Cryptocurrency Financial News

Global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent US partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao, banking records and company messages show.

Bitcoin hit an eight-month high to surge past $25,000 on February 16 as the volatile cryptocurrency rises despite pressure from US regulators.

Norway has seized a record $5.8 million worth of cryptocurrency that was stolen by North Korean hackers last year, Norwegian police said in a statement on Thursday.

Bitcoin touched a six-month high on Thursday, swept higher with equities and other relatively risky assets as investors gained confidence in the economic outlook and dismissed concern about regulatory scrutiny of the sector.

A rally is being seen in the cryptocurrency market, with Bitcoin leading the charts with a surge of over 10 percent in its value this week. The price of Bitcoin has soared past $24,000, which is the highest since August last year.

Should the state be in the payments business? It's a simple question but that is in essence what a central bank digital currency would amount to. A digital pound, dollar, euro or renminbi is not some token with illusory investment upside that is implied by monikers such as "Britcoin.” CBDCs are more akin to stolid stablecoins rather than currencies. Unfortunately, their potential to erode free enterprise is all too real. Controlling how, what and when money is transferred is not a place government bodies should be competing, with a massive advantage, against the rest of the monetary system.

cryptocurrency market was trading in the red on Tuesday. Bitcoin (BTC) fell 0.47% to $21,745, whereas Ethereum (ETH) was below the $1,500 level. BTC volume in the last 24 hours stood at approximately $22.24 billion, rising 14.9% in the last 24 hours. «The crypto market is feeling the pressure of regulatory concerns in the US as BTC continues to trade below the $22,000 mark while Ether slipped below the $1500 mark. Most of the digital assets are in the red as investors are parking their funds in less volatile assets for better times. The latest regulatory developments in the US will strengthen Asia’s position as a global hub for the digital asset industry,» Shivam Thakral, CEO of BuyUcoin, said. Other top crypto tokens were also trading lower on Tuesday. BNB fell 6.6% while Dogecoin, Polygon, Shiba Inu and XRP were also trading with cuts. The volume of all stablecoins is now $56.69 billion, which is 102.11% of the total crypto market 24-hour volume.

Nirmala Sitharaman on Monday said crypto assets and web3 sectors require significant international collaboration for effective implementation of domestic legislations. She said these are relatively new and still evolving sectors, with no specific regulations. «By definition, these sectors are borderless and require significant international collaboration for any specific legislation on these sectors to be fully effective,» Sitharaman said in a written reply in the Lok Sabha. The minister was replying to a question by DMK MP T Sumathy on whether the government has prepared any future roadmap to regulate virtual digital assets / cryptos/web3 sectors in the country. In reply to a separate question, Minister of State for Finance Pankaj Chaudhary said the government is engaging with G-20 countries to build international coordination on regulating crypto assets.

cryptocurrency market was trading mixed on Monday. Ethereum, XRP, Cardano and Polygon were trading with cuts, while Bitcoin, BNB, Dogecoin and Tron were trading with gains. Bitcoin (BTC) rose 0.10% to $21,840, whereas Ethereum (ETH) was below the $1,550 level. BTC volume in the last 24 hours stood at approximately $19.34 billion, rising 27.24% in the last 24 hours. The market cap of BTC was around $421.47 billion, with a dominance of about 41.52%, according to CoinMarketCap. «Bitcoin traded below the US$22,000 level over the weekend after the U.S-based Kraken exchange halting its staking service and paying a penalty of US$30 million to the SEC for not registering the service. Currently, BTC appears bearish and is trading close to its support level of US$21,770. If the situation persists, it is possible for BTC to continue declining towards US$21,500 by the end of the week,» Edul Patel, Co-founder and CEO at Mudrex, said.

cryptocurrency transactions and holdings. As the popularity and use of cryptocurrencies continue to grow, countries around the world are grappling with how to regulate and tax these digital assets. Some countries have adopted favourable tax policies towards cryptocurrencies, while others have implemented strict regulations. In this article, we will examine the crypto tax policies of several nations and see how they handle this evolving asset class.United States of America In the United States, cryptocurrencies are treated as property for tax purposes, similar to property taxes. Transactions involving cryptos, such as selling for fiat currency, token airdrops, mining, or staking, are all taxable with rates ranging from 0-37% for capital gains and income tax. However, holding crypto for the long term or buying with fiat currency is not taxable. Taxpayers can choose to calculate their crypto taxes using either the FIFO (first in, first out) or LIFO (last in, first out) method. Capital gains and losses, cost basis, and keeping records of transactions is important to keep in mind for tax reporting.

smart contracts, via, blockchains like Ethereum, and others, have brought a new twist into that logic.Smart contracts: DefinedAlthough the term has always been considered coined by and a part of blockchain technology, the term Smart Contracts was coined, some 20 years ago, by a cryptographer named Nick Szabo. The purpose of coinage was to introduce “highly evolved” practices of contract law and related business practices in, and in conjunction with the design of electronic commerce protocols between strangers on the Internet. In blockchain technology however, a Smart Contract is essentially a computer protocol that can self-execute, self-enforce, self-verify, and self-constraint during the performance of an automated contract. Though rapidly evolving, classic smart contract implementation examples include the ICOs and Crypto Kitties. Aside from its legal impact and perhaps a replacement with legal contracts, smart contracts can certainly lessen the burden and the complexity of writing a new contract. Instead one can include these as terms of a smart contract between two parties automatically.

