Tag: crypto news

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ECB President Renews Calls for Crypto Regulation – Top Crypto News

ECB President renews calls for crypto regulation

European Central Bank President Christine Lagarde reiterated her concerns over cryptocurrencies and her desire for regulation. “My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said.

Crypto prices today: Bitcoin up 3.7%, ETH rises 4%

Bitcoin is currently trading at $30,485.34, a 3.7% increase over the previous day. Ethereum rose 4% over the last 24 hours to $2,054.06. Solana jumped 5.25% to $53, while Cardano is trading higher by 3.05% at $0.546. Avalanche (AVAX) rose 7.17% to $32.03. The global crypto market cap stands at $1.3 trillion, a 3.44% increase over the previous day.

India’s crypto sector needs ‘peace’ and ‘certainty’: CoinSwitch CEO

CoinSwitch CEO Ashish Singhal called for clearer/fair rules to resolve the regulatory uncertainty in India’s crypto space. “Users don’t know what will happen with their holdings— is the government going to ban, not ban, how is it going to be regulated? Regulations will bring peace and more certainty,” he said. Singhal was speaking at the World Economic Forum in Davos.

Manchester City FC partners with Quidd to launch new NFT collection

Manchester City FC has partnered with Quidd (a subsidiary of Animoca Brands) to launch a new 3D NFT collection. The football club has been a strong advocate of Web3. The latest NFT collaboration follows a partnership with Sony to take Premiership football to the metaverse.

Terra (LUNA) rallies over 55% in 24 hours after last week’s crash

TerraUSD (UST) surged over 10% to $0.07, while its sister crypto token Terra (LUNA) rallied more than 56% to $0.00021 over the past 24 hours. UST collapsed from its intended 1-to-1 peg to the dollar earlier this month and dragged LUNA down with it. Terra Labs’ CEO Do Kwon is facing legal prosecution in South Korea over the collapse of the two coins that wiped out billions of dollars from investors.

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Panama President May Veto Crypto Law – Top Crypto News

Panama President may veto crypto law

Panama President Laurentino Cortizo said he may veto a recently approved bill that would allow citizens to use crypto as a form of payment in the country. “I have to be very careful if the law has clauses related to money laundering activities or anti-money laundering activities,” he said. The bill establishes pivotal concepts about crypto, blockchain, and virtual asset service providers.

Crypto prices today: Bitcoin up 2.0%, ETH up 2.7%

Bitcoin is currently trading at $30,115.86, a 2.9% increase over the previous day. Ethereum rose 2.79% over the last 24 hours to $2,018.06. Solana fell 1% to $51.26, while Cardano is trading higher by 1.23% at $0.526. XRP rose 5.13% to $0.429. The global crypto market cap stands at $1.27 trillion, a 2% increase over the previous day.

Crypto crash will have limited impact on U.S. household wealth and labor supply: Goldman Sachs

The global crypto market lost over $300 billion last week and about $1.7 trillion over the past seven months. However, the impact on U.S. household wealth, spending, and the labor supply are likely to be limited, according to a Goldman Sachs report. U.S. households own about one-third of the global crypto market or about $423 billion as of Thursday. Crypto holdings account for only 0.3% of their net worth.

FTX expands into stock trading

Crypto exchange FTX will now allow select customers to trade stocks and exchange-traded funds on its popular trading app. It plans to expand the functionality to all American customers in the next few months. FTX plans to offer commission-free stock trading, like most major US online brokerage firms. 

India plans to introduce reverse charge tax on foreign crypto platforms: Report

According to a Forbes report, the Indian government is planning to introduce a “reverse charge” on virtual digital asset investments on overseas platforms. The move will be part of the latest round of crypto regulations to be implemented in the country. A reverse charge is an indirect tax obligation that falls on the recipient of goods or services rather than the supplier.

