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Bloodbath in Cryptocurrency market; Bitcoin below $28,500, Terra plunges 96%

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Srinagar, May 12 (ANH): Cryptocurrency prices witness bloodbath as Bitcoin falling to its lowest level since January 2021. The world’s largest and most popular cryptocurrency plunged more than 9% to $28,414. The global crypto market’s value today plummeted about 13% in the past 24 hours to $1.3 trillion, according to pricing from CoinGecko.

Bitcoin has at present slumped more than 50% lower compared to its all-time high of near $69,000, which it hit in November last year, and was trading near one-year lows at around $32,000 level.

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Other digital tokens’ performance also declined as Solana, Polkadot, Cardano, Uniswap, XRP, Avalanche, Polygon, Stellar prices were trading with gains in the range of 10-30% over the last 24 hours, however, Terra crashed over 96% to $0.40, while Tron gained slighlty.

Crypto assets have been under pressure over the past month, mirroring a plunge in equities on fears of aggressive interest rate hikes across the globe to stave off decades-high inflation.

Meanwhile, crypto trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop to date on Wednesday as the famously volatile crypto market weathers yet another slump.

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J-K records 12 percent growth in GST revenue collection for Nov month

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Jammu and Kashmir has recorded 12 percent growth in GST revenue collection for the month of November, 2022 compared to the same month last year, against the National average of 8%, as per the figures released by the Union Ministry of Finance.

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Speaking about this development, Additional Commissioner State Taxes Department Kashmir, Shakeel Maqbool, stated that Kashmir Division has achieved a growth of 18.32% in GST collections and the uptick in the tax collection is due to tax collection made on sales within the UT of J&K as well as due to the import purchase into J&K from the rest of the country.

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He further added that the reasons for the buoyancy in the GST collection are the several measures taken up by the government, the e- infrastructure in place and usage of the data analytics besides the compliance by the taxpayers.

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Brazil to legalize crypto as a payment method

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Brazilian lawmakers have backed a complete regulatory framework for the trading and use of cryptocurrencies in the country.

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The Chamber of Deputies of Brazil, a federal legislative body, has approved a regulatory framework that legalizes the use of cryptocurrencies as a payment method, but the passing of the bill does not make any cryptocurrencies legal tender within the country.

While this makes significant progress for crypto within Brazil, the law still requires the signature of the president of Brazil for it to be enacted.

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In addition to allowing crypto as a payment method, the law enables the creation of licenses for crypto exchange platforms and for custody and management of crypto by third parties.

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Bitcoin back above $20,000 mark

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Srinagar, Sept 09: Bitcoin surged past the USD 20,000 barrier and was eyeing its best day in six weeks on Friday as the US dollar fell broadly and markets found reasons to be cheerful at the end of a dour week, Reuters reported.

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Bitcoin, the biggest cryptocurrency by market value, rose more than 7 per cent to USD 20,796, a two-week high. Ether, the second-biggest, rose 5 per cent to also hit a two-week peak at USD 1,717. Bitcoin had been as low as USD 18,540 on Wednesday.

Market participants said there was no particular trigger for the gains beyond a broad upbeat mood in evidence across asset classes on Friday, led by a drop in the safe-haven dollar and a rally in Chinese stocks.

If the cryptocurrencies can hold their gains until Sunday’s close, Bitcoin could log a second weekly rise in a row, and its best week in about a month. read more

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Ether’s weekend volatility may be heightened by a looming software upgrade known as the “merge”, due sometime between Sept. 10 and 20, with the exact timing uncertain.

The shift will radically change how transactions are processed and is supposed to slash energy consumption. Some exchanges plan to pause deposits and withdrawals while the upgrade occurs.

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