Category: Top Crypto News

Tesla’s Bitcoin holdings worth nearly $2 billion

Tesla Inc said the fair market value of the company’s Bitcoin holdings stood at $1.99 billion as of December 31. The electric vehicle maker had invested $1.50 billion in Bitcoin last year. The company registered about $101 million in impairment losses last in 2021 due to the value of bitcoin. It gained $128 million on sales of Bitcoin after selling a portion of its holdings in March.

Crypto prices today: Bitcoin up 4.8%, ETH rises 2.8%

Bitcoin is currently trading at $44,807, a 4.8% increase over the previous day. Ethereum rose 2.7% over the last 24 hours to $3,174. Solana fell 0.7% to $117.4, while Cardano is up 5.8% to $1.23. Polygon (MATIC) jumped 10.2% to $1.98. The global crypto market cap stands at $2.03 trillion, a 3.68% increase over the previous day.

Google Cloud adds crypto mining malware threat detection service

Google Cloud will add Virtual Machine Threat Detection (VMTD), which will help detect threats including malware that mines crypto on a compromised account. The move comes after the company said in November that compromised Google Cloud accounts were used by 86% of “malicious actors” to mine cryptocurrencies.

KPMG Canada adds crypto to its balance sheet

The Canadian branch of accounting giant KPMG has made its first allocation of crypto assets to its corporate treasury. The firm acquired Bitcoin (BTC) and Ether (ETH) on its balance sheet through Gemini Trust Company’s execution and custody services. It will continue to enhance and build on its capabilities across decentralized finance (DeFi), non-fungible tokens (NFTs) and the metaverse.

DeFi platform FODL giving away $1M in Bored Ape Ethereum NFTs

DeFi-leveraged trading platform FODL is giving away 25 NFTs from the Bored Ape Yacht Club and the Bored Ape Kennel Club. It’s giving away around $1 million worth of Bored Ape Kennel Club (BAKC) and Bored Ape Yacht Club (BAYC) NFTs. Currently, BAKC NFTs have an estimated minimum value of ~8.6 Ethereum or $27,000. BAYC NFTs have a floor price of about 100 ETH (~$316,000).

North Korea Missile programme funded through stolen crypto, says UN report

North Korean cyber-attacks have stolen millions of dollars worth of cryptocurrency to fund the country’s missile programmes, a UN report briefed to media says.

Bitcoin mimics stocks rally, hits 2-week high

Bitcoin hit its highest in two weeks on Saturday, extending the previous session’s strong gains as cryptocurrencies basked in recovery in risk appetite and a rally in stock markets.

Petition to lower crypto tax

A petition has been initiated on Change.org for the government of India to “introduce reasonable crypto tax policies”. The petition begins by noting that there are about 15-20 million crypto investors in India as well as several hundred thousand young Indians who are part of the industry. In addition, Indian investors are holding about $6 billion in crypto assets.

Florida home to be sold as NFT

A home along Florida’s Gulf Coast will be auctioned off in the upcoming week as a non-fungible token (NFT) in what is believed to be among the first such transactions in the US. In the case of the four-bedroom home in Gulfport, Florida, a California-based real estate technology company, Propy, will mint the property rights into a digital token and host an online auction, with bids starting at $650,000.

The ‘Bitcoin Family’ immigrates to Portugal for its 0% tax on cryptocurrencies

Didi Taihuttu, patriarch of the so-called ‘Bitcoin Family,’ is setting down roots in Portugal, Europe’s ultimate crypto tax haven in order to avoid taxes.

Bitcoin education center launched in El Salvador

Major peer-to-peer (P2P) Bitcoin platform Paxful is working to help Salvadorans adopt BTC as the cryptocurrency became a legal tender in El Salvador last year. Paxful announced the launch of “La Casa Del Bitcoin,” a new educational and training center in the country to enable free learning opportunities related to BTC. It will hold educational workshops and talks focused on Bitcoin and financial inclusion in the country.

Crypto prices today: Bitcoin up 2.4%, ETH rises 4.5%

Bitcoin is currently trading at $37,053, a 2.4% increase over the previous day. Ethereum rose 4.5% over the last 24 hours to $2,790. Solana jumped 6.8% to $105.73, while Cardano is up 2.4% to $1.07. Polygon (MATIC) is up 2.4% to $1.58. The global crypto market cap stands at $1.76 trillion, a 2.9% increase over the previous day.

