Category: Top Crypto News

US House panel to review crypto’s environmental impact

A United States House Energy and Commerce subcommittee is all set to investigate the environmental impact of cryptocurrencies tomorrow. This is a significant move as the US Congress begins to pay more attention to cryptos and related policies. Environmental activists have been trying to draw attention to the high emissions from Bitcoin mining and electricity consumption for a while now.

Crypto prices today: Bitcoin Falls 1.7%, ETH Down 4%

Bitcoin is currently trading at $41,393, a 1.7% decline over the previous day. Ethereum fell 3.9% over the last 24 hours to $3,067. Solana fell 3.2% to $135, while Cardano has fallen heavily by 11.5% to $1.38. Polygon (MATIC) has slumped 8% to $2.03. The global crypto market cap stands at $1.96 trillion, a 2.51% decline over the previous day. 

Intel to reveal ‘energy-efficient’ Bitcoin mining chip

Technology giant Intel is set to enter the Bitcoin mining business, with the reveal of a new Bitcoin mining “Bonanza Mine” chip at the International Solid-State Circuits Conference in February. The Bonanza Mine chip is described as an “ultra-low-voltage and energy-efficient Bitcoin mining hardware (ASIC)”.

AMC rewards 580K shareholders with free NFTs

AMC has deployed exclusive “I Own AMC” NFTs to more than 580,000 shareholders who registered via AMC’s Investor Connect portal by the December 31 deadline. The NFTs were minted on WAX, a platform designed for high-volume applications such as large NFT drops and video games. Last year, the movie later chain had revealed plans to begin accepting crypto payment via Bitcoin, Ethereum, Litecoin, and Dogecoin.

India’s crypto sector likely to update code of conduct

Indian cryptocurrency exchanges are weighing updates to their self-regulatory code of conduct to avoid run-ins with regulators. The move comes amid heightened scrutiny of the sector from regulatory bodies, including the Income Tax department and the Enforcement Directorate. As per an ET report, leading crypto exchanges such as WazirX, CoinDCX, CoinSwitch Kuber, and other members of the Blockchain and Crypto Assets Council (BACC) are working to update the ‘Code of Conduct (COC)’.

Crypto ATMs offline as Singapore seeks to regulate impulse trading

Cryptocurrency automatic teller machines (ATMs) in Singapore are being taken offline as its central bank limits consumer advertising of crypto. Crypto ATMs enable users to trade digital payment tokens (DPT) like Bitcoin and Ether with fiat money or government-issued currency. The Monetary Authority of Singapore (MAS) has stated that such convenient access may mislead the public to trade “on impulse”.

Crypto influencers face €300K fines in Spain’s advertising crackdown

As per the Financial Times, the National Securities Market Commission (CNMV) of Spain has cracked down on crypto advertising. Spain’s new rules require marketing companies and influencers to include “clear, balanced, impartial and non-misleading” statements about the risks of crypto. If an influencer or platform fails to comply, they may face a fine as high as €300,000.

Crypto prices today: Bitcoin Falls 1.75%, ETH Down 3%

Bitcoin is currently trading at $42,040, a 1.75% decline over the previous day. Ethereum fell 3% over the last 24 hours to $3,188. Solana fell 2.6% to $139.8, while Cardano is up 1.6% to $1.55. Polygon (MATIC) has fallen heavily by 8.4% to $2.20. The global crypto market cap stands at $2.01 trillion, a 2.42% decline over the previous day. 

PM Modi calls for global action on crypto

Prime Minister Narendra Modi has called for a collective and synchronized global action to regulate cryptocurrencies. He noted that steps taken by one country to regulate crypto may not be sufficient, given the kind of technology involved. PM Modi was speaking at the World Economic Forum’s Davos Agenda 2022 virtual event.

Land prices surge on Cardano Metaverse project Pavia

Gaming application Pavia, launched on the Cardano network last week, became the first-ever metaverse project on the blockchain. Around 100,000 land parcels were issued on Pavia, each being minted as a unique non-fungible token (NFT) with individual ‘coordinates’. The plots on Pavia were listed for as high as 30,000 Cardano (~$45,600).

NFT platform OpenSea hits record $3.5B in monthly Ethereum volume

OpenSea, a popular marketplace for NFTs, has recorded a new all-time high in monthly Ethereum trading volume, soaring past the $3.5 billion mark. With two more weeks to go before the end of January, OpenSea’s trading volume has now surpassed both the previous all-time of $3.42 billion recorded in August 2021 and $3.24 billion in sales in December.

