Crypto Financial News

Cryptocurrency exchange KuCoin raised $10 million in a strategic investment from Susquehanna International Group (SIG), one of the largest quantitative trading firms. Both the firms have partnered to incubate blockchain startups and build KuCoin Tokens and KuCoin Community Chain ecosystem.

Nirmala Sitharaman's written response in Parliament again brought the 'spotlight' to crypto assets or virtual currencies (VCs) as she called for 'global collaborations' to prohibit these assets. However, the industry, as always, is reading too much between the lines, taking out the positive for the industry with some silver lining for the stakeholders. "Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards," FM's reply said.

The token's market cap slumped to the $4.4 million mark, as per the data from coinmarketcap, with volumes at more than $8 million, about 1.8 times the entire m-cap. The total and maximum supply of Gari tokens is capped at 1 billion, with its total existing self-reported supply is about 45.8 million tokens, according to the data.

Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Blockchain firm executes Russia's first digital asset deal with palladium

Crypto lender Celsius Network reveals $1.19 billion hole in bankruptcy filing

Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing on Thursday, a day after the cryptocurrency lender filed for Chapter 11. 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 crypto market. In the filing at the U.S. Bankruptcy Court for Southern District of New York on Thursday, Celsius also said it had $40 million in claims against Singapore-based Three Arrows Capital, a crypto hedge fund that filed for bankruptcy earlier this month.

Crypto Assets Council (BACC) on Thursday. IAMAI had created BACC four years earlier. The association, in its official statement, said it was forced to make the decision as the regulatory environment for the industry is still very uncertain. IAMAI claimed that the association has limited resources and it would like to utilise them for other emerging digital sectors, which make a more immediate and direct contribution to digital India.

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crypto trading platform Bitbns has announced Zero TDS on its SIP investments in cryptos. The initiative aims to remove the taxation burden from the investors, encouraging them to undertake systematic investment plans (SIP) to leverage the benefits of rupee cost averaging to counter volatility. Investors availing of SIP for a minimum period of 12 months can invest without worrying about paying the TDS. While there is no minimum tenure for redemption, Bitbns will bear the TDS for SIP investments redeemed after 12 months.

The shrimps of the crypto world have joined the whales in a glorious last stand to banish the bleak bitcoin winter. These two contrasting groups are both HODLers — investors in bitcoin as a long-term proposition who refuse to sell their holdings and they are determined to drive back the bears, despite their portfolios being deep in the red.

Crypto tokens were mixed in the early hours of Tuesday, with Bitcoin slipping below the $20,000 mark. Meanwhile, the fear of further selloff in the crypto cart lingered. Crypto traders are still looking ahead to Wednesday's release of June’s Consumer Price Index, the measure of US inflation, for clues on how aggressive the Federal Reserve will need to be to slow the pace of consumer price rises. Barring Shiba and Unus Sed Leo, all other crypto tokens were trading marginally lower on Tuesday. However, the losses were capped in all tokens.

In an attempt to help users circumvent TDS (Tax Deducted at Source) costs and invest long-term, Crypto exchange Bitbns on July 12 launched the Zero TDS mechanism on its SIP investments in cryptocurrency.

Pocket Network, a web3 infrastructure project, announced a community initiative named 'TriForce' to support growth and strengthen blockchain community ties. It allows community members to launch, maintain and grow blockchain traffic for their respective ecosystems while empowering them to be a part of Pocket Network’s growth trajectory. Developed together by Pocket Network Inc, Pocket Network Foundation, and Pocket DAO, the TriForce program is open to community members of all blockchains that Pocket currently supports or will add support for soon.

crypto holdings by showing them as capital gains or business income and paying the appropriate tax. Hence, with the introduction of new income tax rules on cryptocurrency, it was apparent that there would be some discomfort in the crypto industry. The new tax rules require crypto investors to pay tax at 30% (the highest tax bracket) on profits from the sale of crypto and NFTs. Unlike in other asset classes, retail investors will not be able to set off losses incurred against crypto coins, claim expenses or deductions, or benefit from a reduced slab for long-term capital gains. To trace crypto transactions, the government has imposed 1% TDS on every crypto transfer. This has come into effect from 1st July 2022. The new TDS provision would significantly impact intraday trader's capital. The funds will be locked up to a year until the income tax returns are filed for refunds.

Vauld, a crypto lending platform, has halted its operations. Due to this investors are not able to make deposits, withdraw or trade. However, this is not the endgame for the company, as of now. “This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,” said chief executive officer (CEO) Darshan Bathija in a statement on the company’s website. There are a number of questions among investors, like: What went wrong with Vauld? What can investors do now? Is it the end of the road for investors? Let us try to find the answers for all the questions.

crypto market was back in the red during the early trading hours on Wednesday. Bitcoin again breached the $20,000 threshold, denting the sentiments for other crypto assets. The flow of bad crypto news was slower than it has been most days over the past six weeks. However, the gloom and fear in the crypto industry still persist. Barring the Unus Sed Leo, which was up by 3 per cent down, all other crypto tokens were lower on Wednesday. Shiba Inu, Dogecoin and Polkadot plunged 4 per cent each, whereas Cardano shed 3 per cent.

Deutsche Bank have forecasted a strong upside in the Bitcoin by the end of the current calendar. The International lender has a target of $28,000 for Bitcoin, signaling an upside of 40 per cent the largest crypto token. Bitcoin saw the April-June 2022 period as the worst quarter in the last one decade, thanks to deteriorating macroeconomic conditions across the globe. The report from Deutsche Bank provides an interesting perspective on the medium-term outlook for Bitcoin and suggests that cryptocurrency markets have mirrored movements of the Nasdaq 100 and S&P 500 since late 2021.

Crypto hedge fund Three Arrows Capital has filed for Chapter 15 bankruptcy, a move that protects its US assets while a liquidation is carried out in the British Virgin Islands. Representatives for Three Arrows filed the bankruptcy petition in New York on Friday, court papers show. Chapter 15 bankruptcy filings stop creditors from seizing a company’s assets in the US. A British Virgin Islands court ordered the liquidation of Three Arrows Capital earlier this week. The fund, founded by former Credit Suisse traders Zhu Su and Kyle Davies, managed an estimated $10 billion of assets as recently as March, according to blockchain analytics firm Nansen.

Major cryptocurrencies traded flat early on July 4. The global crypto market-cap rose marginally by 0.60 percent to $871.80 billion over the last day. On the other hand, the total crypto market volume declined by 2.72 percent to $40.12 billion over the last 24 hours.