Essentially, Goods & Services Tax (GST) will fall on the investor, not the service provider, when an Indian investor acquires services from a domestically unregistered crypto exchange.

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Coinbase Launches Global ‘Think Tank’ for Crypto – Top Crypto News

Coinbase launches global ‘think tank’ for crypto

Coinbase is launching a global think tank to shape the policy debate around digital assets. The Coinbase Institute will accelerate research on cryptocurrency and Web3 (a decentralized version of the internet). It will also spearhead discussions with policymakers and academics on the intersection of technology and finance.

Crypto prices today: Bitcoin falls 1.6%, ETH down 3.4%

Bitcoin is currently trading at $29,317.75, a 1.6% decline over the previous day. Ethereum fell 3.4% over the last 24 hours to $1,965.2. Solana fell 7.4% to $51.4, while Cardano is trading lower by 8% at $0.517. Avalanche (AVAX) crashed 12.68% to $29.27. The global crypto market cap stands at $1.24 trillion, a 3.28% decline over the previous day.

SEC Chair threatens action against unregistered crypto exchanges

Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), has cited concerns about crypto enforcement in its budget request for the next fiscal year. He referred to crypto markets as “highly volatile and speculative” and expressed the need for “new tools and expertise” to address enforcement.

‘Crypto bank’ Cashaa exits from Unicas in India

Cashaa, a fiat and crypto neo bank, announced its exit from Unicas, its maiden attempt to enter the personal crypto-banking market. In 2020, Unicas offered crypto-friendly INR Savings accounts to its customers in partnership with the United Multistate Co-op. Cashaa is expected to release its expansion plan for India soon. 

Aave launches decentralized, NFT-based social media protocol

Aave has launched Lens Protocol, an NFT-based decentralized social media protocol that runs on the Polygon network. It can power an array of potential social media apps and services. It will allow users to own their content by storing it as non-fungible tokens (NFTs) within a crypto wallet.

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Robinhood Plans Ethereum Wallet With DeFi – Top Crypto News

Robinhood plans Ethereum wallet with DeFi

Robinhood is building a standalone, non-custodial wallet that will give customers full control over their crypto assets. The new product will be similar to Web3-focused products like MetaMask and Coinbase Wallet that give users full control but also require them to manage their own private keys. It will let users trade and swap crypto with no network fees, access DeFi services, and store NFTs.

Crypto prices today: Bitcoin, ETH falls 2%

Bitcoin is currently trading at $29,812.6, a 2% decline over the previous day. Ethereum fell 2.14% over the last 24 hours to $2,030.36. Solana fell 1.9% to $55.27, while Cardano is trading lower by 2.9% at $0.561. Avalanche (AVAX) fell 1.44% to $33.43. The global crypto market cap stands at $1.28 trillion, a 1.66% decline over the previous day.

Terra’s legal team resigns in wake of UST, LUNA collapse

Terra’s in-house legal team has resigned in the wake of the industry-wide unrest generated by Terra’s collapse last week. Terra’s algorithmic stablecoin UST crashed last week, bringing Terra’s native token LUNA down with it and wiping out $40 billion in value in the process.

Getty Images to launch first NFTs on Palm through Candy Digital

Getty Images has entered the non-fungible token (NFT) world. It will mint NFTs on the Palm blockchain, an Ethereum-compatible sidechain. Getty Images will draw from its collection of over 465 million images, including 135 analog photographs, with a focus on turning never-before-seen archival works into NFTs. 

G7 Finance Chiefs to discuss crypto-asset regulation

The regulation of crypto-assets is likely to be discussed at a meeting of Group of Seven finance chiefs this week in Germany, said French central bank head Francois Villeroy de Galhau. “What happened in the recent past is a wake-up call for the urgent need for global regulation,” he told an emerging markets conference in Paris.

