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…
Binance U.S. and its CEO were sued on Monday by a U.S. investor who alleges the cryptocurrency exchange falsely marketed Terra USD as a safe asset ahead of the so-called stablecoin’s collapse in value last month. Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar, and are popular…
The value of the cryptocurrency market on Monday fell below $1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion. The largest cryptocurrency, bitcoin, was down more than 9% on the day, falling to an 18-month low of $23,950. Meanwhile, cryptocurrency lending firm Celsius Network…
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…
Retail inflation eases to 7.04% in May, but remains above RBI’s target band Retail inflation eased to 7.04 per cent in May, mainly on account of softening food prices, though it remained above the RBI’s upper tolerance level for the fifth consecutive month, government data showed on Monday. The Consumer Price Index (CPI) based inflation…
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…
Bitcoin and Ether fell on Sunday amid a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a fresh 40-year high. Ether declined as much as 5% to $1,445.56, its lowest level since March 2021, while Bitcoin dropped to as low as $27,264.65, its lowest since May 12. Virtually…
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 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…
After taxing income from virtual digital assets, the government is looking to soon bring clarity on the applicability of the goods and services tax (GST) on cryptocurrency assets.
