PM Modi asks nations to be cautious while dealing with crypto

PM Modi said it is important that all democratic nations need to work together on cryptocurrency and ensure it does not end up in the wrong hands, which can spoil our youth. The Prime Minister’s caution comes days after he held discussions on how to move forward on cryptocurrency in India, with concerns raised on unregulated crypto markets becoming avenues for money laundering and terror financing. Some sources said that the Securities and Exchange Board of India (SEBI) could be handed the onus to regulate the crypto industry in India.

Crypto trading in India may be taxed by 1 per cent and regulated by SEBI

A new report now suggests that the government may allow the use of crypto as assets in the country, though this use might be taxed for the first time ever. Government is likely to present the Cryptocurrency Bill in the upcoming winter session of Parliament and the cryptocurrency exchanges may be taxed by 1% under the GST regime.

US Congressmen Introduce Bill to Modify Crypto Tax Provision in Infrastructure Law

A bipartisan group of U.S. lawmakers have introduced a bill to amend the crypto-related provisions in the bipartisan infrastructure bill signed into law earlier this week. McHenry, the ranking member on the House Financial Services Committee, said the bill would “provide additional clarity” on the scope of the infrastructure bill in a statement.

Bitcoin Struggles below $60K

After bitcoin registered its latest all-time high at $69,000, the bears have had a tight grip on it. They dumped the asset by $6,000 hours after the peak and stood in its way while it tried to recover. BTC failed at $66,000 just a few days ago as the bears pushed it south vigorously once again. This time, the cryptocurrency lost more than $7,000 of value in hours and dumped to a three-week low of $58,500.

Bitcoin: FinTech Startup Plans to Give Millions of UK Shoppers a New Way to Stack Sats

FinTech group Mode Global Holdings said that UK residents will be able to use its highly popular mobile app to “supercharge” their online shopping of some of the country’s most popular merchants with Bitcoin cashback by next year.

Fidelity to be Canada’s First-Ever Bitcoin Custodian

Financial services firm Fidelity has secured Canada’s selection from regulators to become the country’s first-ever bitcoin custodian. The move will allow the company to operate bitcoin custody and trading in the country, geared towards institutional investors. The move will likely open the door for more Canadian institutions to invest in crypto.

India to ban crypto as a payment method, but regulate as an asset

India will ban the use of cryptocurrencies for making payments but will allow and regulate the trading of crypto as assets. India will also ban solicitation from crypto firms such as ads. The government plans to present a crypto regulation bill in the parliament’s winter session.

One-Fourth of Fund Managers Expect Bitcoin Price Over $75k in 12 Months: BofA Survey

According to a Bank of America survey of global fund managers, one-fourth of fund managers think that Bitcoin will hit the $75,000 mark in a year. In October, only around 10% of fund managers named bitcoin as the “most crowded” trade. The survey includes 345 fund managers from around the world, whose total funds under management are over $1 trillion.

Bitcoin and Ethereum see a sharp fall

Bitcoin has fallen below $60,000 after breaking the key supports. Meanwhile, Ethereum is now below $4200. The possible reason could be Biden’s infrastructure bill that contains tax provisions. China’s anti-mining stance also could have contributed to the fall.

HuskyX rallies

After Dogecoin and Shiba Inu, a new dog-themed cryptocurrency has rallied 67,000% in 24 hours. Experts and analysts of the matter advised investors to be careful trading HuskyX as the liquidity is negligible and the transaction fee is high. 

Binance CEO advocates for fundamental crypto rights

Crypto exchange Binance has published a list of “fundamental rights” amid increasing regulatory pressure, arguing everyone should have access to financial tools like crypto. The CEO added that they keep KYC mandatory and will continue to do so. He said that they lose only 3% of the customers by sticking to KYC.

Coinbase co-founder launches $2.5 billion crypto venture fund

San Francisco-based investment firm Paradigm is starting a $2.5 billion venture-capital fund aimed at the next generation of crypto companies and protocols. Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang’s Paradigm One would be the largest new venture-capital fund aimed at the industry. The size of Paradigm’s fund highlights a continuing boom in the crypto industry. 