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Coinbase Allows Users to Access Ethereum-Based Dapps – Top Crypto News

Coinbase allows users to access Ethereum-based dapps

Coinbase Global will allow a small set of its users to access Ethereum-based decentralized apps (dapps) directly from the Coinbase app. This move will help users purchase NFTs on various marketplaces, including OpenSea. It will also allow users to trade on decentralized exchanges such as Uniswap and Sushiswap. They will also enable borrowing and lending through DeFi platforms like Curve and Compound.

Crypto prices today: Bitcoin, ETH up 3%

Bitcoin is currently trading at $30,429.42, a 2.9% increase over the previous day. Ethereum rose 3% over the last 24 hours to $2,073.4. Solana rose 4.36% to $56.36, while Cardano is trading higher by 2.8% at $0.577. Avalanche (AVAX) rose 1.6% to $33.83. The global crypto market cap stands at $1.30 trillion, a 2.96% increase over the previous day.

TerraUSD falls to 11 cents; creator announces rescue plan

The price of the stablecoin TerraUSD was down sharply by 36% to 11 cents as its creator, Do Kwon, announced a plan to rescue the project. He said the crux of the plan involved what is called a “fork” in software terms—basically taking the existing code and starting over with an updated version. The new version will distribute 1 billion tokens of a new version of Luna to existing Luna and TerraUSD holders and developers.

Brazilian stock exchange B3 to launch Bitcoin Futures

Brazil’s only stock exchange, B3, plans to launch Bitcoin (BTC) futures in the next 3-6 months. The exchange is currently building the infrastructure to offer crypto market access to end-users. Currently, B3 offers exposure to crypto exchange-traded funds (ETF) listed in the Brazilian regulated market.

SEBI seeks to ban celebrity endorsements of crypto

The Securities & Exchange Board of India (SEBI) has reportedly suggested that prominent public figures such as celebrities and sportspeople should not endorse crypto products. The regulator added that public personalities could be held accountable if the crypto ads are found to be violating regulations. The Advertising Standards Council of India (ASCI) has been examining additional and fresh guidelines around crypto ads to protect the interests of consumers.

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RBI Says Cryptos Could Lead to “Dollarization” of Economy – Top Crypto News

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RBI says cryptos could lead to “dollarization” of economy: Report

Cryptocurrencies can lead to “dollarization” of a part of the economy and this could be against the country’s sovereign interest, said top officials of the Reserve Bank of India (RBI). Amid the crypto crash last week, RBI officials said cryptos have the potential to become a medium of exchange and could replace the rupee in domestic and cross-border transactions. They have reiterated their institutional view that cryptocurrencies should be banned.

Crypto prices today: Bitcoin up 0.3%, ETH falls 0.2%

Bitcoin is currently trading at $29,757.17, an 0.31% increase over the previous day. Ethereum fell 0.2% over the last 24 hours to $2,023.93. Solana rose 5.14% to $54.01, while Cardano is trading higher by 6.56% at $0.567. Avalanche (AVAX) fell 0.52% to $33.89. The global crypto market cap stands at $1.27 trillion, a 0.71% decline over the previous day.

FTX CEO says Bitcoin has no future as a payments network

As per a Financial Times report, crypto exchange FTX’s founder Sam Bankman-Fried noted that Bitcoin has no future as a payments network. He criticized the digital currency for its inefficiency and high environmental costs. However, he added that Bitcoin may still have a future as an asset, a commodity, and a store of value like gold.

Nigeria’s markets regulator publishes rules on crypto assets

Nigeria’s Securities and Exchange Commission (SEC) has published a set of regulations for digital assets. The country is trying to find a middle ground between an outright ban on crypto-assets and their unregulated use. Digital assets exchanges would not be allowed to facilitate the trading of assets unless it receives a “no objection” ruling. An exchange will be required to pay 30 million nairas ($72,289) as a registration fee.

