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Top Cryptocurrency News on May 10: The biggest moves in Bitcoin prices, crypto policies and more

01. Market Buzz

Bitcoin trading above Rs 24 lakh
Cryptocurrencies traded in the red early today on May 10. The global crypto market cap is $1.41 trillion, a 9.78 percent decrease over the last day. The total crypto market volume over the last 24 hours is $181.93 billion, which makes a 82.97 percent increase. The total volume in DeFi is currently $20.85 billion, 11.46 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $163.00 billion, which is 89.60 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently Rs 24.44 lakh, with a dominance of 41.79 percent. This was a 0.34 percent increase over the day.

02. Big Story

Crypto sell-off: Buyers of 2021 hit as Bitcoin tests $30,000
There’s a crypto refrain when prices crash precipitously like this: The selloff is washing out the short term-focused non-believers, known as weak hands, strengthening the industry in its wake. It’s a glib way to think of all those who had joined the market as Bitcoin’s price rose to an all-time high at the end of last year — including institutions and small-time at-home investors, many of whom are deeply underwater on their investments now. And it’s not just those who have held the coin for a few months. More than half of traders who held crypto at the end of 2021 had gotten in that year, crypto-firm Grayscale Investments said at the time. Bitcoin’s average price in 2021 hovered around $47,300. It was near $32,000 on Monday in New York trading. Read details here

03. Price Point

Bitcoin takes tumble, cryptocurrency down 28 percent over the year
Bitcoin, the world’s biggest cryptocurrency, is on a tumble down 28 percent this year so far. As per analysts and watchers, the Russia-Ukraine war and changing economic policies impacted the cryptocurrency market as investors flee to more stable havens. Bitcoin hit an all-time high of $67,549.74 on November 09, 2021. The swing has been wild, with the range from May 2021 to May 2022 being a steep $68,789.63 at the highest to $28,893.62 at its lowest. Over the month so far, highs and lows have ranged from $43,376.38 to $33,714.43. For stakeholders, this is uncomfortably close to its last year’s low of $31,594.66 — recorded on June 26, 2021.

04. Network18 Exclusive

GST Council to consider slapping highest 28% tax on cryptocurrencies
The GST Council is considering levying 28 percent tax on cryptocurrencies and related services, sources told CNBC-TV18. The proposal is likely to be tabled in the next GST Council meeting. According to the sources, the government’s view is to keep cryptos on par with lottery, casinos, betting and race courses. The law committee’s view will be tabled before the Council for a formal nod. The date for the next GST Council meeting is yet to be decided. Further, the guidelines making it mandatory for aggregators to redress consumer complaints in a stipulated timeframe are also being worked upon. The proposal to levy highest GST slab of 28 percent will expand the indirect tax net on cryptocurrency related services.

05.Globe Watch

Central Africa’s leap into bitcoin leaves its people bemused
In the Central African Republic (CAR), nine out of 10 people do not have internet, and only one in seven has electricity — that is, when there are no power cuts. Yet the CAR has just followed El Salvador in adopting bitcoin as legal tender, a currency that requires access to the net to be bought, sold or used. Foreign experts and CAR citizens themselves are struggling to understand why the world’s second least developed economy has announced this leap into monetary hyperspace. Among people queueing at one of the rare automatic teller machines (ATMs) in the capital Bangui, the word “bitcoin” stirred befuddlement. Government spokesman Serge Ghislain Djorie told AFP: “We are going to launch an awareness campaign and shortly introduce fibre optic cable — a low internet connection is enough to buy cryptocurrency.” (AFP)

06. In the News

Man held from MP for duping people through cryptocurrency scheme
A 41-year-old man was arrested for allegedly duping people by promising high returns in a cryptocurrency investment scheme, Thane police said. A complaint was received on April 27 at Khadakpada police station after which a case was registered under IPC and MPID Act provisions, an official said. A complaint was received on April 27 at Khadakpada police station after which a case was registered under IPC and MPID Act provisions, an official said. “The accused was luring investors through social media. As per the complainant, he lost Rs 7.58 lakh as well as the promised returns. We arrested Gautam Shyamparasad Pandey from Gwalior in Madhya Pradesh,” he said. (PTI)

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