CRYPTO ROUT
Big drug hauls in Punjab; nationally, seizures up 160% in a decade
Seizure of drugs by the Narcotics Control Bureau (NCB) across all states have gone up by 160% between 2014 and December 2023 when compared to 2006-2013, according to home ministry data. NCB has registered 210% more drug-related cases during the same period. In Punjab, which goes to polls on June 1, drones have been recovered and drugs seized, making it among one of the top states as far as drug seizures are concerned.
Indian crypto investors take illegal routes to avoid tax burdern
Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.
Is Japanese Yen a canary in the coalmine? What it means for Bitcoin
The crisis facing the yen stems from a confluence of factors that have pushed the Bank of Japan into an economic policy corner. With a debt-to-GDP ratio of over 260%, among the highest in the world, Japan has been effectively locked into keeping interest rates at ultra-low levels, near zero, for years.
Robinhood Crypto gets Wells notice from US SEC
The company said it received a so-called "Wells notice," which the SEC issues when it is planning to bring enforcement action against them. Such notices do not necessarily mean the company has engaged in wrongdoing.
Gurgaon businessman withdraws Rs 6 crore through 141 bank accounts, arrested
A Gurgaon businessman was arrested for siphoning Rs 6.1 crore from a software company's account. Alleged mastermind Harmeet Singh Malik was intercepted at Mumbai airport while trying to flee to Dubai. The operation involved multiple accomplices, with funds routed through various bank accounts and cryptocurrency transactions. Six arrests have been made, while two suspects remain at large.
Crypto Gems: Top crypto assets to watch & buy in April 2024
Ethereum, Solana and other top altcoins have registered considerable gains but are still off their all-time highs of 2021 whereas Bitcoin has registered new highs this year.
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Passive Income: Best passive income streams in crypto and how to invest money.
Passive income opportunities in the crypto market abound with various methods like staking, airdrops, and liquidity provision. Explore different tokens like Dogecoin20, Green Bitcoin, Smog Token, eTukTuk, and Jupiter Perpetuals for potential earnings.
Bitcoin halving driving crypto volatility: 5 tokens to monitor before the BTC rewards cut
Bitcoin halving spurs crypto volatility, driving the top cryptocurrency to new highs. Traders prepare by monitoring tokens like Green Bitcoin, Dogecoin20, Smog Token, Sponge Token, and Theta Network, each offering unique features for potential gains.
Crypto bourses block fishy coin withdrawals
The power to freely withdraw coins from investors' registered wallets with exchanges can be misused in different ways.
Top AI crypto: These newly emerging AI tokens packed with AI technology are primed for 2024 growth
OpenAI's release of Sora has sparked interest in emerging AI tokens like Scotty the AI, eTukTuk, and Nosana. Alongside heavyweight giants Fetch.ai and SingularityNET, these projects offer AI-powered solutions and growth potential for 2024. Scotty the AI, eTukTuk, and Nosana provide unique features, while Artificial Liquid Intelligence (ALI) and Delysium contribute to the AI token market with their innovative ecosystems.
Bitcoin & global money flows: Hidden routes of the globe’s growing economies
Despite the interconnected nature of today’s transnational economies, each locality is powered by unique infrastructure, much of which doesn’t play well with others.
Bitcoin market cap back above $1 trillion in broad crypto rally
Bitcoin's 21% year-to-date gain pushed its market capitalization above $1 trillion for the first time since December 2021, data from CoinGecko show. Ether rose 4.1% in London on Wednesday, and altcoins like Avalanche, Polkadot and Polygon also climbed.
Top 5 crypto to buy now as SOL, BTC & ETH prices pump during 2024
In the 2024 cryptocurrency market, OG Army, Smog, Sponge V2, Meme Kombat, and Bitcoin Minetrex are the top cryptos to buy. OG Army harmonizes investments with ape conservation. Smog surprises the crypto community with airdrop events. Sponge V2 offers stability and growth in the digital finance space. Meme Kombat merges cryptocurrency and viral content.
Rich face crypto dilemma: To bet or not via foreign route
Unlike direct purchase of cryptos, investing in an ETF is subscribing to units or securities issued by a regulated fund --- a feature that most think is a kosher trade. However, some of the Indian banks refuse to remit funds overseas if the money is invested in cryptos or offshore funds and pooled vehicles that invest in cryptos and track the prices of bitcoin and other digital currencies.
Direct tax: Budget expectations from startups, crypto industry
Start-ups have experienced a funding winter lately. Tax benefits may provide a necessary fillip to the industry. The crypto industry has been highlighting the impact that the one percent withholding tax on crypto gains has had on diversion of user traffic to foreign platforms.
