Tag: dogecoin

BTC, ETH Retain Losses for Second Day in Row, Majority Altcoins Record Dips

Most cryptocurrencies, for the second day in a row, reflected losses on the price charts on Friday, February 10. Bitcoin value dipped by around 2.70 percent on both, Indian exchanges such as CoinSwitch Kuber, as well as international ones like Binance and CoinMarketCap among others. The price of the oldest crypto currency is hovering over the point of $21,869 (roughly Rs. 18 lakh). In the last 24 hours, BTC slipped price-wise by $641 (roughly Rs. 52,954), marking a significant decline.

Ether witnessed even greater losses than Bitcoin on Friday. The second-most expensive cryptocurrency tumbled by 4.14 percent to trade at $1,545 (roughly Rs. 1.27 lakh), showed the crypto price tracker by Gadgets 360. For ETH, the last 24 hours have seen its price to fall by $71 (roughly Rs. 5,865).

“After a good run over the past few weeks, the markets were jittery over the past 24 hours. It was an expected movement, considering the macroeconomic disaster surrounding Turkey. We can expect the crypto market to remain volatile over the coming couple of days. And this is why trading crypto is not an ideal strategy for the retail participants,” Edul Patel, the CEO and co-founder of Mudrex crypto investment firm told Gadgets 360.

Most cryptocurrencies have been impacted by losses that struck BTC and ETH.

Stablecoins such as Tether, USD Coin, and Binance USD alongside memecoins such as Dogecoin and Shiba Inu — all have recorded losses.

Other popular cryptocurrencies including Solana, Polkadot, Litecion, Tron, Avalanche, and Uniswap — also settled with value dips.

Meanwhile, some cryptocurrencies did see profits, small but significant.

These include Polygon, Chainlink, Leo, EOS Coin, Neo Coin, and NEM.

The overall crypto market cap dropped by 3.66 percent in the last 24 hours to see its valuation at $1.02 trillion (roughly Rs. 1,01,555 crore) as per CoinMarketCap.

“Macro conditions remain murky with strong US job numbers suggesting that the economy is still operating close to capacity and reversal in inflation trajectory might not yet be confirmed. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index, was down 2.48 percent in the past seven days. The Index value stood at Rs. 2,858.93 at 8 AM, February 10, 2023,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Samsung’s Galaxy S23 series of smartphones was launched earlier this week and the South Korean firm’s high-end handsets have seen a few upgrades across all three models. What about the increase in pricing? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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BTC, ETH Open Trading in Narrow Range on India’s Union Budget Announcement Day

Most of the popular cryptocurrencies opened trading with profits on Wednesday, February 1, the same day India is set to get its Union Budget for the fiscal year of 2023-2024. Bitcoin, with a small gain of 1.36 percent, is currently priced $23,129 (roughly Rs. 18.9 lakh). The oldest cryptocurrency also maintained a similar price point on international exchanges such as Binance and Coinbase. It is noteworthy, that Bitcoin has retained its value above the mark of $23,000 (roughly Rs. 18 lakh) for the second consecutive week.

Ether grew in value by 1.01 percent as it stepped into the trade zone on Wednesday. The price of the crypto asset stood at $1,583 (roughly Rs. 1.29 lakh) at the time of writing, showed the crypto price tracker by Gadgets 360.

“BTC has barely gained profits in the past seven days. ETH did rebound from its earlier lows, and its next resistance would be at the price point of $1,600 (1.30 lakh) level. Both of these top two cryptocurrencies today, continued to trade in a narrow range as investors await the US Federal Reserve’s decision and India’s Union Budget,” Edul Patel, CEO and Co-founder of crypto investment platform Mudrex told Gadgets 360.

Cardano, Polygon, Polkadot, and Litecoin reeled-in profits alongside meme coins Shiba Inu and Dogecoin.

Small gains also added to the prices of Avalanche, Uniswap, Cosmos, Leo, Monero, and Bitcoin Cash.