cryptocurrency market was trading lower on Tuesday, ahead of the Union Budget 2023 and the Fed decision on interest rates tomorrow. Bitcoin (BTC) fell 4% to $22,788, whereas Ethereum (ETH) was below the $1,600 level. BTC volume in the last 24 hours stood at approximately $26.77 billion, rising 4.12% in the last 24 hours. «Bitcoin, Ethereum, and most cryptocurrencies fell in the past 24 hours ahead of the first US Fed meeting of 2023, which is to be held on Wednesday. Bitcoin was below the $23,000 mark, dropping by 4%. Ethereum also fell below the $1,600 level, down by 3%. The support for BTC now lies at the $22,700 level, while the resistance is at $23,000,» Edul Patel, CEO and Co-Founder of Mudrex, said. «However, on the other hand, Dogecoin gained by 5% after Elon Musk wanted the Twitter payments system to accommodate crypto. Volatility may persist ahead of the Fed meeting and the Indian Union Budget release,» Edul added.

cryptocurrency market was trading mixed on Friday. Bitcoin, Ethereum, BNB and Polygon were trading with cuts, while Polkadot, Shiba Inu and Tron witnessed gains. Bitcoin (BTC) fell 1.35% to $23,546, whereas Ethereum (ETH) was below the $1,650 level. BTC volume in the last 24 hours stood at approximately $29.49 billion, falling 2.03% in the last 24 hours. «Bitcoin jumped above the $24,000 level in the past 24 hours as markets continued to react to the latest Federal Reserve's policy. BTC briefly hit this level for the first time since August but quickly dropped back to $23,500 due to volatility. Ethereum also rose, with prices nearly reaching $1,700, its highest since September. The immediate resistance for Ethereum is near $1,700, with the next major resistance at $1,720. If it doesn't clear the $1,700 resistance, a correction may occur,» Edul Patel, Co-founder and CEO at Mudrex, said. The global cryptocurrency market cap was trading lower around $1.08 trillion, falling 1.16% in the last 24 hours.

cryptocurrency market was trading in the red on Monday. Bitcoin (BTC) fell 2.7% to $22,753, whereas Ethereum (ETH) was just below the $1,650 level. BTC volume in the last 24 hours stood at approximately $20.29 billion, rising 30.19% in the last 24 hours. «BTC slipped below the $23,000 level but stabilized on Sunday while Ether is exchanging hands at the $1627 level. The investors are still in a wait-and-watch mode as they are looking forward to the Fed chief’s comments this week. Fed chief has indicated that the war against inflation is not over and aggressive policy action is expected to continue,» Shivam Thakral, CEO of BuyUcoin said. The global cryptocurrency market cap was trading lower around $1.06 trillion, falling 2.39% in the last 24 hours. The total volume in DeFi is currently $5.31 billion, 10.86% of the total crypto market 24-hour volume. The volume of all stablecoins is now $42.41 billion, which is 86.72% of the total crypto market 24-hour volume.

BTC volume in the last 24 hours rose 6.97% to $30.86 billion. Its market cap was around $421.65 billion, with a dominance of about 41.46%, according to CoinMarketCap. «The crypto market cap slipped by almost 3% after fresh regulatory concerns spooked investors across the globe. The latest developments at Kraken and SEC had an immediate impact on the digital assets as BTC dropped below the $22,000 level and Ethereum lost its key support level at $1,600,» Shivam Thakral, CEO of BuyUcoin, said. Top crypto tokens traded lower. Solana fell 8%. Shiba Inu, Polkadot, Dogecoin and Cardano were also trading with cuts.

markets so far in 2023? Look no further than the performance of Bitcoin versus bonds. The cryptocurrency has surged almost 40% so far this year thanks to a general return of risk appetite and the expectation that the Federal Reserve will hit the pause button on hiking interest rates. Of course, those same factors have sparked a rally in bonds but not enough to offset historic losses incurred last year. Bond performance, as measured by a variety of exchange-traded funds containing US government debt with higher sensitivity to moves in interest rates, has recovered just a fraction of last year's losses. The PGIM Total Return Bond ETF is up just 3.43% in January, for example.

BTC volume in the last 24 hours stood at approximately $24.05 billion, rising 16.78% in the last 24 hours. «In the past 24 hours, Bitcoin has been fluctuating between $22,800 and $23,000. Despite a small dip, the token remained within its recent trading range and close to its new year high. BTC has risen by a good amount this year due to investor confidence. However, a surprisingly strong employment report on Friday has caused some concern among market participants,» said Edul Patel, CEO and Co-Founder of Mudrex. The global cryptocurrency m-cap was trading around $1.07 trillion, rising 0.8% in the last 24 hours.

Finance Minister Nirmala Sitharaman has said the government should not underestimate the ability of the taxpayer to make decisions on saving and consumption, with the new income tax regime giving them more freedom to choose.

Major cryptocurrencies traded in the red early on February 9 as the global crypto market cap decreased 2.32 percent to $1.06 trillion, over the last day. The total crypto market volume over the last 24 hours is $57.38 billion, which makes a 7.61 percent increase.

Zanmai Labs owned-WazirX on February 8 issued a statement disputing Binance’s claims of the crypto exchange driving a false narrative based on its use of the latter’s wallet services. This comes days after Binance said that it is stopping its wallet services to WazirX following a long-standing legal battle.

Major cryptocurrencies traded in the red early on February 7 as the global crypto market cap decreased 0.60 percent to $1.06 trillion, over the last day. The total crypto market volume over the last 24 hours is $49.85 billion, which makes a 4.18 percent increase.