Category: Top Crypto News

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Crypto Players in Talks to Create New Blockchain Council – Top Crypto Updates

Crypto players in talks to create new blockchain council 

Indian crypto exchanges and blockchain firms are in preliminary talks to build a new independent think tank to address concerns within the sector. They aim to bring together a mix of industry players, academia, research scholars, and influential people within the Web3 ecosystem. Last week, the Internet & Mobile Association of India (IAMAI) dissolved the Blockchain and Crypto Assets Council (BACC) over an ‘uncertain regulatory environment’.

Crypto prices today: Bitcoin up 2%, ETH rises 1.8%

Bitcoin is currently trading at $22,234.91, an increase of 1.96% over the previous day. Ethereum rose 1.8% over the last 24 hours to $1,455.55. Solana rose 1% to $42.13, while Cardano is trading higher by 0.4% at $0.473. Avalanche (AVAX) rose 1.13% to $23.54. The global crypto market cap stands at $1.01 trillion, a 3.35% increase over the previous day.

Yuga Labs opens Otherside for ‘First Trips’ in Bored Ape Metaverse

Yuga Labs’ Otherside invited 4,300 players (also called “Voyagers”) for a first-look tech demo and tour of the immersive, ape avatar-navigated online platform. All Otherside players have to embark on or view one of these “First Trips” to participate in the game. Otherside is a Bored Ape Yacht Club-fueled metaverse or blockchain virtual world that is made up of 200,000 plots of virtual land. 

Paraguayan Senate passes bill regulating crypto mining, trading

Paraguay’s Senate has approved a bill regulating crypto mining and trading. The country’s Secretariat for the Prevention of Money or Asset Laundering will supervise the whole investment process carried out by crypto companies. Individual and corporate miners must request industrial electricity consumption authorization and then apply for a license.

RBI seeks ban on cryptos but India needs global support to make that effective: FM Sitharaman

The Reserve Bank of India (RBI) has recommended to the government that it should frame regulations for cryptocurrencies and prohibit them. The central bank has argued that crypto has a destabilising effect on the monetary and fiscal stability of a country. However, the government is of the view that a “global collaboration” is needed for any effective regulation or ban, said Finance Minister Nirmala Sitharaman.

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India’s Crypto Industry Advocacy Body Disbanded – Top Crypto Updates

Closeup Bitcoins mockup on the keyboard over the cryptocurrency trading graph in the computer screen, crypto currency and investment concept

India’s crypto industry advocacy body disbanded

The Internet and Mobile Association of India (IAMAI) has disbanded The Blockchain and Crypto Assets Council. It was the only advocacy body representing the interests of India’s crypto industry. There is high uncertainty surrounding the regulatory environment for the crypto industry. Thus, the IAMAI wants to utilize its limited resources for other emerging digital sectors that make a more immediate and direct contribution to digital India.

Crypto prices today: Bitcoin up 0.8%, ETH rises 0.7%

Bitcoin is currently trading at $20,814.75, an increase of 0.79% over the previous day. Ethereum rose 0.77% over the last 24 hours to $1,212.23. Solana rose 0.3% to $37.17, while Cardano is trading higher by 0.02% at $0.442. Polygone (MATIC) rose 0.8% to $0.699. The global crypto market cap stands at $930.09 billion, a 4.23% increase over the previous day.

Global crypto rules needed to “keep markets clean”: UK’s FCA

The United Kingdom’s Financial Conduct Authority (FCA) said global rules are needed to regulate international crypto firms and “keep markets clean”. Crypto firms are largely unregulated across the world. However, many countries have forced them to show they have adequate controls to combat money laundering. Last year, FCA said Binance was not allowed to undertake any regulated activity in the UK as it was “not capable of being effectively supervised”.

Finance Minister asks G20 members to bring crypto under auto info exchange

Finance Minister Nirmala Sitharaman has asked the G20 nations to bring crypto and immovable properties under the purview of automatic exchange of information among countries. Many often create layers of entities to evade taxes and conceal unaccounted assets. Due to its decentralised nature, crypto transactions can happen without any identification with the internet protocol (IP) addresses of users as the only available information.

