By : ABP News Bureau | Updated: 26 Oct 2022 11:03 AM (IST)
Rishi Sunak’s appointment as the new UK Prime Minister appears to have offered a much-needed boost to crypto prices. Following the pro-crypto Conservative leader’s appointment, Bitcoin (BTC) price climbed above the $20,000 mark after weeks of slump. Ethereum (ETH) emerged to be one of the biggest gainers, with a jump of over 10 per cent in the last 24 hours. Other popular altcoins — including the likes of Dogecoin (DOGE) and Solana (SOL) — saw a rally in prices across the board. The Toncoin (TON) token emerged to be the biggest gainer in the last 24 hours, with a gain of nearly 24 per cent.
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Indian-origin British Prime Minister Rishi Sunak shepherded the UK’s new crypto ambitions during his tenure as Chancellor. Under former Prime Minister Boris Johnson, he wanted to turn the country into a crypto hub. He helped formulate the Financial Services and Markets Bill, which, if passed into law, could give local regulators sweeping power over the crypto industry.
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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 October 24, Bitcoin price stood at $20,276.82, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $978.31 billion, registering a gain of 4.95 per cent 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 this year, VDAs attract taxation of 30 per cent on gains. A TDS of 1 per cent 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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