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Bitcoin's value plummeted by 10% within a week, reaching $65,300 amid profit-booking and US inflation data concerns, reflecting broader market volatility

Bitcoin tanks 10% from its all-time high in less than a week: Time to buy or stay away?

Bitcoin's value plummeted by 10% within a week, reaching $65,300 amid profit-booking and US inflation data concerns, reflecting broader market volatility

Bitcoin experienced a sharp decline of over 10% in less than a week, dropping from its recent peak of over $73,000 to trade at $65,300 in early Sunday hours. At the time of writing this report the price was slightly up, trading at at $67,688. 
This plunge marks a significant downturn in the cryptocurrency market, with other major tokens also witnessing losses.
Other cryptocurrencies also down
According to CoinDesk data, Ether fell by 6.43% to trade at $3,488, Binance Coin lost 8% of its value, settling at $564, and Solana experienced a 4.6% decrease, trading at $184.
What's driving the Bitcoin fall?
As per Mint, analysts attribute this recent downturn to profit-booking activities and the release of US inflation data. They also project potential further losses in the coming days, highlighting the volatile nature of cryptocurrencies.
Lack of buyers, cooling period
Alex Kuptsikevich, a senior market analyst, noted concerns about the availability of buyers at current price levels amidst profit booking. Other experts have also talked about the necessity of a cooling period for Bitcoin, considering its rapid rise.
Key event: Halving of Bitcoin Meanwhile, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, cautioned traders against leveraging due to the market's volatility. He also suggested that the upcoming halving of miner rewards on April 20 could trigger significant price shifts, reported Mint.
Bitcoin: The optimists
Despite the recent downturn, industry veterans remain optimistic about Bitcoin's long-term prospects. Nischal Shetty, Co-founder and President of Shardeum, as well as the Founder of WazirX spoke to Mint and highlighted the potential for Bitcoin to achieve mass adoption, envisioning a future where countries may be rated based on their Bitcoin reserves.
Also Watch:<a href="https://www.editorji.com/business-news/markets/bitcoin-surges-past-72-000-for-the-first-time-find-out-what-s-fuelling-the-cryptocurrency-s-rally-1710220728704"> Bitcoin surges past $72,000 for the first time; Find out what's fuelling the cryptocurrency's rally</a>

The company is actively recruiting for various positions including software engineers, engineering managers specializing in platform-payments, data scientists, and vendor management analysts, among others

Coinbase actively hiring tech professionals in India: Report

<h2>The company is actively recruiting for various positions including software engineers, engineering managers specializing in platform-payments, data scientists, and vendor management analysts, among others</h2>

Coinbase has initiated a robust expansion of its employee base in India, persisting in its recruitment drive despite ceasing services in the country at the end of October, as per a Moneycontrol report.&nbsp; The company's focus on filling pivotal product and technology positions spread across remote work setups as well as the thriving tech hubs of Bengaluru and Hyderabad
This move aligns with Coinbase's earlier declaration to establish a significant business presence in India by establishing a dedicated office. The company is actively seeking adept candidates capable of enhancing the operations of the US-based cryptocurrency exchange.&nbsp;
The company is actively recruiting for various positions including software engineers, engineering managers specializing in platform-payments, data scientists, and vendor management analysts, among others. Although the exact count of new hires remains undisclosed, the company has posted approximately 30 open positions on its LinkedIn page in the last three weeks, reported moneycontrol.
Coinbase has faced challenges during its tenure in India, grappling with high taxes imposed on cryptocurrency gains in the country and encountering obstacles in enabling UPI-based payments for crypto transactions on its platform. Also Watch: <a href="https://www.editorji.com/business-news/cryptocurrency-exchange-coinbase-to-discontinue-services-for-policy-violators-in-india-1694432610154">Cryptocurrency Exchange Coinbase to discontinue services for Policy Violators in India</a>

Sam Bankman-Fried, the founder of cryptocurrency platform FTX, has been found guilty of fraud

Former crypto tycoon Sam Bankman-Fried found guilty of fraud

Sam Bankman-Fried, the founder of cryptocurrency platform FTX, has been found guilty of fraud

