Crypto Financial News

The reserves statement on Tether's website comes a day after it said it had switched to accountancy firm BDO Italia to certify its reserves and that it would aim to release monthly reports by the end of the year. Stablecoins are a type of cryptocurrency designed to keep constant value, such as a 1:1 U.S. dollar peg. They are widely used in cryptocurrency trading to move funds between different cryptocurrencies or into regular cash. Financial regulators worldwide have warned that stablecoins could pose a risk to wider financial stability, with Britain among major economies looking to regulate the sector.

crypto market, Dogecoin (DOGE) has seen a sharp rally. The largest meme coin has been on a roll, thanks to the buzz over recently launched blockchain named Dogechain. After the rollout of the new blockchain, Dogecoin might not remain a joke. The numero uno meme coin could gain a lot more utility with the launch of Dogechain, the experts believe. Dogecoin is technologically becoming competitive with Ethereum due to the launch of Dogechain, said Sathvik Vishwanath, Co-Founder and CEO, Unocoin. The blockchain use cases such as DeFi (decentralised finance) and NFTs (non-fungible tokens) can be built on this.

Bitcoin briefly surpassed $25,000 for the first time since mid-June, as momentum continued from a cooler-than-expected US inflation data and progress toward Ethereum’s big upgrade. The largest cryptocurrency rose as much as 2.2% on Sunday to $25,031, its highest level since June 13. It was trading around $24,750 as of 6 a.m. New York time, rising a fifth straight day in a streak fueled by US consumer-price index data that came in below expectations. Ether gained as much as 2% to $2,030.50, having surpassed $2,000 on Saturday for the first time since May 31 amid optimism about completion of its blockchain’s much-anticipated software upgrade known as the Merge. “The next CPI print will be released a mere two days before the Merge, at which point we expect a lot of pre-event momentum to be baked into the market,” said Fundstrat digital-asset strategist Sean Farrell, in a note Friday. “Long and medium-term investors should look to use any dips as buying opportunities.”Crypto struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation, with the prices of Bitcoin, Ether and other tokens falling by more than 50%. With US inflation data coming in below expectations in the past week, potentially paving the way for less-aggressive tightening action from the Fed, risk assets like the Nasdaq 100 Index have advanced — helping foster gains in crypto, which has been strongly correlated with that stocks gauge for months.

crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. «Caution is the word that should be in the minds of the people dealing with crypto. In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction,» the source said. The Enforcement Directorate (ED) has been investigating allegations of money laundering against WazirX. The agency has frozen Rs 64.67 crore worth bank deposits as part of an ongoing money laundering probe against some fraud smartphone-based loan apps «backed» by Chinese funds.

Cryptocurrency derivatives trading on centralised exchanges rose to $3.12 trillion in July, a 13% monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash. The derivatives market now makes up 69% of total crypto volumes, up from 66% in June, and helped push overall crypto volumes on exchanges to $4.51 trillion in July, CryptoCompare said. Derivatives exchanges traded as much as $245 billion on July 29, 9.7% more than June's top daily high of $223 billion. But spot cryptocurrency trading edged lower to $1.39 trillion in July, a 1.3% monthly decline and the lowest since December 2020, CryptoCompare said.

In another instance of never ending trouble for crypto lending platform Vauld, the Enforcement Directorate (ED) on Friday said that it is freezing bank balances, payment gateway balances and crypto balances of worth Rs 370 crore for allegedly assisting predatory lending apps under ED’s investigation at present.

Cryptocurrency derivatives trading on centralised exchanges rose to $3.12 trillion in July, a 13% monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash.

Hours after an unexpected twist, where Binance’s CEO Changpeng Zhao or ‘CZ’ denied owning any equity in Indian cryptocurrency trading platform WazirX and even the completion of its 2019 acquisition, a series of tweets were exchanged between him and the crypto bourse founder Nischal Shetty on Saturday.

crypto exchange, CoinDCX has announced to host 'UNFOLD 2022' to bring developers, investors, Web3 startups and regulators from August 26-28, 2022, in Bangalore. The aforesaid event is aimed to showcase and discuss how India can leverage its Web3.0 talent and knowledge to be a global leader. UNFOLD 2022 will provide a platform for industry stalwarts to discuss the trends of Web 3.0.

The origins of cryptocurrency lie in a 14-year-old document written by a person whose identity has not been established. A white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” describes how an alternative electronic cash system can allow payments to be sent directly from one party to another, without involving trusted parties like a financial institution.

EU securities watchdog to arm itself with crypto data

crypto market as major digital tokens reported their best performance in the last month. For the month of July, Bitcoin rose about 25 per cent hitting the $24,000 mark, whereas Ethereum rallied close to 55 per cent, changing hands around $1,700. Other top tokens including Cardano, Solana, Polkadot, Polygone, Dogecoin and Shiba Inu made a quick recovery to lift the total market capitalization of the crypto market over the $1 trillion mark.

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crypto assets to say the least. A series of unfortunate events have seen the industry take one hit after another, throwing away projections that industry experts had made when the year began on the back of Bitcoin reaching an all-time high last November. Even though it seems difficult to predict what might happen hereon, we’ve listed a few predictions about how the rest of 2022 might look like for both — crypto investors and enthusiasts.

Kraken is under federal investigation for potential violation of U.S. sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens, the New York Times reported, citing five people with knowledge of the matter. The U.S. Treasury Department's Office of Foreign Assets Control has been investigating Kraken since 2019 and is expected to impose a fine, according to the report. Kraken said it does not comment on specific discussions with regulators.

Speaking on the legality of such offerings, Vishwanath said, “Right now the industry itself is unregulated as far as SEBI or RBI equivalent governing bodies are concerned. We don’t have any such regulations, we don’t even fall under SEBI yet.

crypto market was back in the green on Friday, with the largest token — Bitcoin — reclaiming the $23,000 levels. Going ahead, it is the US Fed action that will decide the path for this new-age asset class. The Fed is scheduled to meet next week, with the market expecting a 75 basis point rate hike. All the top crypto tokens were trading higher during early hours on Friday. Polygon zoomed 12 per cent, whereas Avalanche and Solana gained 8 per cent. Ethereum and BNB added 5 per cent each.

Tesla Inc has trimmed its Bitcoin stake by one fourth, the renowned electric car manufacturer disclosed in its earnings for the quarter ended June 2022. In a shocker to the crypto world, Elon Musk's company revealed that it has converted about 75 per cent of its Bitcoin holding into fiat currency, which added about $963 million to its balance sheet. However, the automobile major in February 2021, had announced that it had invested about $1.5 billion in Bitcoin but subsequently sold 10 per cent of its stake in April, just two month later.

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Yes World token rose 4,900 per cent in just 24 hours of initial trade. The token was listed on Monday, July 18 on Coinsbit crypto exchange. On its first day of trading, Yes Work token became the biggest gainer among the cryptos on exchange, registering volumes more than $11.7 million. The total market capitalisation of the token hit the $250 million mark in the first 24 hours ending Tuesday. The project developers claim that it is the highest volume on debut day recorded for a newly-listed crypto token or coin on any exchange.