Tag: Ethereum

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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.

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Uzbekistan Legalises Crypto Mining Using Solar Energy – Top Crypto News

Uzbekistan legalises crypto mining using solar energy

Uzbekistan will allow companies to mine cryptocurrencies using solar energy. It will also exempt all crypto operations by domestic and foreign companies from income tax. The government wants crypto miners to power their farms by installing their own solar panels. Uzbekistan legalized crypto trading in 2018, but only on a domestic crypto exchange.

Crypto prices today: Bitcoin rises 3%, ETH up 4%

Bitcoin is currently trading at $39,559.5 a 3% increase over the previous day. Ethereum is up 4% over the last 24 hours to $2,928.67. Solana jumped 7% to $93.04, while Cardano is trading higher by 10.2% at $0.864. Avalanche (AVAX) surged 10.8% to $67. The global crypto market cap stands at $1.80 trillion, a 3.92% increase over the previous day.

Gucci to start accepting crypto in stores

Iconic fashion brand Gucci will begin accepting cryptocurrency in some of its US locations later this month. According to Vogue Business, in-store payments can be made using a QR code that customers can scan with their crypto wallet, sent by Gucci via email. The stores will accept Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu. 

Coinbase rolls out NFT marketplace in beta

Coinbase (COIN) announced that the beta version of its non-fungible token (NFT) marketplace is now available to all. The NFT marketplace focuses on creating a social community for buyers and sellers. The platform allows users to create a profile and curate it with NFTs they have created, comment on NFTs, or start conversations with other NFT holders and sellers. 

France gives approval to Binance to run crypto exchange

France’s market regulator AMF has registered Binance France as a “digital asset service provider” (DASP). It has become the first major European country to explicitly allow Binance to operate within the country’s jurisdiction. Moreover, Binance becomes the first major crypto exchange to be licensed as a DASP within France.

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US SEC Ramps Up Crypto Fraud Oversight – Top Crypto News

US SEC ramps up crypto fraud oversight by adding 20 employees

The US Securities & Exchange Commission (SEC) will add 20 positions to its enforcement unit for crypto markets in its push to curb fraudulent activities. The division will be renamed the “Crypto Assets and Cyber Unit” and will have a total of 50 employees. The revamped unit will focus on preventing fraud that uses crypto-asset offerings, exchanges, lending & staking products, DeFi platforms, non-fungible tokens, and stablecoins. 

Crypto prices today: Bitcoin down 0.3%, ETH falls 1%

Bitcoin is currently trading at $38,386.1 a 0.29% decline over the previous day. Ethereum is down 0.99% over the last 24 hours to $2,813.33. Solana fell 1.8% to $86.81, while Cardano is trading lower by 0.78% at $0.783. Avalanche (AVAX) fell 2.4% to $60.41. The global crypto market cap stands at $1.73 trillion, a 0.53% decline over the previous day.

Hawaii to approve task force to examine Bitcoin, Web3 technology

The Hawaii State Senate today approved bill SB2695 that establishes a blockchain and crypto task force. The bill aims to see how the state can regulate, provide oversight, and potentially use blockchain tech and crypto. The task force will include both government officials and members of the Web3 space, plus professors from the University of Hawaii that specialize in digital currency.

Reward points, e-vouchers out of crypto tax net

India will provide a specific exclusion for e-vouchers, points earned on cards on shopping and payments, and other such digital reward assets from the proposed tax on virtual digital assets (VDAs). The government is working on a set of rules that would be notified soon. VDAs are information, code, number, or token not being Indian or foreign currency, generated by cryptographic means or otherwise.

As per reports, the tax department could also levy 20% TDS on interest earned on cryptocurrencies from foreign platforms.

El Salvador’s debt risk looms as Bitcoin Bond has yet to launch

El Salvador is the first nation to experiment with Bitcoin as a national currency. However, it has an $880 million bond due in January, according to Moody’s. Unfortunately, since the nation’s highly anticipated “Bitcoin Bond” has yet to reach the market, it may have some trouble paying that debt. The government is yet to introduce legislation necessary for the bond to move forward.

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Argentina’s Largest Private Bank to Offer Bitcoin Trading – Top Crypto News

Argentina’s largest private bank to offer Bitcoin, Ethereum trading

Buenos Aires-based Banco Galicia will make four cryptocurrencies available to customers—Bitcoin, Ethereum, USD Coin, and XRP. It has launched a new and innovative service for its customers, offering the purchase, sale, and custody of crypto in a simple, secure manner. Banco Galicia is the largest private bank in Argentina.

