Celsius Network Ltd. paused withdrawals, swaps and transfers after weeks of speculation over the sustainability of the outsized returns being offered by the DeFi lending platform, fueling a broad cryptocurrency selloff. Crypto markets tumbled after the Celsius announcement, with Bitcoin dropping as much as 14% to the lowest level since December 2020 and other major…
Bitcoin and Ether fell on Sunday amid a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a fresh 40-year high. Ether declined as much as 5% to $1,445.56, its lowest level since March 2021, while Bitcoin dropped to as low as $27,264.65, its lowest since May 12. Virtually…
Days after pulling up restaurants and ride-hailing apps, the consumer affairs ministry is now planning to set up a panel to develop frequently-asked questions (FAQs) on cryptocurrencies. Besides, amid complaints of edtech companies exerting undue pressure on school children, the ministry will also hold a meeting with companies like Byju’s and Unacademy. “The current position…
Cryptocurrencies appear to be “regulatory arbitrage” and not true financial innovation, said Chief Economic Adviser V Anantha Nageswaran on Thursday, reiterating doubts expressed by other authorities about the digital assets. “I would reserve judgment on whether it is truly innovative or truly disruptive in a positive sense. Or is it something we will come to…
After taxing income from virtual digital assets, the government is looking to soon bring clarity on the applicability of the goods and services tax (GST) on cryptocurrency assets.
In 2018, Sweden’s central bank released a paper, “If Crisis or War Comes”, encouraging citizens to hold physical cash to handle contingencies like war with Russia, or catastrophic weather. Since Sweden is the world’s most cashless nation, the advocacy was a surprise but the Riksbank was pointing out situations digital cash cannot handle.
Edge, a San Diego-based self-custody exchange, on Wednesday launched Edge Mastercard, that enables crypto holders to spend with digital currencies such as Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash from its application. Edge Mastercard users sell their Bitcoin to the card when adding funds in the app, while merchants receive funds in USD. Edge is…
As the crypto winter creeps into June, the first signs of a thaw are emerging. Some investors are now betting that Bitcoin is bottoming out, judging by the money heading into listed cryptocurrency funds, which represent just a slice of the market yet are popular among institutional and retail players alike. Overall flows into such…
Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate. Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the…
In September 2020, a North Korean hacking group known as Lazarus broke into a small Slovakian crypto exchange and stole virtual currency worth some $5.4 million. It was one of a string of cyber heists by Lazarus that Washington said were aimed at funding North Korea’s nuclear weapons program. Several hours later, the hackers opened…
