Author Archives: Darren Marchal

Crypto market sinks below $1 trn after latest DeFi blowup; Bitcoi

Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown. The world’s largest digital token tumbled as much as 17% to $22,603 — its lowest since December 2020. Other cryptocurrencies…

Blockchain-based DeFi platforms need scrutiny, experts warn inves

As leading cryptocurrencies nosedive, investors of DeFi (decentralised finance) platforms also need to exercise “caution and scrutiny” amid growing concerns about the liquidity of this certain type of cryptocurrency service, experts warned on Monday. The warning came as Celsius Network, a DeFi platform and one of the largest crypto lenders, announced that it was “pausing…

Crypto market value tumbles after lender Celsius Network stops wi

Celsius Network Ltd. paused withdrawals, swaps and transfers after weeks of speculation over the sustainability of the outsized returns being offered by the DeFi lending platform, fueling a broad cryptocurrency selloff. Crypto markets tumbled after the Celsius announcement, with Bitcoin dropping as much as 14% to the lowest level since December 2020 and other major…

Consumer affairs ministry to set up panel for FAQ on cryptocurren

Days after pulling up restaurants and ride-hailing apps, the consumer affairs ministry is now planning to set up a panel to develop frequently-asked questions (FAQs) on cryptocurrencies. Besides, amid complaints of edtech companies exerting undue pressure on school children, the ministry will also hold a meeting with companies like Byju’s and Unacademy. “The current position…

Cryptocurrencies don’t appear to be true financial innovati

Cryptocurrencies appear to be “regulatory arbitrage” and not true financial innovation, said Chief Economic Adviser V Anantha Nageswaran on Thursday, reiterating doubts expressed by other authorities about the digital assets. “I would reserve judgment on whether it is truly innovative or truly disruptive in a positive sense. Or is it something we will come to…