By : ABP News Bureau | Updated: 27 Oct 2022 11:54 AM (IST)
The dominance of Ethereum, the second largest cryptocurrency after Bitcoin, is up 20 per cent in the global crypto market following the ‘Merge’, a report shpowed on Wednesday. The historic upgrade of Ethereum, known as the ‘Merge’, last month will create a more energy-efficient network based on the second largest cryptocurrency with a promise to save the environment. According to niche news publisher BanklessTimes.com, the Ethereum merge created a lot of Buzz, with every crypto lover patiently awaiting its arrival.
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Union Home Minister Amit Shah said that there has been an increase in drug smuggling through the darknet and cryptocurrencies, which is also responsible for terrorism. The Home Minister made the remarks at a high-level regional meeting on drug trafficking and national security in Gujarat’s capital Gandhinagar on Wednesday. Shah said that on the one hand narcotics are eating the youth like termites and on the other hand the illegal money coming from the narcotics trade nurtures terrorism.
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Ethereum (ETH), the second-most valued crypto coin in the world, managed to climb above $1,500, showing signs of recovery after weeks of meltdown. The overall crypto market appears to see an upswing now, as the global cap also managed to climb above the $1 trillion mark after weeks. Elon Musk’s favourite crypto, Dogecoin (DOGE), emerged as one of the biggest gainer of the day, with a growth of nearly 16 per cent. The Klaytn (KLAY) token regained its position as the gainer after a day of weak performance.
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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 27, Bitcoin price stood at $20,760.74, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1 trillion, registering a gain of 2.34 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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