The market capitalisation (m-cap) of cryptocurrencies topped the $1-trillion mark on Wednesday, capping a weeklong bull run as in India experts cautioned about the future of the digital assets. cryptocurrencies, the largest cryptocurrency by m-cap, was nearing $23,500 after rising nearly 20 per cent in the last seven days, according to coinmarketcap.com. Ethereum, the second…
Finance Minister Nirmala Sitharaman on Monday said the RBI has expressed concerns over cryptocurrencies saying that they should be prohibited as they can have destabilising effect on the monetary and fiscal stability. “In view of the concerns expressed by the RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a…
Monday saw a bull run in the cryptocurrency market. The market cap touched $1 trillion after a month of muted performance. As of 3:30 PM, the crypto market cap was at $1.02 trillion, up 4.73 per cent from the previous close, according to coinmarketcap. The largest cryptocurrency by market cap, Bitcoin regained $22,000 levels and…
Rupee settles at 79.98 against US dollar; briefly touches 80/USD mark The rupee slid to the psychologically low level of 80 in intra day trade before settling down by 15 paise at 79.97 (provisional) against the US currency on Monday due to a surge in crude oil prices and unrelenting foreign fund outflows. At the…
India’s only lobby for blockchain and crypto exchanges will be dismantled, said a media report on Friday quoting a source in a group representing the wider mobile technology sector. The Blockchain and Crypto Assets Council (BACC) speaks for an industry already sell-off pressure. Bitcoin, the largest cryptocurrency by market cap, was trading at $20,798.02 on…
Cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of individual investors to steep losses. Celsius, which has more than 100,000 creditors, said it took the step to stabilise its business and…
Finance minister Nirmala Sitharaman on Thursday called on the G-20 nations to examine the feasibility of bringing non-financial assets such as crypto and immovable properties under the purview of automatic exchange of information among countries. The move is meant to enhance tax transparency. “Our investigations have shown that numerous layers of entities are often set…
US crypto lender Celsius Network said on Wednesday it had filed for bankruptcy in New York, becoming the latest victim in the cryptocurrency sector of a dramatic plunge in token prices. New Jersey-based Celsius froze withdrawals last month, citing “extreme” market conditions, cutting off access to savings for individual investors and sending tremors through the…
5G spectrum auction may fetch over Rs 1 trillion, say analysts The country’s two leading telecom operators, Reliance Jio and Bharti Airtel, are expected to spend between Rs 62,000-Rs 80,000 crore collectively in the upcoming auction to buy predominantly 5G spectrum in the 3.5 GHz and millimetre bands, depending on the formula for bidding that…
India’s top cryptocurrency (crypto) exchanges have facilitated transactions from other countries, including the US, Brazil, and Germany, on their platform without complying with know-your-customer (KYC) regulations and anti-money laundering (AML) norms as prescribed under the foreign exchange (forex) rules, reveals the Enforcement Directorate’s (ED’s) latest probe findings.
