Bitcoin Holds 47,000 Level; Ether, Dogecoin, Solana, And Shiba Inu Gain

Major cryptocurrencies were trading mix on Thursday amid reports that Russia-Ukraine talks were likely to be held on April 1.

Bitcoin, world’s most valuable cryptocurrency, after rising in the early trade fell nearly 0.5 percent to $47,097 at 9:50 am, according to CoinDesk data. Bitcoin market capitalisation was at $894 billion, while the trade volume was at $816 million in the past 24 hours. Bitcoin has witnessed volatile trades in the past one year. The cryptocurrency has hit a high of $69,000 and a low of near $28,000 in this period.

Second-largest virtual currency Ether was trading slightly up at $3,398. Meme crypto Dogecoin gained more than 1 percent at $0.144, while Shiba Inu was up nearly 2 percent to $0.000028. Solana, which witnessed substantial interest from the crypto traders last year, jumped nearly 9 percent to trade at $120.

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Meanwhile, it was announced in the Union Budget that crypto tax will be applicable from April 1. All forms of virtual digital assets (VDA) or crypto assets that are sold at a profit will attract a tax of 30 percent.

US stocks ended lower on Wednesday, breaking a four-day winning streak but keeping major indices in the green so far for the week. Oil prices fell more than $5 a barrel on Thursday as the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crude prices.

(Edited by : Bivekananda Biswas)

First Published: IST

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Bitcoin, Ether, Shiba Inu, Solana Gain; Dogecoin Falls

Major cryptocurrencies were trading mix on Tuesday, as bond yields and oil prices fell amid hopes of possible peace talks over Russia-Ukraine war. Bitcoin, which is the world’s largest cryptocurrency in terms of market capitalisation, was trading nearly 1 percent up at $47,400 at 8:50 am, according to CoinDesk. Bitcoin market capitalisation increased to $900.23 billion, while the trade volume was at $1.32 billion in the past 24 hours.

Bitcoin has witnessed volatile trades in the past one year. The cryptocurrency has hit a high of $69,000 and a low of near $28,000 in this period.

Second largest virtual currency Ether also gained 1.8 percent to trade at $3,374. Meme crypto Dogecoin, however, shed over 3 percent at $0.144, while Shiba Inu gained more than 3 percent to trade at $0.000027. Solana, which witnessed substantial interest from the crypto traders last year, jumped nearly 2 percent to trade at $109.

“Bitcoin and other major altcoins have been able to hold their gains despite the global geopolitical worries as the regulation proceedings are supporting the market sentiments, which are overall improving. Some market metrics are signaling some fresh positive signals. Absence of any major negatives is empowering the bulls in the crypto space,” said Kunal Jagdale, Founder, BitsAir Exchange.

Crypto tax will be applicable from April 1. All forms of virtual digital assets (VDA) or crypto assets that are sold at a profit will attract a tax of 30 percent. The announcement was made by Finance Minister Nirmala Sitharaman in her Union Budget speech this year.

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Meanwhile, the government on Monday recovered Rs 95.86 crore from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases. Others were Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay) and Discidium Internet Labs, according to the finance ministry.

In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 11 cases of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations. Evasion of Rs 81.54 crore was detected and Rs 95.86 crore was recovered (including interest and penalty), he said. As per the reply, Rs 49.18 crore was recovered from Zanmai Labs (WAZIRX), Rs 17.1 crore from Coin DCX, and Rs 16.07 crore from CoinSwitch Kuber.

(Edited by : Bivekananda Biswas)

First Published: IST

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Have bitcoin, will travel? 4 strategies for crypto-vacations

MAYBE YOU’RE still flush with crypto cash. Or perhaps your Bitcoin portfolio is hemorrhaging value amid the recent turbulence. Either way, if turning digital assets into rest and relaxation sounds appealing, you have options. Marko Jovic, a 41-year-old telecom engineer from Belgrade, Serbia, began using crypto to pay for vacations in 2021. He said despite a recent fall in value he can pay for a lot of things with his crypto. “You can basically do anything you want with crypto,” said Mr. Jovic.

Now that you can get debit cards linked to cryptocurrency portfolios, it’s never been easier to use digital cash while on the move. But for travelers who want to avoid the extra fees associated with using a crypto card, the alternative is to seek out merchants willing to accept cryptocurrency like Bitcoin directly. Luckily, a growing list of companies, hotels and destinations are eager to do business with crypto consumers. Here, a few up-to-the-minute moves:

1. Book a trip via an online travel agency has emerged as the leader among the handful of online booking sites that accept crypto. It may offer fewer routes and destinations than traditional air-travel sites do and sometimes list slightly higher prices, said Mr. Jovic, who recently used it to book a flight to Budapest, but he finds the ability to pay with crypto outweighs those factors. While Travala co-founder and CEO Juan Otero, who worked at in the late 2000s, agrees his company needs to be more competitive on airfare, he argues that its luxury hotel offerings compare well to rivals’. Of Travala’s monthly active users, Mr. Otero said, an-above average number opt for “four- and five-star hotels.” Omar Hamwi, a 37-year-old crypto professional from Washington, D.C., and self-described loyal customer of Travala, booked a stay most recently at the five-star Fairmont Orchid in Hawaii. “I have idle crypto so I generally do like to use it when I can,” he said.

2. Buy a flight ticket directly with the airline

You can book flights directly with at least one crypto-friendly airline AirBaltic, Latvia’s premier carrier which services more than 70 destinations, primarily in the Baltics and Europe but if you’re not flying out of Riga, it may be hard to take advantage. Still, according to the airline, since it began accepting crypto back in 2014, more than 1,000 customers have purchased tickets that way.