Byju’s seeks lifeline, valuation crashes 99%
Edtech major Byju’s beset with internal and external challenges rolled out a rights issue to raise up to $200 million. In its desperate attempt to raise much-needed capital, it's ready to take a 99% cut in valuation. This and more in today’s ETtech Top 5.
Who's afraid of cryptocurrency?
The US Securities and Exchange Commission (SEC) has approved 11 exchange-traded funds (ETFs) on the spot price of bitcoin. While many hoped India would follow suit, the Reserve Bank of India (RBI) has maintained its stance that cryptocurrencies have no intrinsic value. The RBI's view is limited to cryptocurrencies as a currency, not the blockchain technology behind them. The issue of currency in a nation-state is a state function, conducted through the central bank. It is unlikely that India's current position on crypto will change soon.
How can Indians invest in Bitcoin ETFs in the US? BitBNS' Gaurav Dahake answers
Indian investors can now buy crypto ETFs by depositing INR in Indian exchanges or through the Liberalised Remittance Scheme (LRS) route. The LRS route allows investors to send up to $250,000 per year to a US brokerage account and take exposure to the ETF. However, using the LRS route may incur a 20% TCS on remittances above 7 lakhs.Trading on Indian exchanges does not have a TCS angle but involves a 1% TDS on selling and a 30% tax on profits. Investors can allocate around 10% or less to crypto ETFs and accumulate assets systematically.
India blocks global crypto sites Binance, Kucoin, OKX, others over laundering fears
India blocked access to foreign cryptocurrency exchanges like Binance, Kucoin, and OKX, as well as virtual digital asset service providers. The Android versions of these apps are also expected to be removed.
Bitcoin ETF approval: Can Indians also invest?
Like any investment, Bitcoin ETFs come with their own set of pros and cons. However, one notable advantage is that investors can gain exposure to Bitcoin through regulated entities, alleviating concerns about cryptocurrency storage.
Cobranded credit card rush; threat of complete ban on offshore crypto apps
Happy Friday! Banks are pushing the pedal on their cobranded credit card strategy as they gain traction through large consumer facing internet companies. This and more in today’s ETtech Morning Dispatch
Crypto mania can have Tulip mania-like outcome, warns RBI after SEC approves Bitcoin ETF
Paving the way for inflow of billions of dollars in cryptocurrency, the US has approved 11 Bitcoin spot ETFs. For Indian investors, the Bitcoin ETF will provide an opportunity to include crypto in their portfolio via the LRS route.
Asian consumers could soon be paying with stablecoins
Hong Kong put out a proposal last week to license stablecoins. Singapore has already announced similar intentions. It’s very likely that before the end of 2024, the two financial centers will have come up with rules that US lawmakers have failed to adopt after three years of efforts.
FIU issues notice to Binance, 8 other offshore crypto platforms, writes to MeitY for blocking of URLs
The FIU has also written to the Ministry of Electronics and Information Technology to block the URLs of these nine entities including Binance that are operating illegally without complying with the provisions of the PML Act in India.
This NYU student owns a $6 million crypto mine
Yu, a 23-year-old student at New York University, has also become - quite unintentionally - a case study in how Chinese nationals can move money from China to the United States without drawing the attention of authorities in either country. The Texas facility, a large computing center, was not purchased with dollars. Instead, it was bought with cryptocurrency, which offers anonymity, with the transaction routed through an offshore exchange, preventing anyone from knowing the origin of the financing.
Bitcoin brings $40,000 into view after more than doubling in a chaotic year
MicroStrategy Inc., the largest publicly-traded corporate holder of Bitcoin, last month bought $593 million more of the token, taking its pile to roughly $6.5 billion. Michael Novogratz, founder of Galaxy Digital Holdings Ltd., on Wednesday said Bitcoin a year from now may reach its 2021 peak of almost $69,000.
Crypto Price Today: Bitcoin rises above $34,600; Dogecoin, Shiba Inu jump over 6%
In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $675 billion. Bitcoin's dominance is currently 53.24%, according to CoinMarketCap. BTC volume in the last 24 hours declined 27.1% to $24.14 billion.
JPMorgan sees ‘limited downside’ for crypto near term after bitcoin’s recent rout
Bitcoin, the largest crypto token, was down 0.2% at around $25,980 as of 11:30 a.m. in New York on Friday. In the past two weeks, it has fallen almost 12% after trading sideways for about a month.
SVB collapse a sign of pain coming from end of easy-cash era
Risks were brought to the fore last week as US tech specialist Silicon Valley Bank was shut by California banking regulators on Friday, sparking a rout in bank stocks.
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