CHINA CRYPTO CURBS
Shanghai stocks close at 10-year high as Iran conflict boosts energy and gold shares; HK drops
Shanghai stocks closed at a 10-year high on Monday, bucking regional weakness in the wake of the Iran conflict as investors snapped up energy, gold and defence shares.
Bitcoin mining in China rebounds, defying 2021 ban
The resurgence in bitcoin mining, which has also been corroborated by rig maker Canaan Inc's fast-rebounding sales in China, could act as a demand and price support for the world's largest cryptocurrency
Japan startup to issue first yen-pegged stablecoin
JPYC, which plans to issue the stablecoin around autumn, said it would not charge transaction fees. Instead, the more stablecoins it issues, the more Japanese government bonds (JGBs) it will hold, and it would earn money from the interest on those holdings.
Taxman sets out to draw up a crypto code
Not only are crypto gains taxed at the income tax rate of 30% (unlike the lower capital gains tax on stock profits), VDA traders can't offset profits with losses to lower the tax outgo. Many high-street banks are reluctant to offer accounts dedicated to pay or receive funds from crypto trades following central bank senior officials occasionally voicing their reservations on VDAs. Besides, there is no clarity under RBI rules and the Foreign Exchange Management Act (FEMA) on whether residents can buy and sell cryptos on offshore platforms.
Bitcoin holds near $84,300 amid Fed Chair flags tariff-linked risks; Altcoins trade mixed
Cryptocurrencies traded mixed as Bitcoin held above $84,000 amid caution following Fed Chair Powell’s tariff warning. Ethereum stayed under $1,600, while altcoins saw varied moves. Analysts expect rangebound action due to macro uncertainty, miner activity, and technical indicators like a potential death cross in Bitcoin.
Bitcoin dips below $83,400 as tariff uncertainty weighs on market; Ethereum, Solana slide up to 5%
Bitcoin's market capitalization declined to $1.654 trillion, with its dominance slipping to 62.91%. Daily trading volume dropped by 7.3% to $27.07 billion. Stablecoins dominated the market, making up 92.75% of total crypto trading activity, amounting to $68.25 billion, according to CoinMarketCap.
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Time to pay in gold and silver? Zoho’s Sridhar Vembu urges reset of global trade amid Trump-led market meltdown
Zoho’s Sridhar Vembu has issued a stark warning on the fragility of the global financial system, likening it to a “house of cards” built on unsustainable US debt. As Trump’s tariffs roil markets and China pushes cheap exports, Vembu urges India to rethink its economic strategy. He calls for a gold-backed global trade system, a manufacturing sprint, and food-energy self-reliance. His proposals, grounded in pragmatism and nationalism, are a wake-up call amid intensifying global trade wars.
The economic impact of India's crypto legislation on the global market
This has been driven by India’s Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which is yet to be tabled but is becoming an era-appropriate necessity. Presently, cryptocurrencies are taxed at 30% on the earnings, while a further 1% is deducted from earnings
Hong Kong launches retail-friendly rules for crypto exchanges
Hong Kong has introduced new rules for cryptocurrency exchanges, which permit licensed crypto firms to cater to retail customers, in an effort to establish ground rules for crypto and provide investor protection. The regulation, which requires exchanges to vet their clients, restrict trading to "large-cap" tokens such as bitcoin and limits investors to spot trading, comes into force after a year-long transition period. Hong Kong's market appeal could be affected because platforms are barred from offering stablecoins, staking products and derivatives. Hong Kong had HKD1.7bn ($217m) lost to crypto-related scams last year.
Asian shares fall ahead of U.S. CPI, crypto worries mount
The futures market currently shows investors believe the target U.S. federal funds rate will peak around 5.1% by next June, and the chances of a rise of 50 or 75 basis points are tilted in favour of a half-point increase nex month.
Russia proposes ban on use and mining of cryptocurrencies
Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism.
Russia's central bank calls for crypto crackdown
The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.