Brazil’s Itaú to launch tokenization platform

Brazil’s largest private bank, Itaú Unibanco, plans to launch an asset tokenization platform that transforms traditional finance products into tokens. It will also offer crypto custody services for its customers. The platform, called Itaú Digital Assets, will be available for institutional clients in the initial stage.

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Crypto Lending Platform Celsius Files For Bankruptcy – Top Crypto Updates

Troubled crypto lending platform Celsius files for bankruptcy

Lawyers representing crypto lending platform Celsius have officially notified regulators that the company is filing for Chapter 11 bankruptcy protection. Celsius says the filing will provide the opportunity to stabilise its business and initiate a comprehensive restructuring process that maximizes value for all stakeholders. The company’s troubles began after it paused all customer withdrawals and swaps in June, citing liquidity issues.

Crypto prices today: Bitcoin, ETH falls 0.5%

Bitcoin is currently trading at $19,992.4, a decline of 0.56% over the previous day. Ethereum fell 0.54% over the last 24 hours to $1,098.99. Solana fell 0.3% to $34.35, while Cardano is trading lower by 0.428% at $0.426. XRP fell 0.4% to $0.321. The global crypto market cap stands at $891.57 billion, a 2.03% increase over the previous day.

Developing nations should ban Bitcoin ads, regulate crypto wallets: UN

The United Nations (UN) has recommended developing nations take action against crypto. In a document titled “All that glitters is not gold,” the UN stated that the disadvantages posed to these nations by crypto far outweigh the benefits they may bring to individuals and financial institutions. It also suggests that developing nations should regulate all crypto wallets and ban advertisements related to crypto.

Disney selects Polygon to join the 2022 Disney Accelerator

Walt Disney Co has selected Polygon to participate in Disney’s 2022 Accelerator, a business development program that supports the growth of innovative companies globally. The program is looking to develop new technologies within augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI). Polygon (MATIC) saw a breakout session on Wednesday, with support from the broader market and Disney’s announcement.

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Bitbns Launches ‘Zero TDS’ on SIP Investments – Top Crypto Updates

Bitbns introduces ‘zero TDS’ on SIP investments

Crypto exchange Bitbns has announced zero tax deducted at source (TDS) on its systematic investment plans (SIP) on crypto investments. The initiative aims to remove the taxation burden from investors while encouraging them to undertake SIPs. SIPs will help leverage the benefits of rupee cost averaging to counter volatility. Investors availing of SIP for a minimum of 12 months can now invest seamlessly without paying TDS.

Crypto prices today: Bitcoin, ETH up 1%

Bitcoin is currently trading at $19,692.37, an increase of 0.99% over the previous day. Ethereum rose 0.7% over the last 24 hours to $1,064.25. Solana rose 0.6% to $33.44, while Cardano is trading higher by 0.8% at $0.426. XRP rose 1% to $0.318. The global crypto market cap stands at $873.39 billion, a 0.55% decline over the previous day.

Celsius recovers over $400M in staked Ethereum collateral from Aave loan

Struggling crypto lending platform Celsius has nearly cleared all of its outstanding DeFi debt after recovering 400,000 collateralized Staked Ethereum (stETH) from its loan on Aave. The withdrawal amounts to $415 million in crypto that’s been saved from the risk of liquidation— almost a tenth of the asset’s $4.4 billion market cap. The latest move brings Celsius’ total debt across decentralised finance (DeFi) protocols down to just $59 million.

Solana NFT Marketplace Magic Eden Launches Gaming Venture Arm

Magic Eden, the largest NFT marketplace in the Solana ecosystem, has launched a Web3 gaming investment arm. It aims to make strategic investments and onboard developers into Web3 via Magic Eden’s infrastructure. Eden Games has partnered with the makers of several Solana games to power in-game NFT marketplaces.

