Cryptocurrency Financial News

The Indian government introduced a significant notification on March 7, 2023 bringing into coverage various crypto intermediaries within the purview of the Prevention of Money Laundering Act, 2002 (PMLA). The move comes at a time when many crypto intermediaries are already facing investigations from the Enforcement Directive (ED), the enforcing agency of the PMLA. News reports suggest that over Rs 9 billion has already been attached as proceeds of crime in connection with crypto frauds.

Last year, the Union government amended the Income Tax Act to impose a 30 percent tax on the transfer of virtual digital assets (VDAs), with a 1 percent TDS requirement. This was hailed as a major step towards legitimising digital assets in India. On March 7, 2023, the Department of Revenue in the Ministry of Finance issued a landmark notification under the Prevention of Money Laundering Act, 2002 (PMLA) bringing VDAs within the purview of the Act. The PMLA gives the government the authority to notify/identify categories of individuals engaged in a ‘designated business or profession’, who would qualify as a ‘reporting entity’ (RE). This notification is significant since being a RE - which includes banks, financial institutions, intermediaries or a ‘person carrying on a designated business or profession’ - is the trigger for consequences and compliances under the Act. So far, beyond the financial services licensed players, the PMLA umbrella was extended to only casinos, the real estate sector, jewellers, and now the VDA players.

cryptocurrency markets were trading in the red on Friday, with the crypto market cap declining over 6%. Bitcoin (BTC) fell 8.22% to $19,962 whereas Ethereum (ETH) was below the $1,450 level. BTC volume stood at approximately $35.99 billion, rising 65.73% in the last 24 hours. «The crypto market is feeling the heat from the collapse of pro-crypto Silvergate bank coupled with the hawkish stance taken by the US central bank. The contagion fears from the Silvergate fiasco are keeping the investors on their toes and the crypto community will closely watch the regulatory recourse around the same,» Shivam Thakral, CEO of BuyUcoin, said. Other top crypto tokens were also trading lower. Tron declined by over 12%. Litecoin, Shiba Inu, Solana and Dogecoin were also trading with losses. The global cryptocurrency market cap was trading lower around $934.23 billion, falling 6.29% in the last 24 hours. The total volume in DeFi is currently 5.03 billion, 7.6% of the total crypto market 24-hour volume. The volume of all stablecoins is now $60.73 billion, which is 91.83% of the total crypto market 24-hour volume.

The last 24-48 hours were yet another shocker for the crypto industry with the stock crash of Silicon Valley Bank (SVB). Though not a direct impact on Indian exchanges’ business, but popular crypto tokens trading on these platforms including Bitcoin, Ethereum, XRP, Binance Coin, Doge Coin, Shiba Inu among others crashed between 5-9 percent on March 10.

Inflation? What inflation? It’s gotten so much cheaper to get your hands on a Rolex.

cryptocurrency markets were trading mixed on Thursday after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of further large rate hikes to tackle inflation. Bitcoin, Solana and Polygon were trading with cuts, whereas BNB, XRP and Shiba Inu were trading with gains. The global cryptocurrency market cap was trading lower around 996.91 billion, falling 0.93% in the last 24 hours. «The crypto market cap slipped below the $1 trillion mark as the US central bank sent strong signals about tackling inflation through strict monetary policies and rate hikes. Hawkish monetary policies may decrease the liquidity in the market in the coming weeks which may result in further price falls,» Shivam Thakral, CEO of BuyUcoin, said. “The dip in the prices will offer a buying opportunity to seasoned investors based on their risk appetite,” Thakral added.

The world of digital cash is divided into two camps. The traditionalists want a public authority to remain in charge of providing a safe medium of exchange for people to settle claims against one another. Or else, they say, private money could become as unreliable as in the pre-US-Civil-War era of wildcat banking, when notes issued by a lender in Tennessee would be discounted by 20% in Philadelphia.

cryptocurrency markets were trading in the red on Wednesday after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of the US central bank returning to large rate hikes to tackle inflation. Bitcoin (BTC) fell 2.08% to $21,998, whereas Ethereum (ETH) was below the $1,600 level. BTC volume in the last 24 hours stood at approximately $24.12 billion, rising 53.88% in the last 24 hours. «Over the last 24 hours, many cryptocurrencies experienced a decline after Fed Chair Jerome Powell made hawkish statements about interest rate hikes. If BTC dips below the current level, the next level would be at the US$19,000 level,» Edul Patel, Co-founder and CEO at Mudrex, said. «Similarly, Ethereum is trading in tandem with BTC and is currently in the red zone. ETH is currently trading at US$1,555, and its next support level is US$1,450. Given the hawkish comments and uncertainties surrounding Silvergate Bank, traders, and investors may need time to analyze and understand the situation,» Edul added.

cryptocurrency markets were trading in the red on Monday. Bitcoin (BTC) fell 0.39% to $22,352, while Ethereum (ETH) was below the $1,600 level. BTC volume stood at approximately $13.3 billion, rising 0.46% in the last 24 hours. «Over the weekend, most cryptocurrencies remained in red as market participants attempted to digest the latest news over Silvergate. In the past 24 hours, Bitcoin's value has fluctuated between US$22,500 and US$22,600, representing a 1% decline. However, traders and investors anticipate positive economic data from China, expected to be released this week, which might help them return to the market,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens were also trading lower. Solana declined by 3.3%. Dogecoin, Litecoin, Cardano and XRP were also trading with cuts. The global cryptocurrency market cap was trading lower around $1.02 trillion, falling 0.87% in the last 24 hours. The total volume in DeFi is currently 3.37 billion, 11.85% of the total crypto market 24-hour volume. The volume of all stablecoins is now $25.24 billion, which is 88.7% of the total crypto market 24-hour volume.

