Crypto Financial News

A lot has been written about the cryptocurrency industry and the current drop in coin prices. Even as the market struggles to break out of its current bearish trend, crypto experts recognise that several assets still offer opportunities to profit.

Although crypto assets are consolidating this week, the crypto space has had a very long month - coin prices have been finicky, with September beginning on a shaky note. 

The ongoing bear market in the cryptocurrency market that started earlier this year has led to many companies suffering immense losses. One of the recent firms to announce losses because of the bear market is Algorand, which has reported a loss of $35 million following the Hodlnaut debacle.

MicroStrategy is one of the largest institutional investors in Bitcoin. The chairman of the software developer company, Michael Saylor, is a Bitcoin maximalist and has vowed not to sell the company’s Bitcoin holdings despite the notable decline in Bitcoin prices. Bitcoin has lost around two-thirds of its value since reaching an all-time high in November last year.

crypto token ether, will soon undergo a major software upgrade that promises to slash the amount of energy needed to create new coins and carry out transactions. Here's what you need to know about the «Merge» as the shift is known.SO WHAT IS THE MERGE? The Ethereum blockchain is due to merge with a separate blockchain, radically changing the way it processes transactions and how new ether tokens are created.

London-based crypto firm Blockchain.com said it had won a provisional approval to operate in Dubai, becoming the latest in a series of digital asset companies expanding in the Gulf as the region looks to become a hub for blockchain technology.

The non-fungible token (NFT) market has reported tremendous growth during the past year. Multiple NFT competition platforms have also sprouted during this time, with one of them being Lucky Block. Lucky Block is one of the largest NFT competition platforms powered by the LBLOCK token.

Terra Classic has been on a massive rebound in recent weeks. LUNC, the native token for the original Terra Luna blockchain, recorded a massive plunge in May after the depegging of the TerraUSD (UST) stablecoin and the resulting collapse of the Terra blockchain. Now, LUNC looks prime to make a comeback.

The cryptocurrency market might be in a recession, as evidenced by Bitcoin’s failure to reclaim the $20K levels. The global cryptocurrency market cap is also struggling to maintain the $1 trillion level. However, the pullback is not affecting all tokens because some, like FLUX, registered triple-digit gains during the past month.

crypto tokens as traded in a narrow band around $20,000the entire week, the longest stretch that it has dipped under that level since the market was rocked by turmoil in July. Investors continue to debate the implications of rising borrowing rates for riskier assets after the Fed Chair's hawkish commentary. Bitcoin is down roughly 60% this year and some other tokens have lost even more. Other cryptocurrencies including Polkadot and Dogecoin also declined. However, Ether was surging in anticipation of a groundbreaking software upgrade to its blockchain. Here's a weekly roundup of all the noteworthy stories from the crypto space:1. Meta rolls out NFT feature on Instagram and Facebook Users of Instagram and Facebook can now display their NFTs on the platform, according to a recent announcement from Meta.

As crypto evangelists and investors adapt to Indian tax rules and operational protocols, and the virtual currency market stabilises, the focus has now shifted to the much-talked-about Web3 space. Experts say with India having a large number of retail crypto customers and Web3 developers, it’s in a unique position to play a key role. A quick 5G rollout and government support will boost India’s play, Partha Sinha reports… Two months after the crypto crash, the virtual currency market is showing signs of stability with the price of Bitcoin, the oldest and the most popular one, hovering around the $20,000-mark for weeks now. In India, crypto exchanges, facilitators, and investors are adapting to new tax rules and operational guidelines. With talks of an existential crypto crisis mitigating, tech entrepreneurs and developers who are in the Web3 space are once again becoming hopeful. According to industry leaders, India has played a key role in the Web2 space globally. While Web 2 are websites and applications that make use of user-generated content like Facebook and Wikipedia, Web3, at its core, uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership of digital assets. Thoughthese are early days, there are indications that Indians will once again play an important role in the development and growth of Web3, metaverse, and the blockchain space, say industry experts.ENTER YOUNG ENTREPRENEURS Did you Know?From tracking sustainability

Amidst the bear phase, crypto exchanges in India have been facing trouble from both investors and law enforcement agencies. In an interview with ETMarkets.com, BuyUcoin's CEO Shivam Thukral says that with the new tax regime, every penny in crypto space is under tax lens and regulations for the crypto space are the need of the hour. Edited excerpts:The crypto market has been struggling lately. Do you think that woes will last longer than expected amid expectations of rate hikes and fear of economic slowdown?During the dream bull run of 2021, crypto assets delivered stellar returns which were never seen in modern human history.