Former crypto tycoon Sam Bankman-Fried was found guilty Thursday by a New York jury on all seven counts of fraud, embezzlement and criminal conspiracy.
The panel reached its decision after five weeks of trial, and Bankman-Fried now faces up to 110 years behind bars.
Sentencing will take place at a later date.
The month-long federal trial had been an ordeal for Bankman-Fried after some of his closest associates testified that he was key to all the decisions that saw $8 billion vanish from his FTX trading platform.
Bankman-Fried, 31, was until late last year a poster-boy for the crypto industry and estimated to be worth $26 billion by Fortune magazine, before his empire collapsed spectacularly.
In closing arguments, prosecutors portrayed the defendant as an extremely smart man consumed by greed who knew what he was doing when FTX funds were secretly funneled to his personal hedge fund.
"Find him guilty," US prosecutor Danielle Sassoon told the jury earlier on Thursday.
"He was ambitious" and had "the arrogance to think that he could get away with a fraud," she added.
The defense said their client had acted in "good faith" and was overtaken by circumstances and the financial ineptitude of close associates who testified against him to gain leniency from prosecutors.
The star witness in the trial was Bankman-Fried's former associate and on-and-off-again girlfriend Caroline Ellison who told the jury that they had stolen "around $14 billion" from clients of the FTX cryptocurrency trading platform before it collapsed into bankruptcy late last year.
The money was used to prop up Alameda Research, Bankman-Fried's personal hedge fund for which he picked Ellison as CEO.
In November 2022, the FTX empire imploded, unable to cope with massive withdrawal requests from customers panicked to learn that some of FTX's funds had been committed to risky operations by Alameda.
That money was used to finance venture capital deals, political contributions as well as swanky real estate in the Bahamas.
It also went toward paying tens of millions of dollars to celebrities, including Tom Brady and Gisele Bundchen, to gain their endorsement of FTX, as well as buying the naming rights for the Miami Heat's home arena.
Also Watch: <a href="https://www.editorji.com/business-news/uber-and-lyft-to-pay-328-million-for-withholding-driver-earnings-1698939848009">Uber and Lyft to pay $328 million for withholding driver earnings</a>

The communique was unanimously adopted at the fourth and final meeting of the G20 FMCBG under the Indian Presidency in Marrakesh, Morocco on the sidelines of the IMF-WB Annual Meetings

G20 on crypto assets: Ministers urge a quick rollout of a roadmap

<h2>The communique was unanimously adopted at the fourth and final meeting of the G20 FMCBG under the Indian Presidency in Marrakesh, Morocco on the sidelines of the IMF-WB Annual Meetings</h2>

The finance ministers of the G20 nations have called for swift and coordinated implementation of the G20 roadmap to deal with the issues related to crypto assets.
This roadmap, outlined in a joint Synthesis Paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB), emphasizes the need for policy frameworks, global outreach, cooperation, and data enhancement. Also read/watch- <a title="India's aviation sector soars: September sees 6% surge in domestic air traffic" href="https://www.editorji.com/business-news/india-s-aviation-sector-soars-september-sees-6-surge-in-domestic-air-traffic-1697166707227">India's aviation sector soars: September sees 6% surge in domestic air traffic</a>
The G20's comprehensive roadmap aims to harmonize global policies, establish regulations, and consider the unique challenges facing Emerging Markets and Developing Economies (EMDEs).
The Finance Ministers and Central Bank Governors (FMCBG) based their communique on the G20 New Delhi Leaders Declaration (NDLD), benefiting from consensus reached at the recent Leaders' Summit.
Also read/watch - <a title="India vs Pakistan: Hotel prices skyrocket in Ahmedabad but clever fans find these alternatives" href="https://www.editorji.com/business-news/personal-finance/india-vs-pakistan-hotel-prices-skyrocket-in-ahmedabad-but-clever-fans-find-these-alternatives-1697121601938">India vs Pakistan: Hotel prices skyrocket in Ahmedabad but clever fans find these alternatives</a>
This communique was unanimously adopted during the fourth and final meeting of the G20 FMCBG, held in Marrakesh, Morocco, alongside the IMF-WB Annual Meetings under the Indian Presidency.
The communique also welcomed the upcoming Brazilian Presidency of the G20 and looked forward to continued work on enhancing global economic cooperation to achieve strong, sustainable, balanced and inclusive growth.&nbsp;

Days after crypto-related suggestions and concerns were voiced by world leaders during the G20 Summit and the Global Fintech Fest 2023, Coinbase has decided to discontinue its services for all Policy Violators in India

