Cryptocurrency Financial News

US-headquartered banking giant Wells Fargo has three tips for new cryptoasset investors, with a recent report released by the bank’s Investment Institute answering the question that many ask themselves: is it too early or too late to jump on the crypto train? The report's authors advise new crypto investors to be patient, prudent, and careful.

Amid ongoing talks on new crypto regulation, the Russian government reportedly estimates that, if the country introduces regulations for the crypto market and imposes a tax on transactions that involve cryptoassets, it could generate as much as RUB 1tn (USD 13.3bn) in revenue for the state budget.

India has the second highest cryptocurrency users in the world, according to a report by Chainanalysis

Pete Sessions has appointed Himanshu B Patel as chief advisor for his Crypto Group.

Days after the 2022 Union Budget proposed a 30 percent tax on the sale or purchase of virtual digital assets like cryptocurrencies, the Indian crypto industry plans to seek a revision of the rate from the government.

Government has a consultation process for cryptocurrency formalisation, Nirmala Sitharaman has said

cryptocurrency market was trading higher on Tuesday on the back of strong volumes. Short term holders have made decent gains lately as the largest crypto token has zoomed more than 12 per cent since Friday. In the broader cryptocurrency market, prices of most tokens also rallied. Altcoins have outperformed behemoths over past trading sessions. Barring the dollar-pegged USD Coin, all other nine out of the top-10 digital tokens were trading with decent gains on Tuesday. Bitcoin rose to a four-week high, climbing for consecutive sessions lately, driven in part by the liquidation of some short positions that have accumulated in the virtual currency's recent three-month downtrend.

Christopher Wood, Global Head, Equity Strategy at Jefferies, says cryptocurrencies remain a “vulnerable asset class” but bitcoin stands to gain with the Federal Reserve planning to tighten liquidity and hike rates.

India became one of the few countries to tax digital assets like cryptocurrencies and NFTs (non-fungible tokens) when finance minister Nirmala Sitharaman announced a 30% tax on transfer of such assets in the Budget. Though the FM said taxing an asset does not bring legitimacy, industry watchers said that clarity on tax policy is likely to be the first step towards regulation of crypto. Some industry players said that the high tax will dissuade investors, while others felt it will give confidence to serious investors. The Budget announcements mean that income from any transfer of crypto, even gifts, would attract a 30% tax. In addition, investors cannot get any deductions and won’t be allowed to set off losses from transfer of such assets against any other income. The government has sent a strong signal against speculation or trading by retail investors, according to analysts.Attract or dissuade investors?According to industry players, clarity on taxation will give new customers confidence to enter the crypto market. Darshan Bathija, CEO & co-founder of crypto exchange Vauld, said that the government’s move has addressed concerns around legality and that he expects more Indians to invest in crypto. Presented ByDid you Know?Sunny Leone too

Tesla Inc said on Monday the fair market value of the electric-vehicle maker's bitcoin holdings as of Dec. 31 was $1.99 billion. In its annual filing with the U.S. Securities and Exchange Commission, Tesla, which had invested $1.50 billion in bitcoin last year, said it registered about $101 million in impairment losses last year due to the value of bitcoin. A drop in the value of bitcoin resulted in the company recording losses, as the value of its holdings fell.

The global cryptocurrency market capitalisation rose 5.28 percent over the last 24 hours to $2.01 trillion while the trading volumes were up 51.50 percent to $95.02 billion.

The world's largest cryptocurrency hit $44,524.18 , the highest since mid-January. It was last up 3.8% at $44,024. Since hitting a roughly six-month low on Jan. 24, bitcoin has gained about 35%.

NFTs have gained popularity as part of a fledgling and largely unregulated economy

DeFi, short for decentralised finance, is another buzzword that has entered our lexicon, joining the likes of Bitcoin, cryptocurrency, NFTs, blockchain and the metaverse.

Certain crypto and foreign currency transactions in Venezuela will be taxed at up to 20% after the government and parliament signed off on a rule aimed at reducing inflationary pressure on the troubled fiat bolivar.

Many see government's announcement as an acknowledgment of crypto industry as emerging asset class

Independent sanctions monitors have told the United Nations (UN) that North Korea is continuing to use crypto and raids on international crypto exchanges as a major revenue stream to fund its nuclear and ballistic weapons programs.

A Supreme Court bench observed last week that offence of money laundering is a more «serious and heinous crime than murder» as it hampers the entire economy. Even non-fungible tokens (NFTs) are now prone to money laundering. According to a report by Blockchain data platform Chainalysis, a small but growing portion of activity on NFT marketplaces could be attributed to money laundering.

New Delhi: India could widen the definition of virtual digital assets to cover any new such assets that may emerge and also further refine the provision to tax these assets. The budget for FY23 announced last week proposes to tax any income from the transfer of any virtual digital asset at a flat 30% rate. The provision will be applicable from April 1, 2022. The government could fine-tune the provisions proposed in the budget to tax virtual digital assets after discussions with the industry and to account for the dynamic nature of the sector, officials told ET.

cryptocurrency market was trading higher on Monday, with tokens associated with gaming witnessing a strong rise. That said, the recent rebound in prices of Bitcoin and Ethereum have turned investors cautious. Barring Terra, all other nine out of the top-10 digital tokens were trading with decent gains. Meme tokens like Dogecoin jumped more than 7 per cent while its peer Shiba Inu rallied 26 per cent. The global crypto market cap dropped almost 2 per cent to $1.94 trillion. However, the total crypto market volume dropped more than 9 per cent to $65.01 billion.

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