The largest token was trading at 19,999 at 22.30 IST Sunday. That's after a two-day drop of 7.6%, moving in tandem with US stocks on Friday after Fed Chair Jerome Powell's speech at the Jackson Hole conference. The wider crypto market retreated Sunday, with the MVIS CryptoCompare Digital Assets 100 Index dropping 1% in its fourth straight day of declines. «Money is flowing out of risky assets. Crypto followed the sharp adjustment of the US stock market,» after Powell's remarks, said Cici Lu, CEO at Venn Link Partners. «Markets didn't like what he had to say and Bitcoin is resuming as a high-beta asset.» The $20,000 level acted as support for Bitcoin when it hit lows in recent months, but the cryptocurrency had worked its way higher in recent weeks. Before Saturday, it hadn't been below $20,000 since July 14, and had even crossed above $25,000 earlier in August.

crypto prices dropped on an average of 12%. This sudden drop pushed the global crypto market to its lowest point in the month of August. For the first two weeks, the market rose for about 4-5%, which is not so great but still gave a sign of relief to investors, but this sudden drop could turn out to be fatal. By the end of the week, on Sunday, the market stabilized a little bit, but the losses over the weekend still stood up high and the day ended without getting bullish. Over the analysis of the International exchange books, the buy-side is thin. This phase of the market cannot turn around in just a few days with such conditions. As expected, Monday was also served by a weak market. During the day, about one-third of the coins in the Top 100 gained around 1-2% whereas, coins and tokens based on metaverse and attention on browser lost around 5% in their prices.

crypto investor base witnessed explosive growth over the last 2 years, with recent estimates suggesting over 20 million crypto investors in India. India’s decision in February 2022, to explicitly identify crypto and other virtual digital assets (VDA) for taxation led to initial panic in the industry.India was to start taxing gains on VDA investment activities at a flat 30 per cent rate from 1st April 2022.

Ethereum foundation said. The Merge will lead to the transition of Ethereum to an energy-efficient mechanism of proof-of-stake (PoS) from the current proof-of-work (PoW), which consumes more power for transactions. Edul Patel, CEO and co-founder, Mudrex, said that the 'Ethereum Merge' is the most awaited event in the crypto-verse lately. The dominance has been on the rise after the announcement of Merge, since last month and a half. The upgrade is expected to reduce Ethereum’s energy usage by over 99 per cent, taking ETH off the government's sight that is looking to sanction duties on crypto mining due to high energy consumption, he added.

crypto market in India, which attracted a big chunk of new and amateur investors in 2021, is suffering from a lack of trading volumes in 2022 due to a number of factors. The government implemented 30 per cent flat taxation in gains from the sale of crypto assets from April 1, 2022, and levied one per cent TDS on all crypto transactions since July 1, 2022. Market participants believe that despite a panic among the crypto investors, the froth has settled, and high tax rates are now sinking in among the traders. However, the unwillingness may not end anytime soon. Punit Agarwal, Founder and CEO, KoinX, said that the taxation framework was not something that a crypto investor in India was expecting. For the trader that works on small percentage margins, the TDS has been reducing the volume of the funds.

NFTs) owners have zero intellectual property ownership of their content, and only one NFT collection in the top 25 platforms by market capitalisation has attempted to confer intellectual property rights to the purchasers of digital arts, says a report. Most NFT operators «appear to have misled NFT purchasers» about the extent of their rights.

crypto exchange Coinstore.com has launched a futures credit feature which enables its users to increase their crypto holdings without using their funds. Investors who prefer to buy and hold digital assets for an extended period can leverage the future credit feature to further capitalise on market movements. Futures are commonly associated with commodity trading, however, it is also available for multiple forms of assets including the new age crypto tokens. The futures credit is a digital fund that loans rewards to Coinstore users to help users to understand its perpetual futures trading. The futures credit feature enables each eligible registered user to benefit from participating.

Blockchain Ecosystem have formed India Blockchain Forum. The organisation was launched on Sunday in Hyderabad, Telangana. It was launched by Jayesh Ranjan, Principal Secretary, Industry & Commerce and Information Technology, Government of Telangana. India Blockchain Forum has been started with a vision to make India a global hub for Blockchain and Web3.0. It shall create community chapters across the country to increase awareness and access to global best practices. India Blockchain Forum envisages a collaboration model with governments, Regulators, Industry and academia to help build a holistic framework for the right adoption of blockchain and web3.0.

crypto industry too unfortunately has had long-standing gender inequities. The number of women in crypto, whether that be for investing or as founders, has always lagged behind men. One of the main pillars of crypto has always been a decentralized and democratized financial system. But the male-dominated crypto industry has never really been seen as a space for women and has always been contrary to its founding principles. Thankfully, this is changing. Recent data from exchanges and other crypto companies in India provides a glimmer of hope. It is reported around 20 per cent of crypto investors in India are women, but the numbers still show a significant gender gap. However, the interesting fact in all of these reports is that in terms of new investors, women seem to be giving men a run for their money and most platforms have seen a phenomenal increase in the number of women registering and investing on these platforms.