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GameStop Opens Ethereum NFT Marketplace – Top Crypto Updates

GameStop launches Ethereum NFT marketplace

Video game retailer GameStop has launched its Ethereum-based NFT marketplace. The marketplace currently hosts an array of artwork projects that run on the Ethereum mainnet. GameStop aims to become a major player in the NFT gaming space, wherein NFTs are interactive items used within video games. NFTs can represent unique avatars, weapon designs, virtual land plots, and more.

Crypto prices today: Bitcoin down 1%, ETH falls 1.8%

Bitcoin is currently trading at $19,679.91, a decline of 1.1% over the previous day. Ethereum fell 1.84% over the last 24 hours to $1,066.35. Solana fell 1.2% to $33.4, while Cardano is trading lower by 1.69% at $0.43. XRP fell 2% to $0.309. The global crypto market cap stands at $878.61 billion, a 3.52% decline over the previous day.

Founders of crypto hedge fund Three Arrows Capital go missing

The founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) have reportedly vanished. The officials charged with liquidating the company are looking for their whereabouts. The mega fund, founded by Credit Suisse traders  Zhu Su and Kyle Davies, once managed an estimated $10 billion in assets. Its liquidators (or creditors) have not received “any meaningful cooperation” from the duo.

Brazilian fintech PicPay to launch crypto exchange, stablecoin

Brazil-based digital payments app PicPay plans to launch a crypto exchange and a Brazilian real-tied stablecoin in 2022. The exchange will provide access to Bitcoin, Ether, and Paxos’ USDP stablecoin. PicPay has also created a dedicated crypto business unit and plans to hire new crypto and Web3 talent.

G20 regulator to present global crypto rules in October 2022

The Financial Stability Board (FSB), a global financial regulator including all G20 countries, is preparing to propose international regulations for crypto and stablecoins in October. The FSB stated that recent turmoil in crypto markets has highlighted their volatility, structural vulnerabilities, and increasing links to the wider financial system.

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Binance Gets License to Operate in Spain – Top Crypto Updates

Binance gets license to operate in Spain

The Bank of Spain has allowed Binance’s Spanish subsidiary to register as a virtual asset services provider (VASP). The registration will allow Binance to offer crypto asset exchange and custody services in Spain. The company will have to comply with the central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules. The approval comes after authorities in France and Italy allowed Binance to offer crypto-related services in May.

Crypto prices today: Bitcoin, ETH up 0.3%

Bitcoin is currently trading at $20,467.21, an increase of 0.29% over the previous day. Ethereum rose 0.33% over the last 24 hours to $1,144.63. Solana fell 0.05% to $35.16, while Cardano is trading higher by 0.68% at $0.452. XRP rose 1.8% to $0.325. The global crypto market cap stands at $910.91 billion, a 3.43% decline over the previous day.

CoinFLEX enters $84 million arbitration against ‘large individual customer’

Crypto trading platform CoinFLEX has detailed its strategy to combat its current liquidity crisis. The company has entered arbitration in Hong Kong to recover $84 million in losses from a “large individual customer,” claimed to be prominent Bitcoin evangelist Roger Ver. The customer allegedly defaulted on a massive position last month and failed to honor a contract with CoinFLEX.

Argentina-based Ripio to launch Ethereum sidechain, Web3 wallet

Argentina-based crypto exchange Ripio announced the launch of two products. The first one is an educational textbook to help newcomers navigate the crypto market. The second product is a Web3 wallet that the company aims to position as an easy gateway to the metaverse. Ripio is also working on developing a solution to facilitate internal transactions and promote the growth of the Ripio ecosystem.

Celsius lost over $350 million in DeFi: Report

As per a report from blockchain analytics firm Arkham Intelligence, crypto lender Celsius deployed over $1 billion of assets in decentralized finance (DeFi) and incurred over US$350 million in losses. It also handed over about $530 million in corporate funds to an asset manager who used high-risk leveraged crypto trading strategies. Those trades resulted in forced liquidations worth $61 million.

The troubled crypto firm has hired new lawyers to carry out its restructuring process. Last month, Celsius paused withdrawals for customers to stabilize liquidity and operations.