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Terra Temporarily Halts Blockchain to Prevent Attacks – Top Crypto News

Terra temporarily halts blockchain to prevent attacks

After Terra’s UST stablecoin lost its US dollar peg earlier this week, the firm’s crypto token LUNA crashed. After losing nearly 100% of its value over the past week, Terra validators announced that they would halt the blockchain. Given how dramatically the price of the  LUNA has fallen, the blockchain network rapidly became prone to attacks. The blockchain resumed block production nearly one and a half hours after the halt.

Crypto prices today: Bitcoin jumps 9%, ETH rises 10%

Bitcoin is currently trading at $30,319.92, an 9.3% increase over the previous day. Ethereum jumped 10,7% over the last 24 hours to $2,074.65. Solana surged 32.5% to $51.6, while Cardano is trading higher by 24.5% at $0.569. Avalanche (AVAX) rose 45.65% to $34.6. The global crypto market cap stands at $1.30 trillion, a 16.25% increase over the previous day.

Global crypto regulation body likely in next year, says top official

Global market regulators are likely to launch a joint body within the next year t0 coordinate crypto rules. Ashley Alder, Chair of the International Organization of Securities Commissions (IOSCO), said the boom in digital currencies was one of the three main areas authorities are now focused on, along with COVID-19 and climate change.

Nomura offers its first Bitcoin derivatives

Japenese investment bank Nomura has begun offering Bitcoin over-the-counter derivatives to clients. This is the latest move by a traditional financial institution into the crypto industry. Nomura’s s clients can start trading Bitcoin futures and options in the market.

Ethereum gas prices surge 

Ethereum gas prices more than doubled from Tuesday to Wednesday and were on track to double again on Thursday, as per data from blockchain explorer Etherscan. The increase in gas price is mainly due to transfers involving the addresses of centralized stablecoins, Tether, and USDC. Tether stablecoin transactions have accumulated the most in fees over the last 24 hours.

[Gas fees are the transaction fees that users pay to miners on a blockchain protocol to have their transaction included in the block.]

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Bitcoin Falls to Lowest Level in 16 Months – Top Crypto News

Bitcoin falls to lowest level in 16 months

Bitcoin has fallen to its lowest level in 16 months on Thursday as a wider crypto selloff gathered steam. The cryptocurrency dropped to ~$26,350, to stand at its lowest since December 28, 2020. In the last eight sessions, it has lost a third of its value (or $13,000). The crypto market has come under pressure in recent days alongside stock markets.

Crypto prices today: Bitcoin falls 8%, ETH crashes 16%

Bitcoin is currently trading at $27,924.95, an 8.31% decline over the previous day. Ethereum has crashed 16.5% over the last 24 hours to $1908.21. Solana plummeted 28.33% to $45.17, while Cardano is trading lower by 23.5% at $0.461. Polygon (MATIC) crashed ~30% to $0.572. The global crypto market cap stands at $1.18 trillion, a 12.95% decline over the previous day.

Coinbase loses half its value in a week as crypto slumps

Crypto trading platform Coinbase lost half its value in the past week, including its biggest one-day drop to date on Wednesday. The company reported a $430 million net loss in the first quarter due to a decline in sales and active users. Revenue was down as trading volumes fell. Active monthly users fell 19% from the fourth quarter.

Zerodha’s Nithin Kamath cautions Indian crypto investors

Zerodha co-founder Nithin Kamath has cautioned Indian investors against the prospect of US cryptocurrency exchange Coinbase Global on Twitter. He claimed that customer assets could be at risk in case of bankruptcy of Coinbase. He advised Indian crypto investors to be aware of Coinbase’s dramatic fall and added “crypto with exchanges carry a risk”.

Citadel Securities, BlackRock slam social media accusations of involvement with UST collapse

Social media had been swarming with accusations surrounding the collapse of TerraUSD (UST). Many formed a conspiracy theory involving the same entities from the GameStop short squeeze— BlackRock, Citadel Securities, Gemini. While BlackRock manages cash reserves for USDC, it said in a public statement it does not trade UST. Citadel Securities has also stated that it does not trade in stablecoins. Meanwhile, Gemini tweeted that it has made no such loan as claimed in the conspiracy theory.

