in the Bitcoin case, misled police by showing a Bitcoin exchange and there is nothing in the case.
Bitcoin has been plunging for a few months now, and according to experts, if selling pressure continues, it could trade lower at $17,000.
The Enforcement Directorate (ED) has been investigating allegations of money laundering against WazirX.
Ukraine topped the list with 12.7 per cent, followed by Russia (11.9 per cent), Venezuela (10.3 per cent), Singapore (9.4 per cent), Kenya (8.5 per cent) and the US (8.3 per cent).
The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.
Apart from these global factors, the Indian crypto industry also started seeing layoffs, crypto winter, and the new TDS rule bringing down volumes on many crypto exchanges.
The prolonged volatility in the crypto markets and a loan default by crypto hedge fund Three Arrows Capital require us to take decisive action now, said Voyager CEO Stephen Ehrlich.
The crypto market, at large, has fallen by about a third since it hit its peak sometime in November last year and left many investors poorer.
A majority of the electricity produced by the plant is now used to run more than 15,000 computer servers for bitcoin mining, which guzzles massive amounts of electricity.
A growing list of crypto platforms like Crypto.com, Bitso, Buenbit, BlockFi, and Coinbase have announced layoffs in the wake of the recent economic downturn.
The first half of 2022 is almost over. It is that time when you can sit back to review your financial well-being. From the headline data, things are not looking good.
Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to less than $19,000, according to CoinDesk.
Also, this is the lowest in the past 18 months. The cryptocurrency market capitalisation too plunged below $1 trillion, the lowest since January 2021.
The global crypto market, comprising other virtual currencies which are tanking, is worth about $1 trillion, which is down from a level of more than $3 trillion at its peak seven months ago.