Cryptocurrency Exchange Coinbase to discontinue services for Policy Violators in India

Days after crypto-related suggestions and concerns were voiced by world leaders during the G20 Summit and the Global Fintech Fest 2023, Coinbase has decided to discontinue its services for all Policy Violators in India

In a mail to those who have violated the Indian policies, US based cryptocurrency exchange Coinbase has said that it would discontinue its services, reported Gadget 360 Meanwhile, a TechCrunch report states that the company has also stopped new registrations from users in India.&nbsp;
"It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards. We will therefore be disabling these accounts and allow customers to update their information at a later date,&rdquo; a company spokesperson told TechCrunch.
The company had informed about the same to those users via an email. As per the email, the services would stop after September 25 and the company has advised its users to withdraw their funds from their accounts.
This comes as just days after crypto-related suggestions and concerns were voiced by world leaders during the G20 Summit as well as the Global Fintech Fest 2023.
Also Read: <a href="https://www.editorji.com/business-news/g20-summit-imf-s-gita-gopinath-unveils-new-framework-for-regulating-crypto-assets-1694412748591">G20 Summit: IMF's Gita Gopinath unveils new framework for regulating crypto assets</a>
Last year, Coinbase's founder Brain Armstrong had mentioned that users can invest in crypto via UPI. Following this, NPCI put out a formal statement noting that it was not aware of the fact that Indian crypto exchanges were allowed to use UPI as a means for deposits by customers. The NPCI also went to an extent of suspending UPI across all Cryptocurrency exchanges.
The government has been trying to regulate cryptocurrency trade in India. Finance Minister Nirmala Sitharaman had introduced a 30% tax on crypto profits along with 1% TDS on all transactions in February 2022, which became applicable from FY 2023

Gopinath stressed that while a common set of principles has been agreed upon, there is still work ahead to develop specific regulations 

 G20 Summit: IMF's Gita Gopinath unveils new framework for regulating crypto assets

Gopinath stressed that while a common set of principles has been agreed upon, there is still work ahead to develop specific regulations&nbsp;

India's G20 presidency has brought the International Monetary Fund (IMF) into a pivotal role in shaping global crypto asset regulation. In an exclusive interview with Business Today&rsquo;s Executive Director Rahul Kanwal, Gita Gopinath, the IMF's Deputy Managing Director, shared insights into this collaborative initiative.
Gopinath underscored the importance of this partnership, highlighting its broader implications beyond just regulations. It represents a comprehensive effort, with the Financial Stability Board and the IMF uniting for the first time to address crypto asset regulation holistically. The central goal is to identify policy actions that strike a balance between regulation and financial stability.
Regarding monetary concerns, a critical principle is to avoid recognizing crypto assets like Bitcoin as legal tender, as it could compromise a nation's monetary sovereignty. In terms of financial stability, the guidelines recommend licensing and registration for crypto asset issuers, emphasizing consistent treatment of similar activities and risks.
Gopinath made it clear that while a common set of principles has been established, specific regulations are still in development. Importantly, there is no global consensus to ban cryptocurrencies.
However, Gopinath expressed concerns about the divergent positions countries have taken on crypto asset policies. While acknowledging the need for tailored regulations, she stressed the overarching principles that most nations have agreed upon.
G20 leaders have signed a consensus declaration calling for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS). They have also urged the Global Forum on Transparency and Exchange of Information for Tax Purposes to establish a coordinated timeline for relevant jurisdictions to commence exchanges.
Regarding the timeline for implementing these principles into policies, Gopinath suggested that the crypto market will evolve away from its "Wild West" image, offering improved data and transparency. Differentiation in regulations will depend on whether crypto assets are used for speculative investments or payments.