3. Reserve a swanky hotel

The Chedi, a chic luxury resort in the Swiss Alps lets guests pay with Bitcoin or Ethereum, as long as they’re spending more than $200 when paying for rooms or services like ski rentals and spa days’ easily done since room rates generally start at $650 a night. The Pavilions Hotels & Resorts, a boutique hotel group with locations in Europe and Asia including Rome, Amsterdam, Bali and Phuket, also accepts cryptocurrency bookings. For travelers who prefer to spend their crypto gains stateside, there’s the Kessler Collection, whose portfolio include several hotels in the southern U.S., as well as a ski lodge in Beaver Creek, Colo.

4. Visit a ‘cryptopia’

If anything close to a crypto Utopia exists, it’s the surf town of El Zonte, El Salvador, otherwise known as ‘Bitcoin Beach.’ There, travelers can grub on pupusas after a day of surf lessons at El Zonte’s point break, and pay for it all with Bitcoin. “Most of the merchants accept Bitcoin,” said Carol Souza, a Brazilian influencer focused on educating people about crypto. Other cities are expected to follow suit. Earlier this month, the small picturesque city of Lugano, Switzerland, announced it is also adopting cryptocurrency as legal tender.

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Bitcoin Falls Below $38,000; Ether, Dogecoin, Shiba Inu Also Plunge

Cryptocurrency prices fell on Monday amid raging war between Russia and Ukraine. World’s largest cryptocurrency, in terms of market capitalisation, Bitcoin slipped below $38,000 levels.

At 9:41 am, the cryptocurrency was trading at 37,808, down 2.84 percent, according to CoinDesk data. Bitcoin lost nearly 17 percent in 2022 (year-to-date ) and more than 30 percent from its record high of $69,000 it had hit in November last year.

Cryptocurrency market capitalisation tumbled below $2 trillion mark, as major virtual currencies lost heavily over the past 24 hours.

The second largest crypto Ether also plunged nearly 4 percent to trade at $2,538 at 9:50 am. Meme crypto Dogecoin was trading 3.6 percent lower at $0.12, while Shiba Inu lost 3.41 percent to trade at $0.000023. Solana, which witnessed substantial interest from the crypto traders last year, lost 5.62 percent to trade at $82.39.

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Other cryptocurrencies such as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, and Avalanche were also trading in the negative territory.

Cryptocurrencies plunged on Monday even as news reports suggest that Russians and Ukrainians were rushing to virtual currency assets due to sanctions on financial institutions by Western countries.

Global equity markets plunged, while safe-haven investment gold touched 19-month high due to the geopolitical tension in Eastern Europe. Oil prices also surged more than 10 percent in the international market and MCX crude March contract hit 6 percent upper circuit on Monday. BofA chief economist Ethan Harris said the loss of Russia’s 5 million barrels could see oil prices double to $200 a barrel and lower economic growth globally.


(Edited by : Bivekananda Biswas)

First Published: IST

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New to Crypto? Here’s What to Buy in 2022 – Bitcoin (BTC), Ethereum (ETH) and Seesaw Protocol (SSW)

After the value of the cryptocurrency market nearly tripled in 2021, you may be eager to take your first steps in what has been dubbed “the future of money”.

Ethereum (ETH) and Bitcoin (BTC) have fallen by over 40% since the end of last year, which means that this might be the perfect time to buy these mainstream cryptos at a significant discount. But it’s also wise to invest in up-and-coming cryptos as they have the most potential to explode in value. A new crypto called Seesaw Protocol (SSW) has fantastic potential to generate huge returns in 2022 and beyond.

Expect Volatility

One of the main reasons people don’t like owning cryptocurrencies is because of high volatility. If you look at the two most valuable and well-known cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), you’ll see that they often move by 5% or more every day. This kind of volatility is almost unheard of when it comes to big stocks. Investing in this untested asset class means having the stomach to deal with the ups and downs of the market and keeping your eye on the long term.

Diversify Your Portfolio

Owning the two biggest cryptocurrencies in the world is a slightly less risky investment. Bitcoin (BTC) and Ethereum (ETH) are becoming increasingly accepted by the global financial world. JP Morgan recently released a report that stated they believe Bitcoin will increase to $120,000 over the next five years. Considering the fact that Bitcoin is currently trading around $37,200, this would be a very healthy return on investment.

However, a good portfolio is a diversified portfolio, and small-cap or up and coming cryptocurrencies have the potential to rocket by thousands of times in the matter of a few months. Solana (SOL), for example, has surged over 10,000% last year.

A new cryptocurrency that offers the potential for massive growth in 2022 is Seesaw Protocol (SSW). This crypto has just launched its presale, and with its launch coming in a matter of weeks, it offers the best opportunity for holders to get in early, before the initial coin offering surge.

Seesaw Protocol (SSW) will serve as a true multi-chain bridge, connecting Polygon (POLY), Ethereum (ETH), and Binance’s Smart Chain (BSC). This will enable holders to conduct multi-chain swaps at the cheapest and quickest rates by utilising multiple solutions.

Seesaw Protocol is still just beginning to break into the cryptosphere, offering an excellent opportunity to buy from the ground up and get in before the next gold rush. As this cryptocurrency becomes increasingly adopted and is listed on various exchanges such as PancakeSwap and Uniswap, its value could jump.

Seesaw Protocol’s team is committed to building the best crypto community possible, and one way they are doing so is by adding a fee to each transaction. Each purchase of SSW is subject to a 3% fee, and each sale is subject to a 5% fee. This is advantageous for holders, as the fees are redistributed among existing holders of SSW, meaning the longer you hold, the more tokens you’ll have. This may also help stabilise the cryptocurrency by encouraging people to buy and hold rather than sell, thereby reducing volatility.

With the need for faster, cheaper and cross-chain transactions, Seesaw Protocol looks perfectly poised to challenge the top two and generate huge value for holders.

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