Sathvik Vishwanath News

Bitcoin barely held the $20,000 mark whereas the Merge-bound Ethereum outperformed its largest peer. Red hot US inflation numbers spooked traders across the globe. Markets are expecting another series of aggressive rate hikes by the US Fed to tame rising prices. Major crypto tokens were trading with big cuts as Solana plunged 11 per cent, followed by Avalanche which was down over 9 per cent. Polygon and Bitcoin dropped 8 per cent each. XRP and Ethereum shed 6 per cent each. The global cryptocurrency market cap tanked sharply to $997.97 billion, down as much as 6 per cent in the last 24 hours. However, the total trading volume increased by over 12 per cent, close to $101.37 billion.

Bitcoin continued to hold gains and marched towards the $22,000 mark. Barring the Bitcoin and US dollar-pegged Tether, all other top tokens were trading in the red. Bitcoin advanced over a per cent, whereas Ethereum and Dogecoin were the top losers, down about 2 per cent each. The global cryptocurrency market cap was trading marginally higher at the $1.06 trillion, almost unchanged in the last 24 hours. However, the total trading volume increased slightly to $72.92 billion.Global UpdatesEthereum co-founder Vitalik Buterin surprised attendees at the Kyiv Tech Summit yesterday to show support for war-torn Ukraine, an appearance that was a closely guarded secret for security reasons, CoinDesk reported citing organizers.

Ethereum's much awaited software update named 'The Merge' is just a few hours away, which will shift its mechanism to proof-of-stake (PoS) from existing proof-of-work (PoW). The Merge has attracted numerous headlines, hogged ample limelight, philosophical debates about the future of Ethereum and multiple technical analysts, but one can not look past the energy efficient mechanism after the update. According to the Ethereum Foundation, PoS will cut Ethereum’s energy usage by around 99.95 per cent. The foundation is a non-profit organization that funds Ethereum ecosystem development. PoS advocates also argue that PoW mining centralizes control in the hands of those who can afford to buy fancy crypto mining rigs, called ASICs. It is also argued that PoS is a less battle-tested system than PoW.

Cryptocurrencies mostly advanced in the last 24 hours, recovering a bit, as financial markets globally digested US Federal Reserve’s hawkish commentary on taming inflation that is seen bringing pain to American businesses and households. Bitcoin, the largest cryptocurrency by market capitalisation, rose 0.90 per cent to $20,400.14 in the last 24 hours, yet it was down 3.94 per cent in the last seven days. Ethereum climbed 4.34 per cent to $1,606.04, reducing its seven day fall to 0.55 per cent.BNB advanced 0.70 per cent to $288.73. This crypto has fallen 2.7 per cent in the last seven sessions. XRP rose 0.75 per cent, Cardano added 2.85 per cent while Solana gained 0.85 per cent in the last 24 hors.

US Fed chair Jerome Powell's vow to push interest rates to higher spooked traders. However, after dropping below $20,000, its key support and psychological level, Bitcoin flexed its muscles to rise more than 3 per cent to regain the $20,500 mark. Ethereum rose about 10 per cent to race past the $1,600 mark and recover all the weekly losses. The second-largest crypto token has been in the news over the blockchain’s ambitious software upgrade — 'The Merge.' The green days must be taken with a pinch of salt, warned Sathvik Vishwanath, Co-Founder and CEO, Unocoin. «The next couple of days are expected to be slang higher.»

Bitcoin was able to hold the $21,000 mark, to which it plunged after disappointing inflation numbers in Europe. Top crypto tokens were trading higher on Monday. BNB rose more than 5 per cent, whereas Solana, Shiba Inu and Polygon gained 3 per cent each. Dogecoin was the only altcoin in red. The global cryptocurrency market cap was trading marginally higher at the $1.02 trillion mark, rising more than a per cent in the last 24 hours. However, the total trading volume tumbled over 18 per cent, close to $59.37 billion.

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.

Dogecoin rallied more than 8 per cent, whereas XRP gained 4 per cent. Shiba Inu and Polkadot added 3 per cent each. Polygon and Avalanche shed a per cent each. The global cryptocurrency market cap was trading marginally up at the $1.15 trillion mark, gaining less than a per cent in the last 24 hours. However, the total trading volume tumbled over 16 per cent, close to $64.86 billion.Expert's take Sathvik Vishwanath, Co-founder and CEO, Unocoin said that the crypto markets was stable to slightly bullish. Most of the gains among the top 100 coins. «The exceptions seen were for meme coins which have started to become attractive.»

