Month: February 2022

India’s Crypto Tax May Curb Excessive Speculation, Bring Institutional Demand

Earlier this week, Finance Minister Nirmala Sitharaman announced that profits from the sale of virtual assets would be taxed at a flat rate of 30% without any deductions or exemptions. The rate is on par with the highest income tax band, which applies to individuals earning more than 1.5 million rupees ($20,000) a year. The government also introduced a 1% tax, deducted at source (TDS), on cryptocurrency trading. Source

Social platform behind ‘retail short squeeze’ launches crypto trading

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Investor-focused social media platform Stocktwits, which gained popularity during last year’s ‘retail short squeeze’ frenzy involving GameStop and AMCTheaters, rolled out its own crypto trading services on Thursday. Stocktwits has partnered with FTX.US to carry out its crypto trading services and is set to launch US equity trading next quarter. The firm further looks to expand its trading services portfolio by offering crypto derivatives trading and other asset classes in the coming months. Big day here at Stocktwits We’re excited to share the launch of our fully integrated crypto trading,…

Solana Fix Demonstrates Self-Resilience of the Cryptocurrency Space

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Wall Street market maker Jump Trading Group ponies up to make whole the losses from the US$320 million hack of Wormhole, a “bridge” that facilitates blockchain interoperability  Fix demonstrates the commitment to the cryptocurrency space from market makers like Jump Trading Group, who want to ensure that they are at the crossroads of value and infrastructure in a new market paradigm    Hacks are unfortunately all too common in the world of cryptocurrencies. From unknowable smart contract vulnerabilities to exchange hacks, the cryptocurrency world has grown accustomed to the regularity…

Demand for Mining Equipment Drops in Russia Amid Fears of Possible Ban, Report – Mining Bitcoin News

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Platforms listing ads for mining hardware have been registering declining demand since Bank of Russia’s call for a ban on the minting of digital currencies among other crypto activities. While mining may eventually be legalized, miners can expect to pay higher electricity bills. Supply Exceeds Demand on Russian Market for Mining Chips Mining hardware is now more often offered than sought, Russian online marketplaces have noticed. The trend began after the Central Bank of Russia (CBR) published a consultation paper this month, in which the regulator proposed a blanket ban…

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Bitcoin Exchange Balance Decreases, Price Jumps

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With outflows of approximately 43,000 Bitcoin in the last 10 weeks, BTC exchange supply has decreased to a record low level. Cryptocurrency exchanges now hold nearly 13.2% of the current BTC supply. On 10 November 2021, when the price of the digital asset touched an all-time high of $69,000, crypto exchanges were holding around 13.6% of the BTC supply. The latest number indicates that crypto whales have accelerated the movement of Bitcoin from trading platforms to digital wallets. “Bitcoin exchange balances have drawn down to multi-year lows, with a total…

‘Dutiful son’ drugs dad’s tea to access BTC funds worth $400K

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A father and son’s disagreement over crypto trading led to a near-death experience and some jail time. Because of a shift in crypto market prices, a son reportedly drugged his father to gain access to his Bitcoins.  The dad, who didn’t want to be identified, made his son, Liam Ghershony, a partner in his crypto investing account worth $100,000 back in 2018. After some time, the fund grew and reaped $350,000 in profits, according to the duo. However, things changed when crypto prices fell, and the son’s drug use became…

New gold-based stablecoin by trading giant Mitsui reportedly on the way

Japanese trading house Mitsui is reportedly planning to issue a cryptocurrency pegged to gold, local news agency Nikkei Asia reported Friday. Called ZipangCoin (ZPG), Mitsui’s new digital currency will reportedly be issued as early as February and will be available to retail investors through cryptocurrency exchanges. The stablecoin will be linked to gold prices at yen-denominated prices by Mitsui from the London Metal Exchange, with one ZPG valued equivalent to one gram of gold and guaranteed by Sumitomo Mitsui Banking. According to the report, the new gold stablecoin will be…