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Last Updated : June 06, 2022 / 08:50 AM IST
Top Cryptocurrency News on June 06: Coinbase freezes hiring, Indian investors in Terra lose big, and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Market Buzz
Bitcoin trading above Rs 25 lakh
Cryptocurrencies traded in the green early today on June 06. The global crypto market cap is $1.27 trillion, a 3.47 percent increase over the last day. The total crypto market volume over the last 24 hours is $50.20 billion, which makes a 14.62 percent increase. The total volume in DeFi is currently $4.70 billion, 9.35 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $42.26 billion, which is 84.18 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently Rs 25.20 with a dominance of 46.40 percent. This is a 0.18 percent increase over the last day. Read full here
Big Story
Coinbase job offer cancellations: Candidates left in lurch say ‘scrambling to get something’
Coinbase announced earlier this week that it will pause hiring and cancel several job offers. The cryptocurrency company said it might be put to test by volatility and larger economic factors. Coinbase’s decision has left hopeful candidates in limbo. One of them, a college graduate, told CoinDesk that they were set to start their job in September. The candidate had passed on three job offers to come work for Coinbase — considered a stable cryptocurrency company. Another person was about to quit his Wall Street job for Coinbase but, fortunately, came to know about the development in time. Read details here
Invest
Terra investors in India lost big. Now they face the taxman
Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate. Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin — known as Luna 2.0 — in a so-called airdrop face a double whammy. They could be taxed as much as 30 percent of the value of tokens received and they won’t be able to offset any gains in the new token against losses from the previous one, tax experts said. There were over 160,000 investors that held Luna on the exchange on May 9 and by May 15 the number grew by 77 percent in India, according to Rajagopal Menon, vice president at Binance-owned WazirX. Take a look
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