Meanwhile, a very small number of altcoins were struck with losses on Wednesday.

These include Binance Coin, Solana, Tron, Chainlink, Stellar, and Near Protocol.

Overall, the global crypto market cap rose by 1.01 percent in the last 24 hours. As per CoinMarketCap, the crypto sector valuation currently stands at $1.05 trillion (roughly Rs. 86,10,932 crore).

Despite the volatility element associated with crypto experimentations, people from around the world are getting drawn to this class of digital assets as instruments of investments.

Industry experts have time and again said that as more nations bring in laws to govern the crypto sector, its fluctuating nature will subside and crypto assets would become safer to invest in.

India, that taxes all profits churned out of crypto trading by 30 percent, is taking gradual steps into the cryptosphere.

Sector insiders have urged India’s finance ministry to lower the tax bracket around crypto and make conditions favourable for people to establish rypto-related ecosystems in the nation.

“Last year, the government’s taxation norms effectively protected investors’ funds and exchanges. The crypto industry in India is now looking forward to a more progressive taxation system in the upcoming Union Budget. Classifying cryptocurrencies as an asset class, similar to other assets, and allowing offsetting gains against losses would encourage more retail and institutional participation. The current 1 percent TDS on every transaction might discourage the adoption of cryptocurrencies. It could be a great move for the government to address these issues,” Patel from Mudrex noted.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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India Should Consider Lowering TDS Rate on Cryptocurrency Trade to Stem Flight of Capital, Users: Report

India should consider lowering the 1 percent TDS on cryptocurrency trade as a high rate is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market, a report said on Tuesday.

The ‘Impact Assessment of 1 percent TDS on VDAs’ report by Chase India and Indus Law said the crypto platforms/exchanges must also perform customer due diligence which can help uncover any potential future risk.

“The existing 1 percent TDS on crypto trade, combined with the absence of comprehensive regulations, is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market,” it said.

The government, from April 1 last year, has brought in a 30 percent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Tether and Dogecoin.

Also, to keep a tab on the money trail, a 1 percent TDS has been brought in on payments over Rs. 10,000 towards virtual digital currencies.

“The purpose of the TDS is to establish a trail of crypto transactions, and the same can be achieved by a lower TDS rate. A nominal TDS rate would also support tracking and tracing of transactions, thus aiding in tax collections if Indian investors continued to trade from Indian KYC-enabled platforms,” said the report, which came days before the 2023-24 Union Budget slated on February 1.

It also suggested that for the purpose of safety and oversight, the government must ask all crypto exchanges/platforms to conduct a detailed e-KYC authentication on all investors/traders in line with the Aadhaar rules.

In the joint report, Chase India and Indus Law also said that many exchanges have not been following the said TDS rules despite coming under the legal purview and mandate of conducting business under other Indian laws and regulations.

Many exchanges have been found to exempt this in their business practice with unauthorised discretion. This loophole has thus led to a systemic ‘grey market’ scenario of such exchanges-cum-companies from the fence of taxation, it said.

In its recommendation, the study said: “Every exchange/platform must provide and should be mandated for the submission of transaction records to the tax regulatory authority. This would help the tax authorities (CBDT) create a directory of ‘valid’ exchanges who are following the TDS norm.” The government, in a reply to Parliament, had last month said that it has collected more than Rs 60 crore as TDS for transactions in VDAs.

“In the absence of certain exchanges contributing to the tax clause, the government will miss out on a potential revenue system generated through these trade channels,” the report said.

Chase India spokesperson said: “A Self-Regulatory Organisation (SRO) can be considered to fill the regulatory gaps. It would encourage compliance, protect customer interest, and promote ethical and professional standards amongst the exchanges.” Indus Law spokesperson said, “Stringent TDS provisions are leading to non-tax compliant exchanges being used to avoid tax. Such off the radar transactions may itself be a breeding ground for financial crimes and for other criminal activities.”