RBI has cautioned against the use of cryptocurrencies multiple times. (Representational)

Exchange and transfer of virtual digital assets would also fall under PMLA laws. (Representational)

Major cryptocurrencies traded in the red early on March 8 as the global crypto market cap decreased 1.01 percent to $1.02 trillion, over the last day. The total crypto market volume over the last 24 hours stands at $44.28 an increase of 27.59 percent.

Despite the prevailing high-interest rates and bearish market sentiment, Venture Capital (VC) funding has continued to flow to the crypto industry.

Silvergate has been struggling to stay afloat after the collapse of FTX. (File)

[content][quote]Big Story[/quote][title]Web3 Platform Few and Far Raises $10.5 Million in Funding Round[/title][body]British Virgin Islands-based digital Collectibles web3 platform Few and Far on Friday announced that it has raised $10.5 million in a funding round led by Pantera Capital, a blockchain investment firm. The funding round also included other prominent investors such as Cypher Capital, Huobi Ventures, Hypersphere, Metaweb, Mantis Partners, and K5 Global. According to the company, the new funds will be used to expand the platform's capabilities, enhance user experience, and increase the number of web3 developers. IP owners are also expected to benefit from the platform, which provides an all-inclusive suite of developer tools to carry out everything related to next-generation digital collectibles. Details here.[/body][/content]

Prosecutors and attorneys for FTX founder Sam Bankman-Fried are requesting the disgraced cryptocurrency entrepreneur be allowed a flip-phone or another device thats not a smartphone while on bail.

The U.S. dollar slid from a 2-1/2-month high versus the Japanese yen on Friday, on track for its largest weekly loss since mid-January against a basket of six major currencies, as traders stepped back to gauge the path for Federal Reserve policy.

cryptocurrency markets were trading in the red on Friday, with a decline of 4% in the global crypto market cap. Bitcoin (BTC) fell 4.5% to $22,386, whereas Ethereum (ETH) was below the $1,600 level. BTC volume in the last 24 hours stood at approximately $26.01 billion, rising 12.56% in the last 24 hours. «In the past 24 hours, Bitcoin, Ethereum, and other cryptocurrencies dropped in value due to the release of US manufacturing data and uncertainties concerning access to banking services for crypto companies in the US. Furthermore, the fallout of Silvergate has also played a role in the decline. Bitcoin is at its lowest point in about two weeks and is trading below $23,000 at $22,300,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top tokens were also trading lower on Friday. Litecoin declined by 8%. Dogecoin, Solana, Cardano, and BNB were also trading with cuts. The global cryptocurrency m-cap was trading lower around $1.03 trillion, falling 4.01% in the last 24 hours. The total volume in DeFi is currently 5.39 billion, 9.78% of the total crypto market 24-hour volume. The volume of all stablecoins is now $50.24 billion, which is 91.11% of the total crypto market 24-hour volume.

cryptocurrency markets were trading in the red on Thursday. Bitcoin (BTC) fell 1.03% to $23,551, while Ethereum (ETH) was below the $1,650 level. BTC volume in the last 24 hours stood at approximately $23.49 billion, rising 4% in the last 24 hours. «Bitcoin dropped toward US$24,000 early Wednesday following the U.S Consumer Confidence data. However, it again rebounded to the US$23,500 level. BTC has increased by more than 1% in the past 24 hours. But BTC still seems to be a little weak and will need to recover to make a sharp move in the coming days,» Edul Patel, Co-founder and CEO at Mudrex, said. The immediate support of ETH is at the US$1,600 and US$1,550 levels, while the resistance holds at the US$1,670 level, Edul added. Other top crypto tokens were also trading lower. Shiba Inu declined by 2.3%. Solana, Polkadot, Cardano and BNB were also trading with cuts. The global cryptocurrency market cap was trading lower around $1.07 trillion, falling 0.73% in the last 24 hours.

cryptocurrency markets were trading mixed on Wednesday. Bitcoin, Ethereum and XRP were trading with gains, while BNB, Shiba Inu and Cardano were trading with cuts. Bitcoin (BTC) rose 0.17% to $23,471, while Ethereum (ETH) was above the $1,600 level. BTC volume stood at approximately $21.84 billion, falling 1.92% in the last 24 hours. «As the cryptocurrency market continues to face downward pressure, Ethereum has shown potential for an upward move, with technical indicators suggesting that a sustained uptrend is likely. However, Bitcoin struggled to gain momentum, hovering around the $23,500 level as investors seek safer investments amid growing macroeconomic uncertainty,» Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said. The global cryptocurrency market cap was trading lower around $1.07 trillion, falling 0.06% in the last 24 hours.

Major cryptocurrencies were trading in the red on March 3 as the global crypto market cap decreased 2.92 percent to $1.05 trillion, over the last day. The total crypto market volume over the last 24 hours decreased 11.37 percent to $43.16 billion.