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Terra Crashes 60% in 24 Hours – Top Crypto News

Terra plunges 60% in 24 hours

Stablecoin Terra (LUNA) plunged more than 60% to $10 over the last 24 hours amid the bloodbath in the crypto market. The token dropped over 85% over the previous seven days. Its price has fallen more than 91% from its record high of $119.8 in April this year. Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.

Crypto prices today: Bitcoin falls 5%, ETH down 2.2%

Bitcoin is currently trading at $30,407.05, a 5.26% decline over the previous day. Ethereum is down 4.9% over the last 24 hours to $2,281.9. Solana crashed 12.16% to $62.32, while Cardano is trading lower by 10.7% at $0.602. Avalanche (AVAX) plumetted 19.7% to $37.02. The global crypto market cap stands at $1.37 trillion, a 6.77% decline over the previous day.

Halted UPI payments due to“informal pressure” from the RBI: Coinbase CEO

Brian Armstrong, CEO of Coinbase, said the company disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve Bank of India. The crypto exchange is working with the RBI and plans its return to India with other payment systems in a relatively short time. It launched its operations in India on April 7 through a mega event in Bengaluru. 

Crypto industry wants Centre to lower TDS on transactions

The crypto industry has urged the Central Government to reduce the tax deducted at source (TDS) on payments towards gains arising from trading in crypto to 0.01% or 0.05% from the proposed 1%, saying it will hurt retail traders. CoinDCX CEO Sumit Gupta said the 30% tax on income from crypto is on the higher side and should be reduced.

EU ban on tax-haven crypto firms could breach trade law, warns Commission

A proposed European Union (EU) ban on crypto providers offering services from tax and money laundering havens raises “serious doubts”. The ban could breach global trade rules, according to a European Commission document. Lawmakers from the European Parliament said that crypto-asset providers should not be authorized to offer services in the bloc if they are from shady jurisdictions like Panama. However, the Commission does not agree with this.

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Bitcoin Falls Below $30,000 – Top Crypto News

Bitcoin price falls below $30,000 as markets show signs of panic

Bitcoin fell more than 11% in 24 hours to dip below $30,000 on Tuesday as both traditional financial markets and crypto suffered from a sell-off caused by the US Federal Reserve’s aggressive monetary stance to curb inflation. The latest crash left Bitcoin at a 10-month low and its lowest price this year. BTC is more than 55% lower than its all-time high of $69,000, set last November.

Crypto prices today: Bitcoin falls 5%, ETH down 2.2%

Bitcoin is currently trading at $31,986.17, a 4.9% decline over the previous day. Ethereum is down 2.25% over the last 24 hours to $2,398.33. Solana fell 5.13% to $70.44, while Cardano is trading lower by 2.47% at $0.678. Avalanche (AVAX) fell 6.4% to $47.27. The global crypto market cap stands at $1.47 trillion, a 4.37% decline over the previous day.

El Salvador spent $15M on latest Bitcoin dip

El Salvadoran President Nayib Bukele said the country bought another 500 Bitcoin (~$15.3 million) during the current market correction. The total number of BTC owned by El Salvador stands at over 2,300 (~$72.5 million). In September 2021, El Salvador became the first country to make Bitcoin legal tender.

Instagram eyes creator economy with NFT rollout

Instagram has signaled its interest in turning non-fungible tokens (NFTs) into a revenue stream for the creators catering to its billion-plus user base. At launch, Instagram’s NFT pilot will allow a handful of creators to share their digital art on the platform– no sales, trading, or fees involved. Creators could use blockchain tech to build connections with their fans that are monetizable and recognized anywhere.