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BTC Opens at $16,570, ETH Joins Stablecoins in Recording Losses: First Monday of 2023

The first Monday of 2023 did not open with quite the sparkle for the crypto market. Bitcoin, on January 2, barely grew with a 0.13 percent gain. At the time of writing, BTC values hovered around the price point of $16,570 (roughly Rs. 13.7 lakh). The first ever cryptocurrency to have ever existed maintained values around the similar price point on both, national as well as international exchanges. The reason why BTC, along with a big bunch of altcoins, opened with losses today is because traders put a halt stamp on their activities during the holiday season.

“The price is attempting to move above the resistance at $16,600 (roughly Rs. 13.7 lakh). If buyers are able to maintain their momentum, the price of Bitcoin may rise above $16,700 (roughly Rs. 13.8 lakh) in the coming week,” Edul Patel, CEO and co-founder of Mudrex told Gadgets 360.

Ether reeled-in a loss of 0.05 percent on Monday, showed the crypto price tracker by Gadgets 360. ETH is currently trading at $1,195 (roughly Rs. 98,855), which is just a dollar short of what it was priced on December 30. Over the weekend, ETH failed to show any notable price changes.

“If Ethereum can close above the $1,200 (roughly Rs. 99,215) level, the next resistance level would be at $1,220 (roughly Rs. 1 lakh). For bulls to regain control, they will need to push the price above the $1,300 (roughly Rs. 1.07 lakh) level,” Patel noted.

Stablecoins such as Tether, USD Coin, Binance USD, and Ripple registered losses.

Both meme coins, Shiba Inu and Dogecoin also opened the new year with small but significant price dips.

Solana has been hit by dips, which intensified during the last week of 2022. At this point, SOL is trading at $9.97 (roughly Rs. 845).

In the last week of December, DeGods and Y00ts — the top two NFT projects based on the Solana blockchain, respectively migrated to the Ethereum and Polygon blockchains. The developers behind these projects said they did not see an impressive growth rate on Solana.

Meanwhile, Cardano, Polygon, Polkadot, and Litecoin emerged on the profit-making side of the crypto price chart.

Uniswap, Chainlink, Cosmos, Monero, and Stellar also reeled-in small gains.

On the first Monday of 2023, the overall crypto market grew by 0.60 percent, as per CoinMarketCap.

The current crypto market valuation stands at $798 billion (roughly Rs. 66,02,268 crore).

Web3 analysts and industry experts have predicted that the year of 2023 will turn out to be profitable for the NFT and metaverse sectors.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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BTC, ETH See Miniscule Profits, Losses Strike Stablecoins Tether, USD Coin

Bitcoin on Friday, December 30, opened trading with a small profit of 0.08 percent. At the time of writing, BTC prices on national and international exchanges, stand at $16,585 (roughly Rs. 13.7 lakhs). From its last all-time high of $68,000 recorded last November, the year of 2022 pushed Bitcoin down the price ladder very drastically. Now, on the second last day of the year 2022, BTC has marked a significantly low value. The crypto price charts reflected reds next to greens as crypto prices fluctuated big time for most coins.

Ether saw a minor gain of 0.79 percent as it stepped into the trade arena. ETH, as per Gadgets 360’s crypto price tracker, is currently priced $1,196 (roughly Rs. 99,020).

Like BTC, ETH also stooped dramatically low in terms of its value this year. Its last recorded all-time-high in November 2021, stood at around $4,890 (roughly Rs. 4.04 lakh).

Binance Coin, Polkadot, Litecoin, Uniswap, and Solana joined BTC and ETH in reeling-in minor gains.

Cosmos, Stellar, and Bitcoin SV also settled with small profits.

Both meme coins, Shiba Inu and Dogecoin also saw minor price hikes on the second-last day of 2022. While DOGE is priced $0.070 (roughly Rs. 5.80), SHIB price stands at $0.0000081 (roughly Rs. 0.000670).

It is noteworthy that, stablecoins pegged against the US dollar opened trade with losses today. These include Tether, USD Coin, Ripple, and Binance USD.