GST to be levied on transaction fees, not on crypto’s value: Finance Ministry

Finance Ministry officials said the government will levy Goods and Services Tax (GST) on the service fees on crypto transactions. It will not tax the digital asset’s gross value. The ministry is yet to work out the indirect tax treatment of certain crypto transactions that may fall into actionable claims. There is little clarity on the overall crypto tax front even after the Budget proposed to tax income from virtual assets at 30%.

Crypto bridge Wormhole replenished after hack for $320M in Ethereum

Wormhole has restored its missing funds after a hacker yesterday managed to siphon $320 million in Wrapped Ethereum (wETH) out of the protocol. Blockchain analytics site Elliptic concluded that the exploit was due to Wormhole’s failure to validate “guardian” accounts. Wormhole is a popular cross-chain crypto bridge between Solana, Ethereum, Avalanche, and others.

Thailand’s Gulf Energy to form crypto JV with Binance in Q2

Thailand’s Gulf Energy Development Pcl expects to finalise a joint venture (JV) with Binance in the 2nd quarter of this year. The JV will take about six months to obtain a regulatory license for trading. Binance is the world’s biggest cryptocurrency exchange. Crypto trading has exploded in Thailand with transactions reaching 251 billion baht ($7.57 billion) in November. This has prompted authorities to introduce strict regulations.

Hackers steals $320 million from Solana, Ethereum bridge Wormhole

Wormhole, one of the popular bridges linking the Ethereum and Solana blockchains, lost over $320 million in an apparent hack on Wednesday afternoon. Experts have called it one of the biggest hacks ever in the decentralised finance (DeFi) space. In a tweet, Wormhole’s official Twitter handle confirmed that the bridge is currently down while the team investigates a potential exploit.

Crypto prices today: Bitcoin falls 3.4%, ETH down 2.8%

Bitcoin is currently trading at $37,097, a 3.4% decline over the previous day. Ethereum fell 2.8% over the last 24 hours to $2,679. Solana slumped 8.6% to $99.75, while Cardano is down 1.9% to $1.04. Polygon (MATIC) is down 5% to $1.54. The global crypto market cap stands at $1.71 trillion, a 3% decline over the previous day.

Google is looking to help build Web3, blockchain products: Alphabet CEO

Alphabet CEO Sundar Pichai said he is watching the blockchain space and looking at how the company can add value to the development of Web3 technology. Investors have been plowing money into companies working on Web3, a vision of the internet model built around cryptos and digital ownership. Google has also established its own team working on blockchain. 

South African regulator FSCA cautions consumers against FTX, ByBit

South Africa’s Financial Sector Conduct Authority (FSCA) has warned the public against dealing with crypto exchanges FTX and ByBit. It added that FTX is not authorized to give any financial advice or render intermediary services. South African regulators have been alarmed by major instances of crypto fraud over the past year. They have warned traders to be “cautious and vigilant”.

Crypto bill unlikely this Budget session, hints Finance Minister

Finance Minister Nirmala Sitharaman said the govt is in consultation with various stakeholders regarding India’s crypto bill. Post consultation, the Centre will come up with the bill. They are yet to fix a timeline on the same. The FM also stated that the budget announcement on virtual assets was aimed to differentiate between private cryptos and digital currency.

India imposes 30% tax on proceeds of digital assets

Finance Minister Nirmala Sitharaman announced a 30% tax on any income from the transfer of digital assets. No deductions and exemptions will be allowed. The gifts of cryptos and other virtual assets will be taxed in the hands of the recipient. The government will also impose a 1% tax deducted at source (TDS) on the payments made for the transfer of digital assets.

The Reserve Bank of India (RBI) will launch Digital Rupee in the next financial year (FY23) using blockchain and other supporting technology.

Crypto prices today: Bitcoin rises 3.6%, ETH surges 8.5%

Bitcoin is currently trading at $38,527, a 3.62% increase over the previous day. Ethereum surged 8.45% over the last 24 hours to $2,744. Solana has rallied 17.2% to $105.96, while Cardano has increased by 3.4% to $1.06. Polygon (MATIC) has jumped 5.8% to $1.65. The global crypto market cap stands at $1.76 trillion, a 5% jump over the previous day.

