Celsius sacks 150 employees as crypto meltdown deepens
Business | July 04, 2022 15:45 ISTLast month, Celsius paused all withdrawals, Swap, and transfers between accounts citing 'extreme market conditions'.
Last month, Celsius paused all withdrawals, Swap, and transfers between accounts citing 'extreme market conditions'.
The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.
KuCoin said that the new awareness programme #ThinkBeforeYouInvest has been launched keeping in mind the needs of the new crypto investors.
CoinDCX said it is backed by global investors and assured investors that their funds are completely safe.
On Monday, just a day after Musk's tweets, the cryptocurrency zoomed 9 per cent. For the past few months, the digital currency had lost over 80 per cent of its value from the all-time high that it reached in May 2021.
The latest crypto crash is happening as investors are afraid of global macroeconomic conditions and the US Federal Reserve is trying to curb rising inflation.
Bitcoin (BTC) Price Prediction: Bitcoin, the world's largest cryptocurrency by market cap, has slipped to $20,000.
Crypto market cap: The meltdown in the cryptocurrency market has erased tens of billions of dollars. The prices of Bitcoin and other crypto-assets have declined by 20 to 40% in the past seven days.
Crypto Crash News Update: The global cryptocurrency market cap slipped to $1.04 trillion from $3 trillion around six months ago, according to data on CoinMarketCap on Monday morning.
Cryptos and other virtual digital assets are unregulated in India and are considered extremely risky.
Economic Affairs Secretary Ajay Seth said inputs from various stakeholders and institutions, including the World Bank and the IMF, have been incorporated in the consultation paper on cryptocurrencies.
Discussing the impacts of cryptocurrency, the RBI officials said it will have a negative impact on the banking system as these being attractive assets people may invest their hard-earned savings in these currencies which may result in banks having lesser resources to lend.
The slide in the value of digital assets comes as stock markets around the world also dropped in recent days. On Monday, some Asian markets headed lower again with Japan's benchmark Nikkei index down by around 2 percent.
The Finance Bill was approved by the Lower House after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and rejecting the amendments proposed by the opposition by voice vote.
The 2022-23 Budget has brought in clarity concerning the levy of income tax on crypto assets. From April 1, a 30 per cent I-T plus cess and surcharges will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
"RBI does not issue a cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called Central Bank Digital Currency (CBDC)," said Minister of State for Finance Pankaj Chaudhary.
In August 2020, Boyd and Mehtani traveled to Longview, Texas, where they attempted to exchange more than USD 4,50,000 for Bitcoin. They were temporarily detained and the money was seized.
In its Wealth Report, Knight Frank stated that 18 percent of global UHNWIs now own cryptocurrencies or tokens, and 11 percent have invested in NFTs (non-fungible tokens).
Notably, the The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court.
Pro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.
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