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DeFi Giant Aave Plans to Launch its Own Stablecoin – Top Crypto Updates

DeFi giant Aave plans to launch its own stablecoin

Decentralised finance (DeFi) protocol Aave is planning to launch its own stablecoin. It has created an Aave Request for Comments (ARC) for a new decentralized, collateral-backed stablecoin native to the Aave ecosystem known as GHO. The proposal for a new stablecoin is now in the hands of the community of AAVE token holders that vote on decisions that affect the protocol’s future.

Crypto prices today: Bitcoin jumps 7%, ETH up 5.9%

Bitcoin is currently trading at $21,831.41, an increase of 7% over the previous day. Ethereum rose 5.94% over the last 24 hours to $1,243. Solana rose 2.53% to $37.52, while Cardano is trading higher by 2.3% at $0.476. Avalanche (AVAX) rose 5.4% to $20. The global crypto market cap stands at $961.4 billion, a 4.92% increase over the previous day.

Reddit to launch NFT avatars built on Polygon

Reddit will launch a new Collectibles Avatar marketplace leveraging non-fungible tokens (NFTs) hosted on Polygon’s blockchain. The website will partner with independent artists to create unique avatars that Reddit users can buy for a fixed price and customize with gear. The purchase of these avatars gives owners a license to use the artwork on Reddit and other platforms. 

Celsius accused of fraud in lawsuit by ex-employee

A former investment manager at Celsius Network filed a lawsuit against the crypto lender, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk. These actions had allegedly caused Celsius to freeze customer assets. The complaint said Celsius ran a Ponzi scheme to benefit itself through “gross mismanagement of customer deposits”.

DeFi lender Teller launches ‘buy now pay later’ feature for NFTs

Teller Finance, a DeFi lending platform, has launched a new feature allowing a ‘buy now pay later’ (BNLP) for NFT projects. Teller has extended this feature for Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Doodles, Cool Cats, etc. Teller’s NFT BNLP service is called “Ape Now, Pay Later” and is built on the Polygon network.

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Crypto Exchanges Get ED Notices Over Violation of FEMA – Top Crypto Updates

CoinSwitch, CoinDCX get ED notices over violation of FEMA

The Enforcement Directorate (ED) has sent notices to crypto exchanges CoinSwitch Kuber and CoinDCX as they came under the central agency’s radar. ED has registered a case against the two firms under the violation of the Foreign Exchange Management Act (FEMA). The agency is trying to ascertain if these companies are involved in cases of money laundering and foreign exchange violations.

Crypto prices today: Bitcoin up 1.4%, ETH rises 3.25%

Bitcoin is currently trading at $20,431.22, an increase of 1.42% over the previous day. Ethereum rose 3.25% over the last 24 hours to $1,175.04. Solana rose 2.2% to $36.79, while Cardano is trading higher by 1.7% at $0.465. Avalanche (AVAX) rose 2.9% to $19.11. The global crypto market cap stands at $918.44 billion, a 1.24% increase over the previous day.

ProShares Bitcoin Short ETF grows over 300% in a week

The ProShares’ Bitcoin Short ETF (BITI) grew by 306% last week, cementing its place as the second-largest Bitcoin ETF in the U.S. BITI now holds net short exposure equivalent to 3,811 BTC, up from just 937 BTC on June 27. An exchange-traded fund (ETF) provides investors with indirect exposure to an underlying asset. It can be useful when investing in commodities or crypto, which are difficult to transfer or store. 

Experts seek revamp of TDS on digital assets to boost trade volumes, govt revenue

Experts in the crypto industry have called for rationalisation of tax deducted at source (TDS) on digital asset transfers. They have argued that TDS locks up liquidity and the government will likely lose out on revenue as transaction volumes slide. However, some executives acknowledged that TDS was needed to curb money laundering. A tax regime for virtual digital assets (such as crypto, NFTs) will boost investor confidence by eliminating ambiguity.

Ethereum scaling solution Immutable X will allow Ether-to-Dollar withdrawals

Ethereum scaling solution Immutable X will allow users to receive U.S. dollars in their bank accounts on Ether (ETH) withdrawals. The Ether offramp is available to any developer building on Immutable. Developers can enable their users to sell layer 2-based ETH and have the proceeds deposited directly to their bank accounts. Crypto payments firm Moonpay will process the fiat transactions.