Twitter CFO says crypto not worth buying now

Ned Segal, CFO of Twitter, said that investing in cryptocurrencies at this point in time does not make sense. He added that the company is interested in investing in less volatile assets only, like securities. Twitter had recently started a crypto team and wanted to bring services that would allow Bitcoin transfers.

Bitcoin falls more than 4%

Profit booking kicked in and the leading cryptocurrencies, Bitcoin and Ether, suffered a setback. Analysts said that there is no major news that drove BTC and it is just profit booking as it had rallied to an all-time high.

Google search for NFTs spike to record highs

Google’s keyword search data showed that interest in NFTs has increased exponentially among users. This has beaten many of the keywords related to major cryptocurrencies.

Crypto industry to submit written response to Centre

The Standing Committee on Finance discussed the challenges involved in crypto and a consensus was reached that a regulatory mechanism should be put into effect. At the same time, a decision has not yet been made regarding who would take charge of regulation. They have sought a written response from the industry leaders.

Paradigm unveils new $2.5B crypto fund

Crypto investment firm Paradigm has revealed a new $2.5 billion “New Venture Fund” to expand its investment into cryptocurrency companies and protocols. Paradigm co-founders Fred Ahrsam and Matt Huang stated that “the fund and its size are reflective of crypto being the most exciting frontier in technology.”

Nasdaq-Listed Marathon Bitcoin Mining Company to Raise $500 Million in Debt

Marathon Digital Holdings, one of the biggest Bitcoin (BTC) mining firms in the US, is seeking to raise $500 million in debt to acquire BTC and set up some new BTC miners. The company’s stock reached a 6-year high earlier this month, with the company accumulating around $460 million worth of Bitcoin.

Skybridge Capital Founder urges investors to buy Bitcoin

Anthony Scaramucci, the founder and managing partner of New York City-based investment firm Skybridge Capital said that Bitcoin will trade at $500K in the near future. He said that those who invest today are still early birds.

VanEck to Launch Bitcoin Futures ETF ‘XBTF’ next week after SEC rejects Spot Offering

The investment firm VanEck will launch its Bitcoin Futures ETF and will be traded under the ticker symbol ‘XBTF’. The ETF had won SEC approval in late October and made a regulatory filing at the time suggesting a launch date of 25th October, but company officials had declined to comment since then on why the new fund had not yet launched.

Chiliz (CHZ) gains 170% after launching live in-game NFTs for fan token holders

Chiliz (CHZ), the blockchain network behind the Socios.com fan engagement platform gained 170% after launching live in-game NFTs. Recent exchange listings for CHZ as well as its newly released fan tokens and the protocol’s rapidly expanding ecosystem of partners helped price rise.

Bitcoin moves higher

Following the Taproot upgrade, Bitcoin gave a breakout. After taking resistance at $66,200, Bitcoin is now consolidating within a range of 500 points. Going forward, $69,000-$70,000 will be a good resistance zone for BTC.

Parliamentary committee to meet crypto industry players today

Government officials will hold a meeting today with the crypto stakeholders in the industry, including crypto exchanges like WazirX, CoinDCX, CoinSwitch Kuber and others.The meeting will be in succession to the comprehensive meeting chaired by the Prime Minister on Saturday. They will discuss the possibility of bringing regulations in the crypto market. 

Bitcoin Taproot upgrade is now live

The Bitcoin network has received a new update since 2017, called Taproot and is backed unanimously by the investors indicating a possible up-move. This update will lead to greater privacy and efficiency. This will also eliminate middlemen in transactions through smart contracts.

Coinbase now allows users to share their crypto allocations

Rishav Mukherji, Senior product manager in Coinbase said the crypto exchange’s app now includes a feature that shares a user’s allocation percentage to the network of friends. He added that the users will be able to share more details of their trades on the platform soon.

Indian Government to take regulatory steps on Crypto

After the Prime Minister’s meeting with crypto stake holders, sources reported that the government has decided to move forward with the regulatory bill seeing the rise in money laundering, terror financing and misleadings in the crypto market. The Parliamentary Standing Committee on Finance will meet industry representatives next week to seek their views.