Crypto Bill likely to miss Budget session

The Central government is unlikely to introduce the cryptocurrency bill in the upcoming budget session of Parliament. It wants to hold more discussions and build consensus on the regulatory framework. The Centre also wants to wait for the pilot launch of the Reserve Bank of India’s digital currency.

$500K Bitcoin donation prompts renewed investigation into Capitol Hill riot: Report

According to a report from Yahoo News, law enforcement and intelligence agencies are investigating the funding sources behind Capitol Hill rioters after a $500,000 transfer worth of Bitcoin has sparked renewed concern. This transfer was first identified in December 2020. Since then, an unnamed source told Yahoo News that the transaction has prompted the government to investigate the origins of funding behind the Capitol Hill rioters.

Rio de Janeiro mayor to invest 1% of city reserves into Bitcoin

The mayor of Rio de Janeiro, Eduardo Paes, announced plans to allocate 1% of the city’s reserves to Bitcoin. He plans to turn the city into a major cryptocurrency hub. The mayor further added that the state was looking towards exempting firms in the crypto sector from paying taxes. Cities such as Miami in the US are also investing in crypto assets to boost their revenues.

Crypto prices today: Bitcoin Falls 1%, Ethereum Down 1.5%

Bitcoin is currently trading at $42,811, a 1% decline over the previous day. Ethereum fell 1.52% over the last 24 hours to $3,295. Solana fell 3.95% to $143.52, while Cardano has surged 11.2% to $1.52. Polygon (MATIC) is up 3% to $2.40. The global crypto market cap stands at $2.06 trillion, a 0.88% decline over the previous day. 

Govt may consider levying TDS/TCS on crypto trading in Budget 2022: Report

Nangia Andersen LLP Tax Leader Aravind Srivatsan said the government may consider levying tax deducted at source (TDS) or tax collected at source (TCS) on sale and purchase of cryptocurrencies above a certain threshold. Such transactions may be brought within the ambit of “specified transactions” for the purpose of reporting to Income Tax authorities.

Walmart to venture into crypto and NFTs

US retail giant Walmart is reportedly positioning itself for a venture into the world of crypto and non-fungible tokens (NFTs). Based on trademark documents it filed in December 2021 with the US Patent and Trademark Office (USPTO), the company is also laying the groundwork to create its own cryptocurrency to contend with Bitcoin and Ether. 

Crypto-related job postings jumped ~400% in 2021: LinkedIn

According to a recent study by LinkedIn, listing for jobs looking for candidates possessing domain knowledge and expertise in the area of crypto and blockchain surged 395% in 2021 in the United States. The job descriptions and titles majorly included terms such as Bitcoin, Ethereum, blockchain, and cryptocurrency. San Francisco Bay Area, New York City, and Denver emerged as the prime areas that offered the maximum crypto-related job postings in 2021.

Use of Bitcoin for crypto payments declining: BitPay

Consumers and businesses are increasingly starting to use digital tokens other than Bitcoin for purchases, according to BitPay Inc. In 2021, Bitcoin’s use at merchants that use BitPay dropped to about 65% of processed payments, down 92% YoY. This is primarily due to the high volatility of Bitcoin. Ether purchases accounted for 15% of the total, stablecoins were 13%, and new coins added to BitPay in 2021 (Dogecoin, Shiba Inu, and Litecoin) accounted for 3%. More businesses have begun to use stablecoins for cross-border payments.

China to launch state-backed, crypto-less NFT platform

China’s state-backed Blockchain Services Network (BSN) plans to roll out infrastructure at the end of this month to support the deployment of non-fungible tokens (NFTs). They aim to create a Chinese NFT industry that is not linked to cryptocurrencies. The infrastructure will offer application programming interfaces for businesses or individuals so they can build their own user portals or apps to manage NFTs. 

Jack Dorsey’s Block Inc to build open bitcoin mining system

Jack Dorsey’s fintech firm, Block Inc, is building an open bitcoin mining system, as the newly re-branded company looks to expand beyond its payment business and into new technologies like blockchain. In a tweet thread, Block’s general manager for hardware, Thomas Templeton, has laid out the company’s plans about building the mining system. 

Crypto prices today: Bitcoin, Ethereum Falls ~2%

Bitcoin is currently lower trading at $42,728, down nearly 2.1% over the previous day. Ethereum fell 1.9% over the last 24 hours to $3,379. Solana declined by 2.2% to $147.5, while Cardano is up 0.5% to $1.30. Dogecoin has surged 16% to $0.196. The global crypto market cap stands at $2.05 trillion, a 1.25% decline over the previous day.

