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According to Economic Affairs Secretary Ajay Seth, the government is taking inputs from various stakeholders, including the World Bank and International Monetary Fund (IMF). The government bureaucrat said that the consultation paper is almost ready and the government has gone deep into it. Seth remained tight-lipped over the timeline, but the sources suggest that it can be tabled in August this year.

To keep the spirits of traders, HODLers, and investors up, leading crypto exchange CoinSwitch regularly lists utility-focussed tokens. Here’s a list of five crypto assets to keep you going too. The list has been created keeping the future potential, existing growth cycles, and the impact on real-world industries in mind.

It was only a matter of time before the two hypebeast markets collided. In April, Nike released its first collection of virtual sneakers, called Cryptokicks, which comprised 20,000 NFTs, including one designed by artist Takashi Murakami that was bought by someone named AliSajwani for $134,000.

However, it will be too early to conclude if the downtrend in the digital token market is over. Barring Tron, a decentralized blockchain, all crypto tokens were trading sharply higher on Tuesday. Cardano zoomed more than 14 per cent, whereas Ethereum rose 6 per cent. Bitcoin, Avalanche and XRP gained 5 per cent each.

cryptocurrency soon, though a law on the digital assets is likely to take more time, secretary of economic affairs Ajay Seth has said. On the sidelines of a finance ministry event, the secretary also said there is no case for revising growth estimates downwards. He said inflation should moderate soon and that the government is well-prepared for any shock. Speaking about cryptocurrency, Seth on Monday told reporters, «Our consultation paper is fairly ready. We have gone into a deep dive into this.» He did not mention when it is likely to be put out. Sources, though, told ET that it can be expected in August.

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In 2021, users sent at least $44.2 billion worth of cryptocurrency to ERC-721 and ERC-1155 contracts, the two types of Ethereum smart contracts associated with NFTs, which are bought and sold on specialized marketplaces. According to the data from a Chainalysis report, the value and average transaction size increased in 2021, suggesting that NFTs as an asset category are gaining value as they attract new users.

Terra were bruised badly as the newly issued Luna token promptly plunged. The Luna 2.0 tokens issued over the weekend saw a knee-jerk reaction. According to Coinmarketcap data, the tokens were issued at $17.8 and eventually zoomed to $19.53 on May 28. However, in less than 48 hours, it nosedived over 70 per cent to Rs $5.45 on Monday. A key element of Terra's revival plan was to deliver new Luna tokens to holders of the project's now vastly depreciated UST stablecoins as well as to holders of the older, existing Luna tokens.

Barring the stablecoin USD Coin, all crypto tokens were trading sharply higher on Monday. Avalanche zoomed more than 13 per cent, whereas Cardano and Shina Inu posted double-digit gains. Polkadot and Solana advanced 9 per cent each. The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, jumping more than 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 8 per cent to $55.27 billion.

crypto exchange FTX is prepared to spend billions of dollars to buy stakes in other companies as it looks to grow the suite of products it offers customers, according to the firm’s chief executive officer. Billionaire Sam Bankman-Fried, who’s also the firm’s co-founder, said on Friday that recent rounds of fundraising by FTX and its US entity — totaling more than $2 billion — could be used to bankroll the moves. “FTX is a profitable company,” he said in an interview. “You can look at the amount that we’ve raised over the last year or two — it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.”

revamp to help thaw out the market’s more than two-months-long crypto winter.The DeFi sector, where investors earn yields by trading and staking cryptocurrencies without centralized intermediaries, has declined sharply following the collapse of the TerraUSD stablecoin, and as soaring inflation puts the Federal Reserve on a path of monetary tightening. The Ethereum “Merge,” one of the most significant technical upgrades to the blockchain since its inception in 2015, may be one of the few catalysts that could give DeFi a much-needed lift. Despite multiple delays, core developers have made major progress and Ethereum co-founder Vitalik Buterin has said the upgrade is set to take place in August. The Merge will shift the Ethereum blockchain from a proof-of-work consensus mechanism, where miners use powerful computers to order and validate transactions for users, to proof-of-stake. The new mechanism replaces miners with Ether holders performing the same tasks. The Merge will be the most important event in the crypto space this year by far, said Vance Spencer, co-founder of venture capital firm Framework Ventures. “If you think about how crypto markets usually move, the biggest event is usually Bitcoin halving, cutting supply of Bitcoin in half,” he said. “Here, we have the supply of Ethereum getting cut by 90% in one moment.”

Paul had a message for his 6 million Twitter followers: He was «all in» on a new cryptocurrency called Dink Doink. According to the project's creator, Dink Doink investors would receive shares of a cartoon character, entitling them to a portion of the proceeds if the googly-eyed figure ever appeared in a TV show or movie. Last June, Paul, a 27-year-old boxer and social-media influencer, praised Dink Doink on Twitter and in a public Telegram chat, before endorsing it again on his podcast, «Impaulsive.» But by mid-July, the price of Dink Doink had plummeted to a fraction of a cent, and Paul was facing an online backlash. In his endorsements, he had failed to mention some relevant information: He and the project's creator were friends, and they had come up with the idea for the cryptocurrency together. He had also received a large allocation of Dink Doink coins when it launched.