Bitcoin is the worst cryptocurrency for the environment: Says research

A research conducted by Forexsuggest reported that Bitcoin is the most harmful cryptocurrency. It also said that Stellar is the most suitable cryptocurrency considering the environmental impacts. According to estimates, it would take 284 million trees to neutralise the impact by Bitcoin miners.

India eyes prohibiting irresponsible crypto ads

A consensus has been reached by several stakeholders including New Delhi that irresponsible advertisements are misleading youths in the nation and must be stopped, according to the memo, which was shared with reporters after the Prime Minister’s meeting with the stakeholders.

BlackRock iShares has no current plans to launch crypto ETFs

Salim Ramji, executive of BlackRock iShares said that the firm has no current plan to launch crypto ETFs as the regulatory framework is not transparent. He added that liquidity is another concern. The Securities and Exchange Commission had approved Bitcoin ETF last month.

Binance freezes Doge withdrawals

Binance froze Doge withdrawals as users reported that they were asked to return coins that they do not have. Binance said that the issue is with the new update they carried out recently and reassured investors that they can withdraw Doge on other networks.

WazirX user base grows tenfold

Binance-owned Indian cryptocurrency exchange WazirX said its user base has grown by over 10 times this year to 10 million. WazirX recorded a trading volume of over $38 billion a year to date, equating to average monthly growth of 44%.

Bitcoin will be replaced by Ethereum-based currency: Ken Griffin

Ken Griffin said that Bitcoin will be replaced by Ethereum-based currency in the near future. Ethereum is only slightly faster than Bitcoin at present but will significantly scale up transaction speeds and lower costs when Ethereum 2.0 is fully implemented.

Robinhood COO praises Shiba Inu as crypto wallet waitlist grows to 1.6M

Robinhood chief operating officer Christine Brown has praised the Shiba Inu community but said safety was the platform’s priority over the “short-term gain” of listing new tokens. Brown made the comments in an interview for the Crypto Goes Mainstream event. When asked about Shiba Inu, she said: “One of my favourite things is seeing the community around these coins really engage with us and let us know what they want.”

Crypto industry players to meet Government officials

India’s government officials have invited the top crypto stakeholders and companies such as WazirX and CoinDCX to discuss challenges and opportunities in the crypto market. The meeting is likely to be held on 15th November. They will discuss the possible impacts of cryptocurrency on the Indian Rupee.

Nearly half of American millennials comfortable with investing in cryptocurrency: Survey

According to a survey conducted by Bankrate, nearly half of millennials i.e those who belong to the age group 25-40 are comfortable with investing in crypto. Out of the 49%, 15% answered they were ‘Very Comfortable” with investing in crypto. More than 1,000 adults were interviewed in the survey.

Miami residents to receive free Bitcoin

Miami Mayor Francis Suarez said that the city would be staking a large portion of MiamiCoin, its cryptocurrency, to earn yield in Bitcoin. He added that Miami will be the first city in America to give a Bitcoin yield as a dividend directly to its residents. MiamiCoin was launched in August through CityCoins, an open-source protocol that allocates 30% of its reward to cites when their coins are bought or mined.

Kokoswap is the new ‘supercoin’

Kokoswap, a less known cryptocurrency, saw a 70,000% rise in price in just 24 hours. The Kokoswap staking platform is migrating from Ethereum to Binance smart chain. This will lead to an influx of a large number of users.

AMC starts accepting major cryptocurrencies for ticket purchases

Adam Aron, the CEO of AMC Entertainment, said that the company will accept Bitcoin, Ether, Bitcoin Cash, and Litecoin for ticket purchases. He added that Dogecoin will be the next on the list. AMC is also exploring the creation of its own cryptocurrency. The company is also talking with Hollywood studios about creating commemorative nonfungible tokens, or NFTs, related to major films.

Discord pushes pause on exploring crypto and NFTs amidst user backlash

Discord founder and CEO Jason Citron sought to reassure users that the company does not have imminent plans to shift its business toward non-fungible tokens (NFTs). In a tweet earlier this week, Citron shared an image of crypto wallet MetaMask integrated into Discord’s user interface with the text “probably nothing”— shorthand language in the NFT space for something that is about to be a big deal. Discord users wary of the crypto space quickly encouraged each other to ditch their Nitro subscriptions.

SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022

Elon Musk’s Dogecoin-funded mission is now set to launch in the first quarter of 2022. The launch had been announced in May of this year when the billionaire had tweeted about it. The mission is fully paid for in Doge and will not only be the first crypto in space, but it will also be the first meme coin in space.

RBI Governor sounds alarm on cryptocurrency

RBI Governor Shaktikanta Das cautioned investors of the potential dangers in the crypto world. He added that cryptocurrency is a serious concern to the financial system. He also said that the number of participants in crypto market is highly exaggerated.

Bitcoin extends correction

Though Bitcoin went up to create a new all-time high, it corrected by huge points. BTC is now trading just above $65,000. Bitcoin saw extreme volatility yesterday by moving down minutes after it gave a breakout.

Coinbase falls short on revenue

With lower trading volume, the US cryptocurrency exchange saw a significant decline in revenue. As a result, the company’s shares had tumbled 13%.

Twitter is building crypto block

The social media giant is planning to build a crypto team to add blockchain and crypto onto the platform. For now, the social media firm is expected to start its crypto journey with an option for Bitcoin (or other crypto) payments or NFT sales for creators.

Indonesia’s religious leaders declare crypto illegal for Muslims

Indonesia’s council of religious leaders declared that Muslims are forbidden from using crypto. The nation with the largest Muslim population had earlier planned to tax profits on crypto trading.

Bitcoin drops from all-time high 

The largest cryptocurrency, after hitting a new all-time high at $68,564, has corrected by 2,000 points. Bitcoin is now trading above $66,500. Ethereum also is trading $100 below its all-time high.

Shiba Inu was the Twitter star: says report.

Data compiled by ICO Analytics reported that Shiba Inu was the most discussed cryptocurrency on Twitter last month. The coin received a 22% share of all crypto assets discussions on the platform, dwarfing Ethereum’s 8.1% and Bitcoin’s 7.2% by a huge margin.

Apple CEO reveals he holds cryptocurrency

Tim Cook, the CEO of Apple Inc., revealed that he holds crypto coins. At the same time, he said that the company is not interested in cryptocurrency. Cook said Tuesday that while Apple was looking at cryptocurrency technology, it’s “not something we have immediate plans to do.”

Lorde Edge coin trends

Following Elon Musk’s name change to Lorde Edge in his Twitter account, a new crypto coin called Lorde Edge was launched on Monday. The coin saw heavy buying, taking the price high. Elon Musk continues to be a major influencer among the Crypto participants.

AMC weighs its Cryptocurrency in a fresh nod to meme investors

AMC Entertainment Holdings Inc. is planning to create its cryptocurrency. The company, which runs the world’s largest theatre chain, is holding discussions with Hollywood studios on the creation of Non Fungible Tokens (NFTs) as well.

Crypto market value touches $3 trillion

Bitcoin and Ethereum, the largest cryptocurrencies, created new all-time highs to take the Crypto Market value to $3 trillion for the first time. Bitcoin is now trading above USD 68,000 after creating an all-time high at USD 68,564. Ethereum hit a new all-time high at USD 4,842 and is currently above USD 4,800.

Indian Government switches stance on crypto

The Government of India may consider drafting a crypto bill in the winter session to bring regulation rather than banning it. The move is after a large influx of youth into the crypto market.

New York’s mayor-elect promotes city-themed cryptocurrency

Eric Adams, the mayor-elect of New York, said that the city would become a hub of cryptocurrency in the near future. He added that cryptocurrency and blockchain technology should be taught in schools and Bitcoin would replace the existing currency system across the globe.

Mastercard launches crypto-linked Payment Cards

Mastercard has launched cryptocurrency-linked payment cards in the Asia-Pacific region. This will allow holders to instantly convert their digital assets into fiat currency.

Nigeria’s Central Bank freezes crypto traders’ accounts

It was reported that the Central Bank of Nigeria ordered all commercial banks in the country to freeze the accounts of at least two individuals engaged in crypto trading. Nigeria had banned banks from involving in crypto transactions citing volatility and flow into terrorist funds back in February.