Ban or regulate? Here's how India can resolve its cryptocurrency dilemma
India must, however, have a more nuanced approach to deal with cryptos. First, India cannot ignore a potentially vast source of revenue that cryptos represent. For a country where public spending is still the primary driver of progress and infrastructure, an accepting approach to cryptos may help tap into this tantalising source.
What's new in China's crackdown on crypto?
While China has been putting in place increasingly stricter rules on virtual currencies, it has now made all activities related to them illegal and sent a signal of intent they plan to get even tougher on enforcing the rules.
Paytm’s pre-IPO troubles; 25th unicorn of the year
From Paytm's ownership probe, to Zetwerk becoming a startup unicorn and Bitcoin crossing $50,000 for the first time since May crash, here's a quick look at the top tech news today.
Bitcoin shrugs off UK crackdown on major crypto exchange Binance
The Financial Conduct Authority (FCA) said Binance could not conduct any regulated activity in Britain and warned consumers about the platform, which is coming under growing scrutiny globally.
Crypto firms drop British registration bids amid scrutiny
Binance has been targeted by regulators across the world in recent months.
Top Cryptocurrency Prices Today: Bitcoin, Ethereum tank; Dogecoin gains 10%
The sentiment in digital token markets remained tepid. Six out of top 10 digital tokens were trading with cuts at 9.30 hours IST, whereas the rest four, led by Dogecoin, gained between 4 and 10 per cent.
Bitcoin price sinks below $30,000 for first time since January
The world's largest cryptocurrency slumped over 7% to $29,332, its lowest since Jan. 27, after giving up gains made in Asian hours. Its fall pushed down smaller coins such as ether.
Bitcoin recoups some losses in Asia after plunging on Chinese crackdown
The world's largest crypto currency was last up 3 per cent at $32,600, having dropped more than 10 per cent on Monday.
Top Cryptocurrency Prices Today: Dogecoin, Polkadot, Uniswap shed up to 21%
Following the recent volatility, top-10 digital tokens were trading with cuts at 9.30 hours IST, with three of them sliding between 14 and 21 per cent.
Top Cryptocurrency Prices Today: Ethereum, Uniswap, Polkadot slip up to 2%
Virtual currencies, led by Bitcoin, have been mired in a downtrend spiral in recent weeks, losing up to 50 per cent since record highs of mid-April.
Crypto miners halt China business after Beijing cracks down, bitcoin tumbles
A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70 per cent of the world's crypto supply.
Crypto miners halt China business after crackdown, bitcoin tumbles
Bitcoin took a beating after China's crypto-mining ban and is now down nearly 50% from it's all-time high. The latest shakeout in digital currencies also stems from tighter scrutiny in the United States.
Commodity strategies: Gold, silver, crude, base metals
The precious metals traded higher as crash in crypto currencies and Fed minutes speculation boosted buying in safe haven asset. Major central banks have flagged worries over higher inflation which may support bullion prices to trade firm.
What Beijing's new crackdown means for cryptocurrency in China
Many of the new rules expand on previous restrictions aimed at cryptocurrencies and close loopholes that had allowed some finance and payment firms to continue in the trade.
Made-in-India Polygon is now among Top 20 crypto coins globally
Polygon, previously Matic Network, has seen its market cap surge ten-fold since February to $13 billion, owing to increased adoption of its blockchain by players in gaming, non-fungible tokens (NFTs) and decentralised finance (DeFi).
Crypto billionaire
From a made-in-India crypto token crossing $10 billion in market cap to Google rolling out News Showcase in the country and Amazon looking to purchase MGM Studios, here's a quick look at the top tech news today.
View: India does not need a ban but a robust policy on crypto
During the Covid-19 pandemic, when a majority of Indians were facing pay cuts and job losses, the average daily crypto assets trading volumes across top Indian exchanges grew by nearly 500% since March 2020 when the Supreme Court struck down RBI’s April 2018 circular.
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