Wednesday, October 27

Bitcoins

Dogecoin is Worth 12 Cents: The Next Bitcoin?
Bitcoins, Blockchain

Dogecoin is Worth 12 Cents: The Next Bitcoin?

Elon musk jokingly tweeted about the crypto Dogecoin. But his joke turned out to be true. Dogecoin has reached its all-time high according to the Coinbase data. They confirmed it has risen up to 70.22%  in the last 24 hours - the highest ever recorded.  At the moment, this crypto is valued at $0.122680 or almost 12 cents. The market cap of DogeCoin — which started as a joke and is literally classified as “a meme coin” — is currently over $14 billion. This is the highest-ever for the cryptocurrency, and the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters, and the world’s richest man, Elon Musk. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride,...
FM’s Views On Crypto Trading Norms In India
Bitcoins, Blockchain, news

FM’s Views On Crypto Trading Norms In India

The cryptocurrency industry in India is relieved at Union finance minister Nirmala Sitharaman’s comments that the government will take a “calibrated" approach to crypto trading norms in the country. The minister said “negotiations and discussions" are going on with the Reserve Bank of India (RBI) on how to regulate cryptocurrency in India. “Obviously, the RBI will take a call on what kind of official currency, cryptocurrency will have to be planned and how it has to be regulated," she said in an interview with CNBC TV18 on Saturday. “The finance minister’s stance on ‘considering a calibrated approach’ is an encouraging sign. We are a 100-plus staff company with some of the best talents emerging out of some of the premier institutes of India like the Indian Institutes of...
Elon Musk Loses $27 Billion on Monday
Bitcoins, news

Elon Musk Loses $27 Billion on Monday

The Tesla Inc Chief Executive officer Elon Musk loses $27 Billion since Monday as shares fell off. His $156.9 billion net worth is still holding him the second position. But the difference from the world's richest tag is now of $20 BILLION. Tesla was roaring in terms of worth last year. It showed 743% in 2020, giving new heights to his stake. it also unlocked an obscene amount of money through his historic move of "moonshot". His gains continued the next year. Moreover, in January he dethroned Jeff Bezos from world's richest tag. Musk's fortune lifted to $210 billion, according to the index, a ranking of the world's 500 wealthiest people. Consistent quarterly profits, the election of President Joe Biden with his embrace of clean technologies and enthusiasm from retail investors fu...
India’s Largest Crypto $2 Billion In Trading Volumes
Bitcoins, news

India’s Largest Crypto $2 Billion In Trading Volumes

India's top cryptocurrency exchange almost doubled its trading volume in February. India's Largest Crypto $2 Billion In Trading Volumes. This is coming out as a bit of a shocker after the rumors govt imposing ban on cryptocurrency. Nischal Shetty, founder of WazirX, the largest crypto exchange in India, stated the company hit $2.3 Billion in trading volumes on 21 Feb. However, volume on 20 December was $500 million, and $1.4 Billion on January 21.  WazirX has been growing fast 🚀 A major reason for our growth is YOU. Volume growth: Dec 20 - $500M Jan 21 - $1.4B Feb 21 - $2.3B Thank you for placing your trust on us. We’ll continue to work hard & serve all our customers. We’re growing & learningWazirX — Nischal (WazirX) ⚡️ (@NischalShetty) March 3, 2021 M...
China Declares War on Crypto Mining; Bitcoin Rises
Bitcoins, Blockchain

China Declares War on Crypto Mining; Bitcoin Rises

China declares war on crypto mining and eradicates all the projects by April. Inner Mongolians of China will take further steps to cancel this power-hungry practice. According to Inner Mongolia Development and Reform Commission's website, banned new digital coin projects. This draft came into the public eye on February 25. The region now aims to cut emissions per unit of gross domestic product by 3% this year and control incremental growth of energy consumption at about 5 million tons of standard coal, according to the draft plan.   Chinese officials first outlined proposals in 2018 to discourage crypto-mining -- the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power. Inner Mongolia, which is clustered with ...
Identity of Satoshi Could Harm Crypto Market
Bitcoins, Blockchain

