By : ABP News Bureau | Updated: 05 Jul 2022 04:50 PM (IST)
Starting July 1, a TDS of 1 percent has been imposed on cryptocurrencies in India. Cryptocurrencies are currently clubbed under virtual digital assets (VDAs) in the country, facing taxation of 30 percent on all gains, as part of the new tax regime that came into effect on April 1. This month, an additional TDS was slapped on crypto transactions. This has led to a worrying dip in trading volumes among leading crypto exchanges in the country, as per data from crypto data aggregator CoinGecko, as reported by Bloomberg.
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Chinese internet and tech giants on Monday signed an initiative to ban cryptocurrency and digital collectibles (NFTs), along with a promise not to establish secondary marketplaces.
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People lost crypto worth over $185 million in the US via romance scams in the first quarter this year, as fraudsters use new means to rob their victims, with romance scams featuring prominently. Nearly 46,000 Americans reported losing over $1 billion in crypto to scams since early 2021, according to a recent Federal Trade Commission (FTC) report.
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Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. The platform last month paused all withdrawals citing “extreme market conditions”.
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Hackers infiltrated the British Army’s Twitter and YouTube accounts to promote cryptocurrency scams and on YouTube, they replaced the British Army’s videos with old livestreams featuring Tesla CEO Elon Musk and former Twitter CEO Jack Dorsey.
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Cryptocurrency exchange Vauld on Monday announced to suspend all withdrawals, trading, and deposits on its platform with immediate effect owing to “financial challenges”. Darshan Bathija, CEO of Vauld, said that a significant amount of customer withdrawals in excess of $197.7 million has happened since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.
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Bitcoin (BTC), the world’s oldest and most valued cryptocurrency managed to rise above the $20,000 mark on July 5, giving a boost to most major altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Solana (SOL). As per Edul Patel, the CEO of crypto exchange Mudrex, the overall crypto market benefited from the US Independence Day holiday on July 4. On the other hand, Indian social media platform Chingari’s own GARI token was down by nearly 75 percent, alongside several other lesser-known altcoins.
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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 July 5, Bitcoin price stood at $20,250, as per CoinMarketCap data. At the time of writing, the global market cap of the crypto market stood at $909.30 billion, registering a gain of 5.31 percent 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. On top of that, 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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