North Korean hackers stole $400 million in crypto in 2021

According to blockchain analysis firm Chainalysis’s new report, North Korean hackers launched at least seven attacks on crypto platforms that extracted nearly $400 million worth of digital assets in 2021. “From 2020 to 2021, the number of North Korean-linked hacks jumped from four to seven, and the value extracted from these hacks grew by 40%,” as per the report.

Bitcoin and Ethereum Futures ETFs coming to India: Report

As per an ET report, financial management firm Kling Trading and Cosmea Financial Holdings have teamed up to apply for Bitcoin and Ethereum futures exchange-traded funds (ETFs) on India INX. India INX is an international exchange and subsidiary of the Bombay Stock Exchange (BSE). These would be the first crypto-backed ETFs to be launched in India.

Tesla merch can be bought using Dogecoin: Elon Musk

Tesla Inc merchandise can be bought using the digital currency Dogecoin, the company’s CEO Elon Musk said in a tweet on Friday. Products such as the “Cyberwhistle” and “Cyberquad for Kids” could be bought using the meme coin. Dogecoin surged nearly 20% at $0.202 after Musk’s tweet. 

Republic of Palau launches digital residency program

The Republic of Palau announced a partnership with Cryptic Labs to launch a digital residency program. Using its Root Name System, Cryptic Labs will allow global citizens to claim digital residency backed by the Republic of Palau using blockchain. They can get some of the perks of residency on the island nation of 18,000 people without physically living there.

Crypto prices today: Bitcoin at $42,570, Ethereum up 3.7%

Bitcoin is currently trading at $42,577, a 1.01% increase over the previous day. Ethereum surged 3.7% over the last 24 hours to $3,228. Solana has surged 1.2% to $138, while Cardano is up 4.11% to $1.20. Polygon (MATIC) has jumped 7.8% to $2.32. The global crypto market cap stands at $2.01 trillion, a 2.65% increase over the previous day. 

Virender Sehwag joins cricket NFT universe with Rario

Virender Sehwag has become the latest cricketing star to join the NFT frenzy. He has signed a deal with leading cricket NFT platform Rario. Rario allows fans to buy and trade NFTs of their favourite cricketers and international leagues. The partnership gives Rario the exclusive opportunity to leverage the legendary batsman’s finest cricketing moments in the form of non-fungible tokens (NFTs).

Cryptos post record outflows in first week of 2022: CoinShares Report

As per a report from digital asset manager CoinShares, cryptocurrency investment products and funds had net outflows last week, totaling a record $207 million. The sector has experienced four consecutive weeks of outflows since mid-December, reaching a total of $465 million. Bitcoin posted outflows of $107 million in the first week of 2022.

Powell says Fed Report on crypto and central bank digital currency is ‘ready to go’

The Federal Reserve’s much-anticipated crypto report is “ready to go” and will come out “in the coming weeks,” according to Fed Chair Jay Powell. The report is likely to focus on central bank digital currencies (CBDCs). The report will seek input from the public but remains unclear if it will offer any actionable guidance.

IMF staff call for global framework to guide national regulation of crypto

The staff of the International Monetary Fund (IMF) has stated that the increasing rate of adoption of crypto assets demands a global framework to guide their national regulation and supervision. In an article, three IMF staff members wrote that the relatively high volatility and valuations of cryptos could pose risks to financial stability, especially in countries with widespread crypto adoption.

Mozilla pauses Crypto donations

Mozilla has stopped accepting crypto donations after backlash from scores of people including one of the founders of Mozilla. “Starting today, we are reviewing if and how our current policy on crypto donations fits with our climate goals. And as we conduct our review, we will pause the ability to donate cryptocurrency,” Mozilla said in a tweet late on Thursday.

Crypto Exchanges are under ED scanner after WazirX tax evasion

After detecting a significant amount of Goods and Services Tax evasion by cryptocurrency exchange WazirX, other crypto exchanges and major investors in digital currencies are now under the lens of multiple agencies. Law enforcement agencies are analysing data pertaining to business activities of cryptocurrency exchanges and investors in crypto assets

UK Advertising Watchdog Bans Crypto Ads

The United Kingdom’s advertising watchdog, Advertising Standards Authority (ASA) has recently banned two crypto advertisements belonging to the crypto exchange, Crypto.com for misleading consumers. Meanwhile, the RBI governor expressed concerns regarding the growing crypto hype. Indian advertising watchdog may take measures soon.