In its synthesis paper, IMF and FSB has argued that giving legal status to crypto could expose government revenues to exchange rate risk

Crypto assets can't be a legal tender; ban on crypto-linked activities difficult: IMF-FSB paper

In its synthesis paper, IMF and FSB has argued that giving legal status to crypto could expose government revenues to exchange rate risk

In its synthesis paper IMF and Financial Stability Board (FSB) has said that crypto assets should not be granted official currency or legal tender status. However, the report has also said that a blanket ban on the activities linked to crypto assets could be costly and technically demanding to enforce.
The paper has argued that giving legal status to crypto could expose government revenues to exchange rate risk.
Also Read: <a href="https://www.editorji.com/business-news/g20-summit-talks-on-cryptocurrencies-multilateral-development-banks-reforms-on-agenda-1694067383556">G20 Summit: Talks on cryptocurrencies, multilateral development banks reforms on agenda</a>
The synthesis paper is expected to be taken for further discussions in the upcoming G20 Summit. The paper has also urged centrak banks to avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability.
IMF-FSB has said that though banning crypto assets is not easy, temporary restrictions should not substitute for robust macroeconomic policies. "Developing effective frameworks and policies is the best way to limit substitution into crypto assets," the report said.
The report has also suggested countries to guard against excessive capital flow volatility by taking steps such as clarifying the legal status of crypto assets. It also mentioned that emerging markets may face amplified macro-financial risks from crypto assets due to a less developed tax framework, large unbanked population, and larger cross-border transaction costs.

Federal Reserve decision on Wednesday is the next key catalyst, cryptos show signs of fundamental strength

White House blasts on cryptocurrencies; says 'have no fundamental value’

Federal Reserve decision on Wednesday is the next key catalyst, cryptos show signs of fundamental strength

In its latest economic report, the White House has made some scathing comments on digital assets. The report features an entire chapter which points out flaws in the crypto ecosystem as well as raises serious concerns.&nbsp; This report, which casts doubts on the merits of crypto assets, has the crypto industry outraged.&nbsp;
The report, looked at a number of claims from the crypto industry, ranging from cryptocurrencies' role as investment vehicles and payment tools to its potential use in payment infrastructure, saying that "many of them do not have a fundamental value".&nbsp;
It also includes various disasters in the crypto sector, including last year's TerraUSD collapse, BitConnect and FTX, which were cited as examples of how everyday Americans were harmed.
Report comes amid growing industry concern that federal regulators are looking to de-bank crypto companies, though state and federal regulators have thus far denied these claims. Still, the tone of the report is unlikely to assuage these concerns. Meanwhile, most cryptocurrencies have gained momentum in the recent days with Bitcoin's price hovering above the $28,000 level for the first time since June 2022. The largest digital coin has gained roughly 25% since March 8, when signs first emerged of trouble around Silicon Valley Bank (SVB), which has since folded and ignited turmoil among other lenders.&nbsp;

Crypto trading and all related financial services will now come under the PMLA (Prevention of money laundering act). This is as per a notification issued by the finance ministry. 

Crypto transactions brought under money laundering law 

Crypto trading and all related financial services will now come under the PMLA (Prevention of money laundering act). This is as per a notification issued by the finance ministry.&nbsp;

The government has imposed anti-money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets.
In a gazette notification, the Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services.
After this, Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India
The move is in line with the global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers.
Digital currency and assets like NFTs (non-fungible tokens) have gained traction globally over the last couple of years. Trading in these assets has increased manifold with cryptocurrency exchanges being launched. However, India till last year, did not have a clear policy on either regulating or taxing such asset classes.
The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets, and participation in and provision of financial services related to an issuer's offer and sale of a virtual digital asset" will be now be covered by Prevention of Money-laundering Act, 2002.
Virtual digital assets were defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value.
Last month, Finance Minister Nirmala Sitharaman told Parliament that India was discussing with the G-20 member countries the need to develop a standard operating protocol for regulating crypto assets.
She had said crypto assets and Web3 are relatively new and evolving sectors and require significant international collaboration for any specific legislation on these sectors to be fully effective.
Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only with significant international collaboration on the evaluation of the risks and benefits and evolution of common taxonomy and standards.
In the Budget for 2022-23, she had brought a 30 per cent tax on income from transactions in such assets. Also, to bring such assets under the tax net, she introduced a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. Gifts in crypto and digital assets were also taxed.