‘Cryptoization’ poses risks for emerging markets: IMF Counsellor

Tobias Adrian, a senior official at the International Monetary Fund (IMF), has warned that cryptos pose “acute risks” to the stability of the global financial system. He used the term “cryptoisation” to describe the process of existing established currencies being replaced by digital assets. The official said that “capital flow management measures will need to be fine-tuned”.

Crypto going mainstream raises need for ‘child safeguards’: UNICEF

The United Nations International Children’s Emergency Fund (UNICEF) stated that the mainstreaming of digital currencies creates a need for new safeguards designed to protect children. It also noted that cryptocurrencies can harm children directly by facilitating “unregulated transactions that underpin child trafficking, sexual exploitation, and the defrauding, extortion of children.” 

Hackers move $383M worth of Bitcoin from 2016 Bitfinex hack

Large amounts of Bitcoin stolen from the crypto exchange Bitfinex six years ago were moved by hackers early on Tuesday. According to Twitter account Whale Alert, bad actors transferred 10,000 Bitcoins worth ~$383 million to an unknown wallet. The number of Bitcoin transferred amounted to 8% of the total 119,756 BTC drained from Bitfinex in 2016.

SOL surges 17% after Coinbase lists 2 Solana ecosystem tokens

Solana’s SOL jumped 17% in the past 24 hours after Coinbase listed two other tokens of the Solana ecosystem. On Monday, Coinbase said it would list ORCA and FIDA, tokens of Solana-based decentralized exchanges Orca and Bonfida, respectively. The move marked the first time non-Ethereum assets were listed on the crypto exchange.

Robinhood launches Crypto Wallet Beta for Bitcoin, Ethereum transfers

US-based financial services firm Robinhood has launched a cryptocurrency wallet beta program for 1,000 selected clients on a waiting list. By March, the company plans to expand the number of participants to 10,000 users who applied earlier. Robinhood customers will be able to send and receive their crypto (Bitcoin, Ethereum, Dogecoin) from Robinhood to external crypto wallets.

Crypto prices today: Bitcoin crashes 7%, ETH down 8%

Bitcoin is currently trading at $39,090, a 6.88% decline over the previous day. Ethereum has crashed 8% over the last 24 hours to $2,882. Solana is down 8% to $126.06, while Cardano has crashed 9.4% to $1.24. Polygon (MATIC) fell 7.5% to $1.92. The global crypto market cap stands at $1.85 trillion, a 7% decline over the previous day. The crash in the crypto market follows the sharp sell-off in the US markets on Thursday.

Bank of Russia calls for complete ban on crypto

The Bank of Russia has called for a blanket ban on cryptocurrencies, citing them as “volatile and widely used in illegal activities”. It has also termed crypto a threat to the country’s financial stability, citizens’ wellbeing, and the sovereignty of its monetary policy. In a report titled “Cryptocurrencies: trends, risks, measures”, the central bank observed that cryptos make it harder for regulators to maintain optimal monetary policies.

El Salvador plans to offer crypto-based loans for SMEs

The Government of El Salvador plans to offer small and medium-sized companies (SMEs) $10 million in crypto-based loans in the first quarter of 2022. Acumen, a Solana-based lending and borrowing platform, will provide US dollar funding to El Salvador’s National Commission for Micro and Small Enterprises (Conamype). This entity plans to allocate financing to local informal entrepreneurs and self-employed workers.

Twitter users can now add verified NFTs as profile pictures

Twitter users can now use a non-fungible token (NFT) as the profile picture on their account. This is part of the company’s push to allow more users to show off digital art. It also aims to encourage people to sign up for the company’s subscription product. Users who pay for Twitter’s $2.99 monthly subscription product, Twitter Blue, can connect a crypto wallet to their account and select an NFT from their wallet as a profile photo.

Bitcoin mining difficulty sets new all-time high

Mining difficulty on the Bitcoin network increased by 9.32% and hit an all-time high of 26.64 trillion on Jan. 21. It has beat the previous record set on May 13, 2021. The difficulty is automatically adjusted based on the amount of computational power on the network (or hash rate) to keep the time it takes to mine a block roughly stable at 10 minutes. The higher the hash rate, the higher the difficulty, and vice versa.