By : ABP News Bureau | Updated: 15 Aug 2022 03:47 PM (IST)
Stablecoins are facing a tough year. For those unaware, stablecoins are linked to an underlying asset, such as precious metal such as gold, or the US dollar. In May, the de-pegging of the TerraUSD (UST) stablecoin lead to its interlinked LUNA crypto coin losing nearly all its value, resulting in a loss of $40 billion. Other stablecoins such as DAI and USDT were also unable to hold its US dollar value. Now, the Polkadot-based stablecoin Acala Dollar (AUSD) appears to be the latest victim of dollar de-pegging, as it dipped below the $1 mark on August 14.
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Ethereum (ETH), the world’s second-most valued crypto, continues its steady run as the network’s founders expect the Merge (switch from proof-of-work to proof-of-work consensus) to take place in September. Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, also managed to cross the $25,000 mark briefly on early Monday morning. Alongside, popular altcoins also saw gains across the board. Most notably, Dogecoin (DOGE) saw a jump of nearly 9 percent. Among lesser-known altcoins, Shiba Inu (SHIB) emerged as the biggest gainer in the last 24 hours, with a jump of nearly 30 percent.
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A day after the Enforcement Directorate (ED) froze crypto lending platform Vauld’s bank assets worth Rs 370 crore over its “predatory lending practices”, the company termed the action “unfortunate”. The ED had conducted searches at various premises of Yellow Tune Technologies Pvt Ltd in Bengaluru, and froze assets belonging to Flipvolt crypto exchange which runs the Darshan Bathija-led Vauld.
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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 August 15, Bitcoin price stood at $24,857.88, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.19 trillion, registering a gain of 0.98 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. 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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