Other cryptocurrencies are also in the green, with Ethereum (ETH) topping the $1,400 level 

Bitcoin jumps above $18,000 amid cryptocurrency winter 

Other cryptocurrencies are also in the green, with Ethereum (ETH) topping the $1,400 level&nbsp;

After facing plenty of setbacks in 2022, Bitcoin on Thursday surged to its highest price in nearly a month.&nbsp;
According to reports, this spike came on the back of expectations that inflation is cooling and the Federal Reserve will slow the pace of interest-rate hikes.&nbsp;&nbsp;
The second most popular token, ethereum also gained about 5% to $1,401. Meanwhile, dogecoin was also trading over 5% higher at $0.08.&nbsp;
The surge in crypto prices also comes after failed Crypto exchange FTX managed to recover more than $5 billion in different assets.
Bitcoin is down about 74% from its November 2021 all-time high of $68,990.
Overall, the global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up over 4% in the last 24 hours to $926 billion, as per the data by CoinGecko.&nbsp;

In Budget 2022, the govt took a conservative stand on taxation by announcing flat 30% on income from digital virtual assets or crypto

Crypto tax impact: Crypto trade in India takes big hit

Crypto exchange trade in India down by ₹32k cr since...

Crypto crisis in India 

In Budget 2022, the govt announced a 30% tax on income from digital virtual assets or crypto. Since then, cryptos worth 32,000 crore has been moved from Indian to foreign crypto exchanges.

It has been over a year since the Indian government announced a 30 per cent tax on the income from crypto assets and one per cent tax deduction, but the real repercussions are being seen now.
According to reports, cumulative trade volume worth Rs 32,000 crore has shifted from Indian crypto exchanges to foreign ones between February to October.&nbsp;
In February and March 2022, domestic centralised crypto exchanges lost 15 per cent of their total trading volumes. Between April and June, they lost another 14 per cent, and 81 per cent of all trading volume was lost between July and October.&nbsp;
Apart from India, the crypto market saw a massive sell-off in 2022. The total market cap has fallen from over $2 trillion at the end of 2021 to $819 billion. Several exchanges, including FTX, have filed for bankruptcy. The price of Bitcoin, the largest crypto token by market cap, has fallen over 70 per cent since its peak in November 2021.&nbsp;

Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

Ex-crypto boss Bankman-Fried pleads not guilty to fraud

Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

FTX co-founder Sam Bankman-Fried pleaded not guilty Tuesday to US criminal fraud charges over the spectacular collapse of his crypto exchange.
The 30-year-old former digital currency billionaire, who is out on bail, entered the plea in federal court in Manhattan before New York judge Lewis Kaplan.
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
The United States has charged Bankman-Fried with conspiracy, wire fraud, money laundering and election finance violations.

Ethereum and Bitcoin have underlying platforms that are being used to build other web3 applications

Year ender 2022: these coins are the most held cryptos in India

These crypto coins are the most held cryptos in India

2022: Most held cryptos in India

Ethereum and Bitcoin have underlying platforms that are being used to build other web3 applications

Despite having one of the worst years for cryptocurrencies, Indian investors avoided panic selling.&nbsp;
According to a report by crypto exchange CoinSwitch, which claims to have over 19 million users said&nbsp;Bitcoin was the most held crypto asset, with 12% of users opting to invest in the world&rsquo;s most valuable crypto asset. This was followed by Dogecoin, Ethereum and Shiba Inu, which saw investments from 11.54%, 9.43% and 6.92% users, respectively.
The CoinSwitch report also said that investors in the age group of 18-25 years, which includes GenZ population, accounted for the highest (45%) crypto investments, while 34% of the investors were millennials in the age group of 26-35 in India.

Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds

FTX founder Sam Bankman-Fried arrested in Bahamas

Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds

Disgraced cryptocurrency tycoon Sam Bankman-Fried was arrested Monday in the Bahamas at the request of the United States, according to US officials seeking to charge him after the spectacular collapse of his FTX platform.
The arrest comes on the eve of Bankman-Fried's scheduled appearance at a US Congress hearing in which he was to testify under oath about the crypto exchange's overnight demise.
The 30-year-old had in recent weeks defied legal advice and multiplied media appearances offering his version of his company's sudden failure, usually by video link from the Bahamas where his company is headquartered.
Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds.