Other popular altcoins like Cardano, Polygon, Tron, Avalanche, and Wrapped Bitcoin also recorded price slashes.

The overall crypto market rose by 0.09 percent in the last 24 hours. As per CoinMarketCap, the global crypto market cap stands at $795.8 billion (roughly Rs. 65,87,835 crore).

Despite the ongoing crypto slump, industry players have not lost all hope.

Huobi crypto exchange for instance, has revealed its plans of soon bringing a card service, that would make fiat-to-crypto transactions efficient and just a tap away.

On the other hand, KuCoin Labs, the incubation arm of KuCoin crypto exchange has announced a special programme to help blockchain builders to create products and services in the metaverse, NFT, and the Gamefi sectors.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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BTC, ETH Show No Price Improvements Despite Most Altcoins Seeing Gains

The top two cryptocurrencies, Bitcoin and Ether, have not been able to show any significant price improvements, at least for over a week. Bitcoin on Friday slipped minorly by 0.09 percent to open trade at $16,823 (roughly Rs. 13.9 lakh). The first ever cryptocurrency, followed a similar market movement on international exchanges such as Binance, Coinbase, and CoinMarketCap to trade at the same price point. In the last 24 hours, BTC values have dipped by $30 (roughly Rs. 2,484) from its last day’s price point of $16,853 (roughly Rs. 13.9 lakh).

Ether, unlike Bitcoin opened with small gains. At the time of writing, ETH was trading at $1,221 (roughly Rs. 1.01 lakh) with a mini profit of 0.75 percent, as per Gadgets 360’s crypto price tracker.

Overall, the crypto price charts reflected more greens than reds today.

Among profit-minting tokens, USD Coin, Binance USD, Ripple, Cardano, Polygon, and Polkadot — made a mark.

Dogecoin and Shiba Inu also saw gains of 5.57 percent and 0.71 percent respectively.

The global crypto market grew by 0.21 percent in the last 24 hours.

As per CoinMarketCap, the global crypto market valuation stands at $812.52 billion (roughly Rs. 67,28,912 crore).

“The main reason behind the market’s weakness is the commentary coming in from both the Fed and the ECB, with suggestions that inflation has become more ‘entrenched’ in the economy and would require sustained periods of higher interest rates to be dispelled. This is bearish for ‘risk-on’ assets in general, and global equities continued to sink during the week,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Today, Tether, Binance Coin, Solana, Wrapped Bitcoin, Monero, and Bitcoin Cash, opened with losses.

Experts have also pointed out that the risks continue to hover over the financial markets amid Ukraine’s worsening war situation being the biggest threat to commodity and energy supply chains as well as a surge in COVID-19 cases in China, adding more uncertainties.

“In the altcoin universe, Binance’s BNB token continued to be under selling pressure (down 8 percent) as rumour mills continued to shill the idea of massive withdrawals from the platform. Another major drawdown was witnessed in Filecoin (FIL), which was down 30 percent as massive short positions were built in the token. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 6.3 percent in the past seven days,”’ Chaturvedi added.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Prices Dip as Shiba Inu, Stablecoins Record Profits

Bitcoin registered a loss of 1.50 percent on national and international exchanges on Friday, and the oldest cryptocurrency was trading at the price point of $17,406 (roughly Rs. 14.4 lakh). BTC, in the last 24 hours, has effectively lost up to $328 (roughly Rs. 27,168) to trade at current prices. The cryptocurrency, so far in the last two months, has not been managed to trade above the level of $18,000 (roughly Rs. 14.90 lakh). More losses than gains were recorded on the crypto price charts, as the market opened for trade amid fluctuations on Friday.

Ether moved in alignment with Bitcoin and met with price dips. With a loss of 1.50 percent, ETH is trading at $1,270 (roughly Rs. 1.05 lakh), as per the crypto price tracker by Gadgets 360.

Most altcoins recorded minor price dips on Friday. These include Binance Coin, Cardano, Polygon, Litecoin, Solana, Tron, Uniswap, and Avalanche.