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Nexo Plans to Acquire Crypto Lender Vauld – Top Crypto Updates

Nexo plans to acquire troubled crypto lender Vauld

UK-based Nexo has signed an indicative term sheet with the troubled Singapore-based crypto lender Vauld. Under the agreement, Nexo has a 60-day exploratory period within which the company will conduct a due diligence process related to the intended acquisition. Nexo intends to acquire up to 100% of the firm and reorganize its future operations to deepen its presence in Asia.

On Monday, Vauld suspended all withdrawals, trading, and deposits on its platforms due to rising “financial challenges”.

Crypto prices today: Bitcoin falls 1.6%, ETH down 2.8%

Bitcoin is currently trading at $20,029.83, a decline of 1.66% over the previous day. Ethereum fell 2.8% over the last 24 hours to $1,131.58. Solana rose 0.32% to $36.01, while Cardano is trading lower by 2.36% at $0.457. Avalanche (AVAX) rose 2.2% to $18.41. The global crypto market cap stands at $907.23 billion, a 0.51% decline over the previous day.

Crypto firm Voyager files for bankruptcy

Crypto lender Voyager Digital has filed for bankruptcy after suspending withdrawals, trading, and deposits to its platform last week. The Toronto-listed firm estimated that it had more than 100,000 creditors and between $1 billion and $10 billion in crypto assets. Voyager’s stock plunged 11.62% as the news broke.

Bank of England calls for better crypto regulation

In its latest Financial Stability Report, the Bank of England (BoE) called for stricter financial regulations on the back of the recent crypto crash. The report further stated that risk is growing with the crypto industry’s expanding connection with the wider financial system. It added that investor confidence in stablecoins has been shaken, especially those with riskier backings or with less transparency.

Most Indian traders impacted by India’s crypto tax: survey

India’s 30% tax on crypto has severely impacted the trading frequency of 83% of traders, as per a survey conducted by crypto exchanges WazirX and ZebPay. The survey included 9,500 respondents that had actively traded between Jan. 1 and April 15. Around 24% of respondents said they are considering moving trading activities to international exchanges. Meanwhile, 29% said they have traded less since the introduction of the tax.

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KCS Token Crashes Amid Insolvency Rumors – Top Crypto Updates

KuCoin’s KCS token tanks amid insolvency rumors

The price of KuCoin (KCS), the native token of the KuCoin crypto exchange, has tanked over the past seven days following insolvency rumors. KCS was down 17.34% in the past week, trading for $8.75. According to reports, KuCoin had exposure to Terra’s ill-fated LUNA and UST cryptocurrencies as well as insolvent crypto hedge firm Three Arrows Capital.

Crypto prices today: Bitcoin up 6.2%, ETH jumps 10%

Bitcoin is currently trading at $20,294.07, an increase of 6.22% over the previous day. Ethereum jumped 10.3% over the last 24 hours to $1,158.23. Solana rose 9.46% to $35.75, while Cardano is trading higher by 3.97% at $0.465. Avalanche (AVAX) has surged 8.5% to $18.10. The global crypto market cap stands at $914.16 billion, a 5.8% increase over the previous day.

Alibaba, Tencent to require ID checks for NFT purchases

Tencent, Ant Group, Baidu, JD.com, and other leading Chinese tech companies have issued a “self-disciplined development proposal” for the digital collectible industry. They would introduce real-name authentication for users who issue, buy, and sell non-fungible tokens (NFTs). Digital collectible platforms should also hold relevant regulatory certifications and ensure the security of underlying blockchain technologies.

WonderFi closes acquisition of crypto trading platform Coinberry

Crypto marketplace WonderFi closed its $30 million acquisition of Canadian crypto trading platform Coinberry. Competition Bureau Canada, Ontario Securities Commission, and other provincial regulatory boards had approved the deal. WonderFi houses decentralised finance (DeFi), play-to-earn gaming, and NFT (GameFi) businesses under one platform.

