Unocoin Financial News

New Delhi: The cryptocurrency market was trading higher on Wednesday despite the latest CPI data suggesting inflation numbers have been higher in February so far than in January 2023. Bitcoin (BTC) rose 1.8% to $22,155 and BTC volume stood at approximately $26.97 billion, rising 17.89% in the last 24 hours. Ethereum (ETH) was above the $1,550 level. «Most cryptocurrencies rose in the past 24 hours following the release of the U.S Consumer Price Index (CPI) data for January where inflation fell less than anticipated. Bitcoin made a recovery from recent lows and is presently being traded above the US$22,000 level, with its next resistance level situated at US$22,260, and its support level at US$22,000. Nevertheless, despite the slight gains, the overall market momentum is marginally bearish,» Edul Patel, Co-founder and CEO of Mudrex said. Other top crypto tokens were also trading higher on Wednesday. Cardano rose 8% while Dogecoin, Polygon, Shiba Inu and Solana also logged gains.

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.

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.»

merge". That will make Ethereum at least «99 per cent more energy efficient». The Ethereum Foundation has said that the Merge Blockchain upgrade is scheduled on September 6 and the upgrade will be fully completed between September 10 and 20. «Following years of hard work, Ethereum's proof-of-stake upgrade is finally here. The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet,» the foundation said in a statement late on Wednesday. As a crypto user, Whether you are using Ethereum applications on-chain, holding Ether on an exchange or in a self-custodied wallet, you do not have to do anything.

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.

After the announcement of layoffs from Crypto.com and BlockFi plan, another global exchange Coinbase has announced to vacant its chairs from the offices across the globe. Crypto exchange Crypto.com and lending platform BlockFi plan to cut a total of more than 400 jobs, whereas Coinbase announced to layoff as many as 1,100 employees or 18 per cent of its workforce on Tuesday.

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.

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.

The government on Monday said Rs 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest.

The holistic and deliberative approach from the White House has cheered the market and industry players as the world's largest economy shrugged doubts of immediate regulatory crackdown on the new age asset class. Indian crypto players have welcomed the move from the West. They believe that a 'positive' approach from the global powers will aid the sector and support the global financial ecosystem.