Interestingly, Shiba Inu minted profits and surpassed its rival Dogecoin that saw its price fall.

Shiba Inu was joined by a several stablecoins on the profit-making side of the crypto price charts. Tether, USD Coin, and Binance USD reeled in gains on Friday.

Polkadot, Monero, Bitcoin SV, Zcash, and Neo Coin also bagged small but significant profits.

“Binance’s BNB token came under selling pressure (down 7 percent) as rumour mills continued to shill the idea of massive withdrawals from the platform. Meanwhile, OkX’s OKB token was a gainer in Binance’s loss (up 9 percent), as it’s one of the few remaining large crypto exchanges. One of the top gainers for the week was Telegram’s TON (up ~30 percent last week) after their founder announced plans to launch a wallet and DEX,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market fell by 1.30 percent in the last 24 hours. At present, the total market valuation stands at $850 billion as per CoinMarketCap.

“Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 2.1 percent in the past seven days. The Index value stood at Rs. 2,363.51 at 8 AM, December 16, 2022. BTC and ETH continue to be the top assets by market capitalisation,” Chaturvedi noted.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Record Losses as Overall Crypto Market Valuation Slips by 1.12 Percent

One day after majority cryptocurrencies recorded profits and the crypto market valuation rose by over three percent, the price charts for cryptocurrencies was hit by volatility once again. Bitcoin on Thursday, opened with a loss of nearly one percent. At the time of writing, BTC was trading at $17,716 (roughly Rs. 14.6 lakh). The world’s most popular cryptocurrency also saw tiny price dips on international exchanges. As per Binance and CoinMarketCap, BTC is trading at the price point of $17,734 (roughly Rs. 14.4 lakh).

Ether recorded slightly bigger losses than Bitcoin. With a drop of 2.35 percent, ETH is now trading at $1,291 (roughly Rs. 1.06 lakh), showed the crypto price tracker by Gadgets 360.

Along with altcoins, stablecoins pegged against the US dollar also settled with losses.

Tether, USD Coin, Binance Coin, Ripple, Cardano, Polygon, Polkadot, and Litecoin — all witnessed price dips.

Dogecoin and Shiba Inu also broke out of their gain-spell to see their value fall on Thursday.

The overall crypto market valuation slipped by 1.12 percent in the last 24 hours. The current crypto market cap stands at $861.07 billion, as per CoinMarketCap.

These include Solana, Tron, Zcash, and Flex.

After the collapse of crypto exchange FTX exchange, a large part of the global investor community has pulled back from the crypto sector.

A recent report, the Organisation for Economic Cooperation and Development (OECD) explains why the crypto market cap has not managed to show any recovery. The OECD has said that institutional investors were quicker to leave the crypto market amid the slump, as compared to retail investors.

Last year around the holiday season in December, the crypto market recorded profits as more people indulged in gifting crypto presents, especially in the US. This year, the holiday spirit has not yet managed to achieve the same effect on the crypto sector.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Record Dips on Black Friday Despite Positive Mid-Week Spell

Bitcoin’s price has fared better over the past few days but hasn’t quite managed to break past the psychologically important $17,000 (roughly Rs. 13.8 lakh) level, even though the wider market appears to have turned a corner after the collapse of FTX. As things stand, Bitcoin is down by close to 1.8 percent in the last 24 hours with its price now around the $16,450 (roughly Rs. 13.35 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $17,798 (roughly Rs. 14.4 lakh), which is 0.13 percent higher than what the crypto asset was valued at on early Thursday.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $16,478 (roughly Rs. 13.37 lakh) while CoinGecko data shows that BTC’s value now sits 1.9 percent lower than where it stood last Friday.

Ether, the largest smart contracts token, halted as it approaches a critical hurdle. The drop in momentum can be attributed to Bitcoin’s slump in buying pressure. Ether is currently down by roughly 2.35 percent over the past 24 hours across global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,274 (roughly Rs. 1.03 lakh) where values are down by 0.49 percent in the past day.

Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins saw a dip in value too with the global crypto market capitalisation numbers showing a 1.36 percent plunge over the last day.

Polygon, BNB, Cosmos, Cardano, Uniswap, Solana, Polkadot, and Avalanche all recorded losses, while TRON, Chainlink, and Monero marked minor gains over the past 24 hours.

Dogecoin and Shiba Inu recorded minor dips too. Dogecoin is currently valued at $0.08 (roughly Rs. 6.62) after losing more than 1.8 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.0000089 (roughly Rs. 0.000726), down by 1.6 percent over the past day.

“Broader crypto markets have traded in a narrow range, after the massive sell-offs in the previous two weeks, settling between a market capitalisation above $850 billion (roughly Rs. 69,00,408 crore) but remained below $900 billion (roughly Rs. 73,06,315 crore). BTC formed a local bottom around $15,600 (roughly Rs. 12.6 lakh) and now continues to struggle around $16,500 (roughly Rs. 13.4 lakh), while ETH is trading around $1,200 (roughly Rs. 97,417). SOL continued to trade below $15 (roughly Rs. 1,218), with an overall market capitalisation of just above $5 billion (roughly Rs. 40,590 crore). Fan token Chiliz (CHZ) lost a lot of ground after rallying before the Football World Cup, down over 20 percent last week. Curve DAO (CRV) too remained highly volatile, but ended up jumping by ~20 percent with announcement of their stablecoin plans,” explains CoinSwitch’s Crypto Ecosystem Lead, Parth Chaturvedi, analysing the market this week.

“Last week was dominated by the details emerging from the FTX bankruptcy filing, which revealed that the underlying jumble is a lot murkier and the industry continued to guess the potential spread of contagion. Most notably, the Top 50 creditors were owed over $3 billion (roughly Rs. 24,354 crore), but their names were kept confidential which created more speculation in the markets. However, the market found a local bottom when Barry Silbert clarified that there’s no bankruptcy threat to DCG group companies, including Genesis. The overhang on the potential unwinding of Grayscale’s Bitcoin Trust still kept investors on the edge,” Chaturvedi adds.

“The silver lining continued to be the improving global macro backdrop, particularly in the US, where expectations of Fed slowing down on its hiking cycle gathered steam and resulted in a relief rally across ‘risk-on’ assets that were sustained over the week. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 1.44 percent in the past 7 days. The Index value stood at Rs. 2,377 at 8 am IST, on November 25. BTC and ETH continue to be the top assets by market capitalisation,” he explains.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Twitter May Have Stopped Working on Crypto Wallet: Report

Twitter, under the leadership of its new billionaire chief Elon Musk, is undergoing a plethora of operational changes. Amid the ongoing changes, the microblogging site has reportedly halted work on developing its crypto wallet. The crypto community that expects Twitter to experiment with Dogecoin payments under Musk has not met with the news with excitement. Soon after the news began making the rounds, DOGE sank by ten percent, after growing by more than double over in the last seven days.

Jane Manchun Wong, the famed tech blogger and reverse engineer, had revealed about Twitter working on a crypto wallet back on October 25.

As per news publication Platformer, the development on crypto wallet has been paused for the time being.

The news comes in the background of Musk firing several employees from the Twitter team.

In total, Twitter is expected to fire close to close to 3,700 employees as a cost cutting measure.

Despite the corporate upheaval, several crypto majors including Binance, Sequoia Capital Fund, and Fidelity Management are betting on Twitter under Musk for the expansion of Web3.

Musk has expressed his inclination towards integrating Twitter services with crypto payments previously. Back in April, for instance, the Tesla and SpaceX CEO had pitched his favourite cryptocurrency, Dogecoin, as a payment option for users seeking to avail Twitter Blue services.

Back in May, Twitter co-founder and former CEO Jack Dorsey had also called Bitcoin the ‘open standard for global money transmission’.

For now, Twitter has not officially confirmed or denied its plans on developing or halting progress on a dedicated crypto wallet.

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