As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried's downfall sends shockwaves through crypto world

The downfall of Sam Bankman-Fried

As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the saviour of crypto, the newest force in Democratic politics and potentially the world&rsquo;s first trillionaire.
Now the comments about the 30-year-old Bankman-Fried aren&rsquo;t so kind after FTX filed for bankruptcy protection, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges. Bankman-Fried founded FTX in 2019, and it grew rapidly &mdash; it was recently valued at $32 billion. The son of Stanford University professors, who was known to play the video game &ldquo;League of Legends&rdquo; during meetings, Bankman-Fried attracted investments from the highest echelons of Silicon Valley.
Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. The investigations likely center on the possibility that the firm may have used customers&rsquo; deposits to fund bets at Bankman-Fried&rsquo;s hedge fund, Alameda Research, a violation of U.S. securities law.

Cryptocurrency is a new challenge against terrorism: Home Minister Amit Shah

Amit Shah on Cryptocurrency & terrorism

Terrorists are constantly finding new ways to carry out violence, radicalise youth and raise financial resources, shah said.

At a time when crypto market is already facing crisis with the total market capitalization of digital assets has fallen this month below $800 billion, a level not seen since early 2021, Union Minister is warning an increase in the use of virtual assets like cryptocurrency.&nbsp;
"Additionally, there is an increase in the use of virtual assets like cryptocurrency. We need to understand the patterns of these darknet activities and find their solutions," Shah said.
The Home Minister was addressing the third 'No Money for Terror' Ministerial Conference and stressed on the need to build efficient operational systems against virtual asset channels. He said that despite fortifying the security architecture and financial systems, the terror groups are still successful in radicalizing youth and also raising funding for it.
Asserting that terrorism is, undoubtedly, the most serious threat to global peace and security, he said, "But I believe that financing of terrorism is more dangerous than terrorism itself because the 'means and methods' of terrorism are nurtured from such funding." "Furthermore, the financing of terrorism weakens the economy of countries of the world," he said addressing delegates at the conference hosted by the Ministry of Home Affairs here.

Price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021

Three out of four bitcoin investors have lost money: study

Is Bitcoin Mania Over? 

Price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021

Roughly three-quarters of people who have bought bitcoin have lost money according to a study published as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence.
Economists at the Bank of International Settlements, an institution widely considered as the central banks of central banks, analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.
"Overall, back of the envelope calculations suggest that around three-quarters of users have lost money on their bitcoin investments," they said in their study.
During the period studied, the price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021. It is now trading at around $16,500.
The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period.

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market

Collapsed Crypto exchange FTX owes $3.1bn to its 50 top creditors

Collapsed Crypto exchange FTX owes $3.1bn to its creditors

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market

Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.
The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.
FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.
The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses.

Leading cryptocurrency exchange Binance's CEO Changpeng Zhao invested $500 million in Elon Musk's Twitter 

Twitter could face crypto makeover, billionaire investor hints

Will Musk's Twitter face crypto makeover? 

Leading cryptocurrency exchange Binance's CEO Changpeng Zhao invested $500 million in Elon Musk's Twitter&nbsp;

The love between Elon Musk and Twitter has never been behind the curtains. According to the latest report, Social media platform Twitter could become much more entwined with cryptocurrencies and blockchain in the future.
Changpeng Zhao, who owns crypto firm Binance and put $500 million into the twitter's takeover by the world's richest man, gave his first hint that he would not be a completely silent investor.
"Let's give Elon some time to get adjusted," Zhao told a press conference at the Web Summit tech conference in Lisbon, before adding that he was there to help Twitter in any future crypto-related moves.

3,000,000,000,000 that's the marketcap of global cryptocurrency trade. As India looks to regulate the booming crypto trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:
United StatesCryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as ‘commodities’ and taxed as ‘property’ by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act 
The European UnionEU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing. 
ChinaThe Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South KoreaIn South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

Crypto Bill: A look at how the world is regulating cryptocurrencies 

Crypto legal limbo: A look at how the world is regulating cryptocurrencies through the craze and collapse

Crypto legal limbo

A look at cryptocurrency regulations in major economies and groupings and see how India may compare.

Crypto and its cryptic legal stance in India continues, the FM has made it clear that banning digital token is not feasible without international collaboration. But how is the world over managing the crypto craze and now the collapse -:
United States Cryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act&nbsp;
Also read/watch| <a title="FM explains why a complete crypto ban is not possible" href="https://www.editorji.com/business-news/cryptocurrency/fm-explains-why-a-complete-crypto-ban-is-not-possible-1658134695654">FM explains why a complete crypto ban is not possible</a>
The European Union EU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing.&nbsp;
China The Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South Korea In South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

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