GameStop shares surge on plan to enter NFT, crypto markets

GameStop Corp is launching a division to develop a marketplace for non-fungible tokens (NFTs) and establish cryptocurrency partnerships, a source familiar with the matter said on Thursday. The news boosted the video game retailer’s shares by 27% in extended trading. The company has reportedly hired more than 20 people to run the unit, which is building an online hub for buying, selling, and trading NFTs of virtual videogame goods such as avatar outfits and weapons.

Meme coins return to earth as gloom overtakes crypto fanatics

Cryptocurrency enthusiasts who piled into meme coins such as Dogecoin and Shiba Inu amid the long-time industry rallying call of “to the moon” are finding this year’s journey back to earth pretty painful. Dogecoin, Shiba Inu, and other tokens associated more with online jokes rather than actual software products have been hit harder than sector originals Bitcoin or Ethereum during the recent retreat from record price levels reached late 2021.

Crypto-related crime hit a record $14B in 2021: Chainalysis Report

Crime involving cryptocurrencies surged to a record high of $14 billion in 2021, according to blockchain analytics firm Chainalysis. This is an increase of 79% in value from the $7.8 billion figure from 2020. However, this activity represented just 0.15% of the total of $15.8 trillion in crypto transaction volumes recorded over the year— the lowest percentage ever. 

Crypto prices today: Bitcoin, Solana, Shiba Inu crashes

Bitcoin is currently trading lower by 7.85% at $42,969. Ethereum has crashed nearly 11% to $3,404. Meanwhile, Solana and Cardano have fallen by 12.28% and 9.9%, respectively, over yesterday. The global crypto market cap stands at $2.04 trillion, an 8.58% decline over the previous day. The crash can be attributed to the US Federal Reserve’s validation of a hike in interest rates by mid-March.

Solana, Terra and Polkadot are growing faster than Ethereum: Report

According to a report from early-stage crypto investment firm Electric Capital, several protocol ecosystems are outpacing the largest developer ecosystem Ethereum. “Polkadot, Solana, NEAR, [Binance Smart Chain], Avalanche, and Terra have faster initial ecosystem growth than Ethereum,” the report stated. Polkadot and Solana have more active development than Ethereum did at similar points in its history.

Quentin Tarantino’s ‘Pulp Fiction’ NFTs will be auctioned despite lawsuit

Film director Quentin Tarantino made news in November when he announced the planned launch of non-fungible tokens (NFTs) based on his acclaimed 1994 film “Pulp Fiction.” However, film studio Miramax filed a lawsuit against Tarantino, claiming that he did not hold the right to sell such digital items. Tarantino intends to sell the NFTs anyway, despite the legal challenge.

Mozilla co-founder blasts crypto donors as ‘Planet-Incinerating Ponzi Grifters’

Mozilla Foundation announced on Twitter that the non-profit now accept Dogecoin donations via Bitpay. The news received backlash from the open-source community, especially from Mozilla co-founder Jamie Zawinski. “Everyone involved in the project should be witheringly ashamed of this decision to partner with planet-incinerating Ponzi grifters,” he said.

Bitcoin market dominance hits lowest level since 2018

Bitcoin’s market dominance continues to sink as investors look to other cryptos. According to CoinGecko data, Bitcoin’s dominance currently stands at 37.28%— the lowest since 2018. Market dominance refers to a cryptocurrency’s share of the total crypto market cap.

India gets its first crypto index 

Mumbai-based financial content provider TickerPlant’s cryptocurrency app CryptoWire has launched India’s first index of global cryptocurrencies called IC15. The company said it is a rule-based broad market index by market capitalisation tracking the performance of the top 15 widely traded liquid cryptocurrencies that are listed on various crypto exchanges across the world.

GST probe may set precedent for crypto taxation

The Directorate General of GST Intelligence (DGGI) conducted searches and raids on several crypto exchanges and asked them to pay GST on their transaction fees or margins. Legal experts have long debated on the categorization – and tax treatment – of cryptocurrencies. They are yet to converge on whether a cryptocurrency is indeed a currency, a commodity, a service, or something else.

Crypto CEO Brian Armstrong buys Los Angeles home for $133 million

Coinbase Chief Executive Officer Brian Armstrong is the buyer of a $133 million Los Angeles estate, according to people familiar with the deal. The transaction, which closed in December, is one of the priciest single-family home sales ever completed in the L.A. area.

Binance Invests $12M in Liquidity Platform WOO Network

The venture capital arm of Binance announced a $12 million strategic investment in WOO Network, a liquidity platform that connects users to exchanges, institutions and decentralized finance (DeFi) networks.