Crypto prices today: Bitcoin down 1.2%, ETH falls 0.5%

Bitcoin is currently trading at $38,511.6 a 1.22% decline over the previous day. Ethereum is down 0.58% over the last 24 hours to $2,841.94. Solana fell 2% to $88.41, while Cardano is trading lower by 0.54% at $0.788. Avalanche (AVAX) rose 2.19% to $61.33. The global crypto market cap stands at $1.74 trillion, a 0.85% decline over the previous day.

ApeCoin tanks after chaos surrounding Bored Ape Yacht Club creator’s metaverse NFT land sale

ApeCoin, the crypto tied to the popular Bored Ape Yacht Club NFT ecosystem, fell nearly 13% over the last 24 hours. Recently, Yuga Labs (the company behind the Bored Ape NFTs) made $350 million by selling “Otherdeeds” Ethereum-based, virtual land deed NFTs for its highly-anticipated metaverse project, “Otherside”. However, Ethereum became congested with transactions, and the blockchain was unusable for hours. A record amount of Ether was also permanently destroyed.

Crypto.com restarts staking rewards

Crypto.com CEO Kris Marszalek said the firm would continue to offer staking rewards to its card users a day eliminating the reward program. The decision had led to a backlash among community members on social media sites like Reddit and Twitter. However, the company backtracked on its decision to fully end staking rewards, where card users locked up CRO for 180 days to earn yields.

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Wikipedia to Stop Accepting Crypto Donations – Top Crypto News

Wikipedia to stop accepting crypto donations

Wikimedia Foundation announced that it will no longer accept crypto donations on environmental grounds. The decision was made based on a community request, which came out of a three-month-long discussion that wrapped up in April. A total of 232 users, accounting for 71.17% of the total vote, voted in support of the proposal. Wikimedia is the company behind the free web-based encyclopedia Wikipedia.

Crypto prices today: Bitcoin down 1.5%, ETH falls 1.7%

Bitcoin is currently trading at $38,992.7 a 2.7% increase over the previous day. Ethereum is up 3% over the last 24 hours to $2,858.92. Solana rose 1.51% to $90.29, while Cardano is trading higher by 3% at $0.792. Terra (LUNA) rose 3.5% to $83. The global crypto market cap stands at $1.75 trillion, a 2.49% increase over the previous day.

Bored Ape NFT company raises $285 million of crypto in virtual land sale

US-based Yuga Labs has raised ~$285 million worth of crypto by selling tokens that represent land in a virtual world game it says it is building. Last year, the company created the Bored Ape Yacht Club NFTs. They are blockchain-based tokens representing a set of 10,000 computer-generated cartoon apes. Yuga Labs has now set its sights on the Metaverse.

Solana crash blamed on bots swarming Candy Machine

Solana went dark for nearly 7 hours on Saturday after bots appear to have swarmed Candy Machine, an NFT minting tool. The bots reportedly submitted more than 4 million transactions a second, generating more than 100 gigabits per second (Gbps) of traffic that crashed the network.

India includes crypto businesses in new rules for cyber security

The Computer Emergency Response Team (CERT) has been named India’s national agency for cyber security, including the crypto industry. The agency has the authority over suspicious or illicit activities in the crypto sector. The move requires crypto businesses to keep know-your-customer (KYC) information and records of financial transactions for five years. This will ensure cyber security in the area of payments and financial markets for citizens.

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Panama Passes Law to Regulate Bitcoin – Top Crypto News

Panama passes law to regulate Bitcoin

 Panama’s legislature approved a bill to regulate the use of cryptocurrencies in the country. The crypto law states that it “regulates the trading and use of crypto-assets, the issuance of digital value, tokenization of precious metals and other assets, payment systems and other provisions.” The country’s citizens will be able to buy everyday goods with crypto.

Crypto prices today: Bitcoin down 1.5%, ETH falls 1.7%

Bitcoin is currently trading at $39,170.7 a 1.5% decline over the previous day. Ethereum is down 1.7% over the last 24 hours to $2,884.63. Solana fell 3.82% to $96.52, while Cardano is trading lower by 3.2% at $0.822. Terra (LUNA) fell 6.10% to $86.11. The global crypto market cap stands at $1.79 trillion, a 1.65% decline over the previous day.

Telegram users can now send crypto via the messaging app

The Open Network (TON), a decentralized blockchain initially designed by Telegram, is adding a bot that lets more than 550 million users send crypto to other users via chat. The initial rollout of the “wallet” bot will allow users to send and receive Toncoins, which the developers claim will come with no transaction fees.

Goldman Sachs makes its first Bitcoin-backed loan

Goldman Sachs has offered its first Bitcoin-backed loan. It has a secured lending facility that allows a borrower to use Bitcoin (BTC) as collateral for a cash loan. Goldman’s dedicated digital assets team traded its first over-the-counter Bitcoin options to Galaxy Digital last month.