India’s position on crypto vindicated by global trends: Report

As per reports, India’s conservative position on not encouraging crypto trading is being rapidly justified by negative experiences of global crypto funds. Amidst the recent market crash, Three Arrows Capital (a popular Singapore-based crypto hedge fund) is in deep financial trouble. Many experts believe that India correctly predicted the adverse economic headwinds and perhaps saved many investors from economic ruin.

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Coinbase to Expand Presence in Europe – Top Crypto Updates

Coinbase plans to expand presence in Europe

Crypto exchange Coinbase Global Inc is looking to expand in some European markets, even as the digital asset market experiences a downturn. The company is in the process of expanding in France, Italy, Spain, and the Netherlands, It aims to launch its retail, institutional, and developer products in these markets.

Crypto prices today: Bitcoin at 19,100, ETH falls 1%

Bitcoin is currently trading at $19,105.10. Ethereum is down 1.07% over the last 24 hours to $1,050. Solana fell 0.72% to $32.72, while Cardano is trading lower by 0.26% at $0.448. Avalanche (AVAX) is up 3.78% to $16.68. The global crypto market cap stands at $863.33 billion, a 0.32% decline over the previous day.

Meta to shut down crypto wallet Novi by September

Meta said it will shut down its digital wallet for crypto, Novi, in September. The wallet helps people send and receive money internationally with no fees. The Novi app and its integration with WhatsApp will no longer be available, and users won’t be able to sign in to their accounts after the expiry date.

Vauld suspends withdrawals, trading due to ‘financial challenges’

Crypto exchange Vauld has suspended all withdrawals, trading, and deposits on its platforms due to rising “financial challenges”. The company has witnessed withdrawals above $197.7 million since June 12, 2022, when the collapse of TerraUSD (UST) triggered a crash in the crypto market. Vauld intends to apply for a moratorium in the Singapore courts to get a “breathing space to carry out a proposed restructuring exercise.”

TDS rule brings down volumes on crypto platforms

Spot trading volumes on crypto exchanges CoinDCX, WazirX, and Zebpay declined by ~70% on average yesterday. This is primarily due to the imposition of a 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000, effective from July 1. It is likely to push day traders to move out of Indian exchanges.

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Meta Begins Testing ETH, Polygon NFTs on Profiles – Top Crypto Updates

Meta begins testing ETH, Polygon NFTs on profiles

Meta has begun rolling out non-fungible tokens (NFTs) for some U.S. creators on its flagship social network. It is starting with Ethereum and Polygon NFTs but will soon add support for NFTs on Solana and Flow. Users will have a “digital collectibles” tab on their Facebook profiles where they can showcase their NFTs

Crypto prices today: Bitcoin up 0.4%, ETH rises 0.3%

Bitcoin is currently trading at $19,509.07, an increase of 0.44% over the previous day. Ethereum is up 0.3% over the last 24 hours to $1,062.72. Solana rose 3.25% to $32.92, while Cardano is trading higher by 1.03% at $0.454. Avalanche (AVAX) is down 2.8% to $16.13. The global crypto market cap stands at $870.63 billion, a 0.2% increase over the previous day.

Napster to launch its own token on Algorand

Music streaming app Napster has announced its plans to launch the $NAPSTER token on the Algorand blockchain protocol. The company aims to build out its existing music streaming ecosystem on the layer-1 blockchain. $NAPSTER will be used as a payment method for purchasing music subscriptions and exclusive artist content rights.

VanEck files new application for Spot Bitcoin ETF

Investment giant VanEck has filed a new application for a spot bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC). A spot bitcoin ETF is comprised of bitcoin or assets related to bitcoin’s price. The move comes just a day after the SEC rejected the spot bitcoin ETF applications of Grayscale Investments and Bitwise. 

Cryptos are a clear danger: RBI Governor

Reserve Bank Governor Shaktikanta Das described cryptocurrencies as a “clear danger”. He said that anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on crypto after gathering inputs from various stakeholders and institutions.