Tag: crypto news

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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.

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EU Finalises Crypto Anti-Money Laundering Rules – Top Crypto Updates

EU finalises crypto anti-money laundering rules

The European Union (EU) has finalised a deal regarding anti-money laundering rules that would apply to crypto transactions. The new rules aim to prevent money laundering and terrorist financing. Crypto-assets service providers will now have to collect and store information to identify people involved in crypto transactions. However, the new regulations will not impose tracking requirements on private, unhosted wallets.

Crypto prices today: Bitcoin falls 3.1%, ETH down 5.9% 

Bitcoin is currently trading at $19,436.62, a decline of 3.11% over the previous day. Ethereum is down 5.9% over the last 24 hours to $1,060.38. Solana fell 9% to $31.88, while Cardano is trading lower by 3.25% at $0.452. Avalanche (AVAX) is down 8.31% to $16.58. The global crypto market cap stands at $868.92 billion, a 2.99% decline over the previous day.

North Korean attackers behind $100M Harmony hack: Report

As per a report by blockchain forensics company Elliptic Enterprises, North Korean hackers known as the Lazarus Group are believed to be behind the recent $100 million heist on the Harmony blockchain. Harmony confirmed that its Horizon Bridge, a seamless layer that allows crypto to move across different blockchains, had been hacked last week.

Grayscale sues SEC after Spot Bitcoin ETF rejection

Grayscale Investments sued the U.S. Securities and Exchange Commission shortly after the regulator rejected its bid to list the first Spot Bitcoin exchange-traded fund (ETF). In its ruling, the SEC said the Grayscale spot ETF application did not do enough to protect investors from “fraudulent and manipulative acts and practices.”  Meanwhile, Grayscale said it would continue to leverage all of its resources to advocate for its investors and the “equitable regulatory treatment of Bitcoin investment vehicles.”

OpenSea reports email data breach

An employee of Customer.io, a platform for managing email newsletters and campaigns, leaked a list of OpenSea customers’ emails to an outside party. OpenSea is the world’s largest NFT marketplace. Email newsletter management platforms and Customer Relationship Management (CRM) software appear to be a weak spot for crypto firms as data leaks continue to occur frequently.

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HTC’s Metaverse Phone to Include Crypto, NFT Wallet – Top Crypto Updates

HTC’s metaverse phone to include crypto, NFT wallet

Smartphone manufacturer HTC has launched its first “Viverse” phone that is compatible with its metaverse platform. The HTC Desire 22 Pro comes preloaded with apps that allow users to access and manage their metaverse content, including crypto and NFTs. HTC’s Viverse app also lets users buy NFTs in a digital marketplace and create their own virtual space.

Crypto prices today: Bitcoin falls 4.3%, ETH down 7% 

Bitcoin is currently trading at $20,006.77, a decline of 4.3% over the previous day. Ethereum is down 6.95% over the last 24 hours to $1,124.17. Solana fell 9.6% to $34.89, while Cardano is trading lower by 4.8% at $0.465. Avalanche (AVAX) is down 8.45% to $18. The global crypto market cap stands at $895.58 billion, a 4.75% decline over the previous day.

Anchorage Digital announces Ethereum staking for institutions

Crypto storage firm Anchorage Digital announced the launch of an Ethereum staking service for institutions. Users will be able to earn rewards linked to the second-biggest digital asset by market cap. Anchorage Digital will keep funds safe for institutions (banks, venture capital firms, and even governments) by holding their crypto in cold storage.

Axie Infinity’s ETH bridge back online after $622M hack

The bridge that connects the non-fungible token (NFT) game Axie Infinity’s Ronin sidechain to the Ethereum mainnet is back online. It was taken down in late March after $622 million worth of crypto assets were stolen through an exploit. Users can now make deposits and withdrawals from the Ronin network.

1% TDS on transfer of crypto, NFTs to be levied from July 1

A 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000 will come into force from July 1. In a peer-to-peer (P2P) transaction, the buyer is required to deduct tax under the given section. When a transfer is made through an exchange/broker, TDS may be deducted only by the exchange which is crediting or making payment to the seller.

Read more here.

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CoinFlex to Issue Tokens After Withdrawal Freeze – Top Crypto Updates

CoinFlex to issue tokens after withdrawal freeze

Crypto exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return. The company aims to resume withdrawals after a client failed to repay a $47 million debt. The platform will start to issue $47 million of “Recovery Value USD” tokens on Tuesday. The resumption of withdrawals (targeted for June 30) will depend on the level of demand for the new tokens.

Crypto prices today: Bitcoin falls 2%, ETH down 1.3% 

Bitcoin is currently trading at $20,905.4, a decline of 1.9% over the previous day. Ethereum is down 1.3% over the last 24 hours to $1,208.2. Solana fell 4.2% to $38.61, while Cardano is trading lower by 2.49% at $0.489. Avalanche (AVAX) is down 4.38% to $19.62. The global crypto market cap stands at $938.08 billion, a 1.93% decline over the previous day.

Crypto.com removes Dogecoin, Shiba Inu from Earn program

Crypto.com announced it is removing 15 cryptocurrencies from its Crypto Earn rewards program. Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among those being removed from the list. However, Crypto.com will add Zilliqa (ZIL), Fantom (FTM), and NEAR to the program. The Crypto Earn program enables users to obtain interest on their crypto holdings.

400+ crypto ads found violating ASCI guidelines

The Advertising Standard Council Of India (ASCI) has found more than 400 crypto ads to be potentially violating advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising. In the first five months of 2022, ASCI took up 453 complaints where 419 crypto ads required modifications.