Ethereum Killer' by the crypto fanatics, Solana has been hit hard in the latest crypto winter. However, the blockchain network is buzzing over its latest ecosystem exploit which has wiped off tokens worth millions. Users have reported that their funds have been drained out without their knowledge and the latest hack has been on the 'hot' wallets which are connected to the internet including Phantom, Slope and TrustWallet.

Following a major hack in Solana-based wallets in the early hours of August 3, Indian cryptocurrency exchanges said it’s unlikely to impact all Indian Solana traders unless they were using one of the impacted wallets.

Crypto market has scripted a strong recovery in the last one week, with major crypto tokens rising up to 70 per cent. The largest crypto token — Bitcoin surged on Monday to hit the $22,000 mark. Altcoins, meanwhile, beat the crypto behemoth as Polygon zoomed more than 13 per cent. Ethereum rallied over 7 per cent to top the $1,450 mark in the last 24 hours. The global crypto market cap rose more than 3 per cent to reclaim the $1 trillion mark. The total crypto market volume over the last 24 hours stood at $70.38 billion, registering a rise of more than 7 per cent.

Dogecoin — plunged as much as 12 per cent in Wednesday's trade, wiping out entire weekly gains, data from Coinmarketcap suggested. According to the data, Dogecoin plunged to $0.06464 from $0.07295, before recovering to $0.06515 at 13.00 hours IST. Edul Patel, Co-Founder and CEO, Mudrex said Dogecoin saw a massive increase in its price after Tesla founder Elon Musk supported the crypto at the Qatar Economic Forum.

After a year of aggressive marketing, and high cash burn, Indian crypto platforms are now back to basics of focusing on products and looking at growing avenues of revenue generation, as they grapple with declining trading volumes, which is set to fall further as the 1 percent tax deducted at source (TDS) regime kicks in next month. 

Citi, the Metaverse space represents a revenue shot of as much as $13 trillion by 2030 and believes it has a major impact on not just key tech players, but also cryptocurrencies Metaverse is an immersive digital world created by virtual reality, augmented reality and the internet. However, this concept is not new. Market participants said that metaverse is booming with every passing day as utility grows and so does the number of crypto assets. In 5 years, it is expected to be more than a few trillion dollars at least.

Mumbai: Amid a global cool-off in the crypto market, Indian exchanges WazirX and Unocoin are slowing down their hiring, senior executives told ET. Apart from the current bear market, Indian crypto exchanges have had to contend with a harsh new tax regime and a pullback from banks and payment processors, which have caused trading volumes to plummet. ET reported on April 12 that trading volumeson crypto exchanges had hit a six-month low. Nischal Shetty, cofounder of WazirX, confirmed to ET that the company has slowed down hiring for the time being.

The parliament of Japan passed the bill on Friday, giving investors a cushion after multi-billion dollars were wiped out from their pockets. Japan is one of the first major economies to pass specific laws over cryptos, stablecoins in particular. However, the legislation will come into effect after a year.

Indian crypto businesses are struggling with the new tax policies as trading volumes have dried up and many established crypto firms are looking to relocate to more crypto-friendly jurisdictions.

Bitcoin breached the $30,000 mark in the last 24 hours. It is the lowest level of the largest digital token since July 2021. It hit an intraday low of $29,944.80. According to data from Coinmarketcap, Bitcoin has tumbled about 25 per cent in the last six days. The crypto behemoth has tanked about 60 per cent from its peak scaled in November 2021. Market experts said rising inflationary worries, aggressive monetary tightening, looming recession fears, war crisis and geopolitical worries are denting sentiments for riskier assets such as cryptos.

TDS) on the transfer or consideration of every trade from July 1, 2022. However, the market players are awaiting the 'clarities' over the new taxation norm and the Government of India has about two months to provide the required 'specifications' seeked by the players. While the industry players see this move as one of the most controversial provisions over the crypto taxations, the government believes that the new TDS mechanism is used to trace transactions and prevent tax evasion.

Cryptocurrencies' trading volumes in Indian exchanges fall after new tax rules

In the last 24 hours alone, the global market cap has tumbled more than 5 per cent to $1.85 trillion. It was over $2.05 trillion a week ago. That said, the volumes have remained strong in the digital token market.Crypto tokens fell ahead of Tuesday’s US Consumer Price Index report, said OKX research team.