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GST Council to Consider Levying 28% GST on Crypto – Top Crypto News

GST Council to consider levying 28% GST on crypto: Report

As per a CNBC-TV18 report, the Goods and Service Tax (GST) Council is likely to consider levying 28% GST on cryptocurrencies. The government’s view is to bring crypto taxation at par with lotteries, casinos, racecourses, and betting. The council has nominated a law committee to take up the proposal to levy 28% GST on all services and activities related to crypto soon.

Crypto prices today: Bitcoin falls 3.3%, ETH down 4%

Bitcoin is currently trading at $33,673.7, a 3.3% decline over the previous day. Ethereum is down 4.1% over the last 24 hours to $2,460.2. Solana fell 5% to $74.5, while Cardano is trading lower by 6.35% at $0.70. Avalanche (AVAX) fell 6.6% to $50.82. The global crypto market cap stands at $1.54 trillion, a 3.43% decline over the previous day.

Experts say that panic over inflation and fears of a potential recession are reasons behind the ongoing crypto market crash.

Google forms Web3 team to tap the market’s potential

Google’s cloud unit is forming a team to build services for developers running Web3 and blockchain applications. The tech giant is trying to capitalize on the surging popularity of crypto and related projects. It wants to offer back-end services to developers interested in composing their own Web3 software as the company battles for market share in cloud infrastructure.

Instagram to support NFTs from Ethereum, Polygon, Solana

Meta’s Instagram is planning non-fungible token (NFT) integrations for Ethereum, Polygon, Solana, and Flow. The pilot project will feature a small group of NFT experts based in the US. Instagram intends to support widely used crypto wallets such as MetaMask. Users will be able to prove NFT ownership using their crypto wallets, showcase NFTs on their profiles, and tag the creators who made them.

$1B worth crypto “bridge” hacks spur secure alternative offers

High-profile hacks on crypto “bridges” are creating opportunities for exchanges and other businesses to offer more secure alternatives. Bridges allow users to swap digital tokens across blockchains. Over the past few months, hackers have siphoned more than $1 billion from popular crypto bridges like Wormhole and Ronin.

Now, crypto exchanges FTX and Coinbase are deepening their capabilities to provide bridge-like services on various blockchains. Users invested in Bitcoin or Ethereum can easily participate in other networks’ financial or gaming apps.

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Argentina Bans Banks From Offering Crypto Services – Top Crypto News

Argentina’s central bank bans lenders from offering crypto services

The Central Bank of the Argentine Republic (BCRA) has barred banks in the country from offering crypto services. Lenders are prohibited from offering customers any operations involving unregulated digital assets. The announcement comes just days after Banco Galicia (Argentina’s largest private bank) added the option to buy and sell crypto on its platform.

Crypto prices today: Bitcoin falls 8%, ETH down 6.4%

Bitcoin is currently trading at $36,418.38, a 7.94% decline over the previous day. Ethereum is down 6.34% over the last 24 hours to $2,743.06. Solana crashed 10.8% to $82.96, while Cardano is trading lower by 8.24% at $0.793. Avalanche (AVAX) crashed 12.27% to $58.79. The global crypto market cap stands at $1.67 trillion, a 6.86% decline over the previous day.

Investors have turned risk-averse amid fears of aggressive interest rate hikes to curb inflation.

Twitter’s Bluesky releases first code for decentralized social media network

Bluesky, a Twitter-backed project to develop an open and decentralized standard for social media, released its first bit of code. The Authenticated Data eXperiment (ADX) code contains a software developer kit. It also contains server implementation and basic commands for things one might do within a social network, including creating posts and liking others’ posts.

ONMO launches crypto payments for users

ONMO, the direct-to-consumer social esports mobile gaming platform from OnMobile, has enabled transactions through Bitcoin for players across the globe. While ONMO users in India can play using real money, users in other parts of the globe will now have the choice of using Bitcoins to pay entry fees for 1-on-1 battles and daily multiplayer tournaments.