2022-11-29

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Cryptocurrency News Live: Crypto Bloodbath Continues As BTC Slides Further – ABP Live

By : ABP News Bureau | Updated: 22 Nov 2022 03:26 PM (IST)
We witnessed a massive round of selloff in the cryptocurrency market after Binance announced that it won’t buy FTX. This implies no liquidity for the investors of the FTX, which is one of the largest crypto exchanges in the world. Binance, the world’s biggest crypto platform, was set to acquire troubled rival FTX.com, but soon did a U-turn and walked away from the deal citing problems with FTX’s finances as well as potential regulatory investigations. Its decision to walk away led Bitcoin to tumble to the lowest level in two years.
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Bitcoin (BTC) — the oldest and most valued cryptocurrency in the world — slid below the $16,000 mark as it became the latest victim of the ongoing crypto meltdown, stemming from the spectacular crash of crypto exchange FTX. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP) — saw a mix of gains and dips across the board. The Huobi Token (HT) emerged to be the biggest gainer, with a 24-hour jump of nearly 11 percent.
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Cryptocurrency still remains a mystical subject for many keen investors in India. While cryptos are slowly gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender, there are still a sizeable number of people who wish to invest in crypto, but aren’t able to closely track breaking and developing news in the sector, which will help them take note of price movements, major sell-offs, and announcements of new blockchain-based developments. 
This live news blog is here to help. From major market losses to noteworthy declarations, follow this live blog to stay updated with all the latest happenings in the world of crypto.
While there are many cryptocurrencies to explore, Bitcoin (BTC) is the most popular as it is the world’s oldest and most valued crypto coin. As of November 22, Bitcoin price stood at $15,859.52, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $789.08 billion, registering a gain of 1.52 percent in the last 24 hours. 
While cryptocurrency is unregulated in India, cryptocurrencies are clubbed under virtual digital assets (VDAs). Under the new tax regime that went into effect on April 1, 2022, VDAs attract taxation of 30 percent on gains. A TDS of 1 percent is applied on top of that. 
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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