Identity of Satoshi Could Harm Crypto Market

Bitcoin hit an all-time high as the market value reached $1 trillion. Everyone knows it is started by an unknown group of people under the name of Satoshi Nakamoto. Cryptocurrency exchange Coinbase has issued an IPO filing with a concern. If the inventor of bitcoin is revealed, the crypto market of Bitcoin and Ethereum can go down. However, not to get fooled by the name, Satoshi can't be Japanese. According to reports by Independent.co.uk, he holds 1.1 million of the total bitcoin market. Moreover, his existence is believed to have a socio-economic impact. In 2008, a white paper titled, Bitcoin: A peer-to-peer electronic cash system, by an anonymous. Therefore, there have been many failed attempts to unveil Santoshi's identity. The crypto market saw a hike in Bitcoin's price after El...
Cryptocurrency Qoin Terminated From Australia
Bitcoins, Blockchain

Cryptocurrency Qoin Terminated From Australia

Blockchain Australia has rejected the membership of its cryptocurrency Qoin. Qoin has nearly 28000 validated merchants. Blockchain Australia issued a statement that Qoin "has been asked to remove the Blockchain Australia logo and name in use of any promotional activity". Blockchain Australia represents almost 70 organizations working in digital currency. Organizations like Victoria's Department of Economic Development, Jobs, Transport and Resources. Qoin's chief marketing officer, Andrew Baker expressed his disappointment with the regulation. But they do not want any disciplinary action to affect trade. Andrew said, "we are licensed to do what we do, we do it within the means of law".   Blockchain Technology Benefits To Be Exploited: Reserve Bank Of India   Concer...
Musk Slips From World’s Richest Man; $15 Billion
Bitcoins, news

Musk Slips From World’s Richest Man; $15 Billion

Elon Musk is famous for his non-sensical tweets in the past. He has gotten into trouble due to this in the past as well.  Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his current net worth.  Making Musk lose the tag of World's Richest Man. This decline in Tesla's since September was embarked on by Elon's tweet about the prices. He tweeted about the price of Bitcoin and its other competitor "do seem high". This tweet became contradictory to the other tweet he made regarding the investment of Tesla in Bitcoin for $1.5 Billion. The cryptocurrency which has always seen its high, fallen down below $50,000 on Tuesday. Musk drop on the second number on the Bloomberg Billionaires Index of the world's 500 richest. His now net worth is $183.4 Billion down from $210 Billion ...
Crypto Ban: Future of Digital Currency in India?
Bitcoins, Blockchain

Crypto Ban: Future of Digital Currency in India?

We all heard Bitcoin has recently touched its all-time high of $54,000. It made a historic move after a leading electric carmaker company proposed to buy $1.5 billion in Bitcoin. They also made the announcement of accepting the currency as a mode of payment. After such a huge wave in the investment market, India is still in a muddle. There are rumors of banning cryptocurrencies by the government and launching an official digital currency. Many legal experts and investors don't consider the crypto ban a wise decision. Why Crypto Ban? The government is insufficient in terms of regulation and recognition, hence making the future of cryptocurrency vague. The central government revealed that it will introduce a new bill on cryptocurrencies. The Cryptocurrency and Regulation of Official Digita...
Bitcoin trading likely to attract Income Tax, 18% GST: Reports
Bitcoins, Business, Finance, news

Bitcoin trading likely to attract Income Tax, 18% GST: Reports

The government is considering imposing income tax (IT) and Goods and Services Tax (GST) at the rate of 18 percent on the profits and trade of bitcoin or related cryptocurrencies, a Business Standard report said. Forward of the presentation of Cryptocurrency and Regulation of Official Digital Forex Invoice, 2021 within the Finances session of Parliament, as has been reported by some media publications, the report additional added that each the taxes might be levied for the present fiscal year. Last year, there was a report by the Times of India, telling officials said that the Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry had suggested that bitcoins can be categorized under the ‘intangible assets’ class, thus making it liable for GST levy. However,...