Bitcoin is regaining its dominance of the cryptocurrency universe. It now accounts for 44% of total crypto market value, the most since October, just before the latest bull market peaked, based on data from CoinGecko. Bitcoin’s renewed hegemony is a reflection of how the collapse of the TerraUSD stablecoin earlier this month has ravaged smaller tokens like Avalanche and Solana.

Terra debacle, Terraform Labs is all set to launch Terra 2.0, the so-called revival of the blockchain. The previous token has been renamed as Terra Classic (LUNA). Terra's ecosystem has imploded as terraUSD (UST) algorithmic stablecoin was dragged from $1 earlier this month. This had also jittered the sentiments for other stablecoins as well, with some still struggling to get re-pegged. UST is now renamed TerraUSD Class, with a price of merely three centas as its value nosedived more than 50 per cent in the last 24 hours. Terra Classic (LUNA) dropped close to another 20 per cent, with a sharp fall in volumes.

Bitcoin might be registering tepid moves as of late but that doesn't mean investors have become less anxious about the largest cryptocurrency's prospect for further declines. The put-to-call ratio on the coin hit a 12-month high at 0.72, meaning that many traders are loading up on hedges in the event it embarks on another leg lower and its losses deepen. The ratio hit a high of 0.96 April last year before prices plunged roughly 50% the following month, according to option Skew data compiled by Babel Finance. It «signals cynicism in the markets with rising bearish sentiment,» said Josh Olszewicz, head of research at Valkyrie Investments. «Given the macro situation globally, and the near uniform risk-off trade currently dominating most asset classes, traders have followed suit with their Bitcoin strategies.»

Ethereum continued to remain under pressure on Friday, with the second-largest crypto asset registering double-digit cuts in the last 24 hours. While Ethereum saw some recovery and trimmed the losses, it continued to trade lower along with other altcoins. At 14.40 hours IST on Friday, Ethereum was down about 4 per cent at near the $1,750 mark. According to the data from Coinmarketcap, the total market capitalization of the second largest cryptocurrency dropped to $213.65 billion.

sleepy corner of the crypto-economy, the value of an obscure coin called Enzyme was tumbling downwards along with its peers earlier this month — but then something unusual happened on May 15. Enzyme, also known as MLN, rocketed from 30 cents to 47 cents in just minutes and daily trading volumes exploded from around $3 million to more than $100 million, according to CoinGecko. A few hours later, it crashed back down to 35 cents.

Bitcoin was trading marginally lower on Friday, outperforming other ailing crypto tokens following the Terra debacle. Despite the recovery in the equity markets, altcoins fell sharply. Bitcoin was trading marginally lower after breaching the $28,000 mark. At 14.15 hours ITS on Friday, the largest digital token was trading with small cuts of less than a per cent at $29,010.57. According to the data from Coinmarketcap, the total market capitalization of the largest cryptocurrency dropped to $552.48 billion.

Bitcoin, which is considered the least risky of digital assets, held some ground, amid ongoing concerns about high inflation and economic downturn. Bitcoin's market cap has recently spiked relative to other cryptocurrencies. Barring the stablecoin USD Coin, all crypto tokens were trading sharply lower on Friday. Avalanche tumbled 15 per cent, whereas Solana plunged 11 per cent. Ethereum, Shiba Inu and Cardano dropped 9 per cent each.

Cryptocurrencies are the exact opposite of a prudent investment: They’re volatile, have little practical use beyond speculation and crime, often get lost or stolen, and lack the real-world cash flows that underpin the values of stocks and bonds. It should thus go without saying that they have no place in a retirement savings plan. Unfortunately, it appears to require saying. Increasingly, financial institutions are seeking to get crypto into the employer-sponsored 401(k) plans where workers set aside pre-tax earnings for retirement — and which, as of December, contained about $11 trillion in assets. Last year, the plan provider ForUsAll announced a partnership with Coinbase that would allow employees to put as much as 5% of their accounts into cryptocurrencies via a so-called brokerage window.

altcoins such as Ether, Solana and Avalanche take a beating. Traders are partially stumped, but for Ethereum, the signs of a lack of demand have been building for quite some time. The impact of the collapse of Terra, a blockchain ecosystem that supported one of the biggest experiments in decentralized finance, knocked an already bearish market into wild contagion this month. While Terra’s operators had passed a revival plan to start afresh on a totally new blockchain on Wednesday, investors in the rest of DeFi were less than convinced. A glitch in the process to make the Ethereum network less energy intensive added to the concern. “Bearish sentiment remains the theme for cryptos,” said Edward Moya, senior market analyst at Oanda. He noted that Ethereum’s growing list of competitors could make the fallout from unexpected hitches to its update, known as the Merge, particularly intense.