By : ABP News Bureau | Updated: 29 Jun 2022 02:33 PM (IST)
Global financial services platform Santander said in a press release that the volume of celebrity-endorsed crypto scams during Q1 2022 has grown 65 percent year on year. As per Santander, between Q4 2021 and Q1 2022, there has been an increase of 61 percent in case volumes. The organisation said that based on the current growth, it expects “an 87 percent increase in volume of cases in 2022 compared to 2021.”
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In the first five months of 2022, over 400 cryptocurrency-related advertisements were found to violate advertising and promotion guidelines of virtual digital assets (VDAs) as well as guidelines for influencer advertising, according to the Advertising Standards Council of India (ASCI). For those unaware, cryptocurrencies and all related offerings are clubbed under VDAs in India. ASCI in February issued guidelines on crypto ads and promotions, which went into effect on April 1.
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Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, is finding it hard to find itself in the greens this week. On June 29, BTC saw a 24-hour dip of 2.18 percent, bringing its price down to $20,259.31. Along with Bitcoin, nearly all other major crypto coins, including the likes of Ethereum, Dogecoin, and Solana also registered losses. On the other hand, Bitsubishi (BITSU) saw an impressive 24-hour gain of 2,665.01 percent, along with several other altcoins that managed to see jumps of over 200 percent in prices on Wednesday.
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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 June 29, Bitcoin price stood at $20,259.31, as per CoinMarketCap data. At the time of writing, the global market cap of the crypto market stood at $913.58 billion, registering a 1.46 percent dip in the past 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. Starting July 1, a TDS of 1 percent will be 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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