Crypto Exchange Financial News

Crypto exchange FTX's CEO says no plan to buy China's Huobi

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.

Battle Infinity (IBAT) a metaverse-focused fantasy sports gaming platform announced its listing on PancakeSwap, a decentralized exchange (Dex). IBAT is a utility-based crypto token which is gaining popularity among users. The token was on PancakeSwap on Wednesday at 16:00 UTC. In its presale initial dex offering (IDO), the token rose close to 700 per cent to $0.011 from $0.0015, putting it among the top performing crypto IDOs of the year amid the bear market. However, these were only the initial responses from the pre-sale and the stability is warranted. However, the developers also announced that liquidity was locked for one year, reducing the fears of pump and dump.

ED) said on Friday it has attached assets worth Rs 370 crore belonging to a Bengaluru-based company linked to the instant loan apps case. The assets were parked in bank accounts, payment gateway balances, and wallets on the Flipvolt crypto exchange. Flipvolt is the Indian arm of Singaporean crypto lender Vauld.

Government sources said the WazirX episode has brought to fore a lot of issues. (Representational)

The officials under the scanner are likely to be called for questioning again next week by probe agency.

Jaskaran Arora, 27, who runs a digital advertising agency in Mumbai, has been investing in cryptocurrencies through WazirX for four years now. The platform has been his go-to suggestion to any friends and family wanting to invest in crypto tokens, especially over the past one or two years. A major reason for that has been that WazirX is backed by Binance.

In the otherwise male-dominated world of finance, cryptocurrency exchanges saw a sharp rise in the number of women investors over the year, indicating that young women investors are now increasingly shifting from gold to digital assets. Experts believe that not only investors, but even women entrepreneurs are coming to the fore in the crypto industry , given that it is not weighed down by inequalities.

In recent months, several crypto lending firms such as Celsius and Vauld have frozen deposits in the wake of plummeting values of cryptocurrencies. Experts, however, have flagged concerns over the business model of yield-generating crypto firms as reports of asset-liability mismatches have come to the fore.

Southeast Asia crypto exchange Zipmex to resume withdrawals

Amidst heightened volatility in the cryptocurrency market, the Monetary Authority of Singapore (MAS) will tighten laws for crypto players in the country in the coming months, and take firm action if any entity is found to be conducting illegal activities, Managing Director Ravi Menon said.

India should not deprive itself from the benefits of cryptocurrencies, experts said, a couple of days after Union Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's apprehensions on the unregulated virtual currencies.

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.

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Blockchain.com faces $270 million hit on loans to bankrupt Three Arrows

Vauld has suspended all deposits and withdrawals. The decision comes amid a broader volatility in the cryptocurrency market and as the platform faces financial challenges. Vauld is looking at a potential restructuring. “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 on Monday. “All this has led to a significant amount of customer withdrawals over $197.7 million since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.”

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.

As the crypto crash gets worse with Bitcoin at around $21,900, the world's third-largest cryptocurrency exchange Coinbase said on June 14 that the company will lay off 18 percent of its employees.

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Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

LUNA has eroded its entire value to become merely a penny token. Its 'depegged' and 'unstable' sister concern USD Terra (UST), has eroded about 99.9 per cent of its value in just 72 hours. Terra, which was trading at $118 last month, boasting itself as the eighth largest crypto-token, was the worst of its day on Thursday when it tumbled down to $0.09 on Thursday. Interestingly, the token saw maximum carnage in the last 72 hours, when its value dwindled from roughly $80 to fall out to merely a few cents.