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Crypto carnage: Bitcoin breaks $19k, Ethereum below $1k

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Srinagar, June 18: Amid a wider cryptocurrency market carnage on the weekend, the largest digital currency by market capitalisation Bitcoin (BTC) has broken the $19,000 levels, the first time since December 2020, while the second largest crypto Ethereum (ETH) has broken the psychological $1,000 mark, CNBC TV18 reported.

Bitcoin is currently down about 10% and trading at $19,040, after making a low of $18,905, according to data from Coinmarketcap.

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ETH is down around 10%, trading at $992, after making a low of $986.

The overall market capitalisation of cryptocurrencies has fallen by 5% in the last 24 hours and currently stands at $853 billion.

According to experts, the confidence level among investors dropped when the market capitalisation fell below $900 million and over $100m of Bitcoin futures contracts in the last 24 hours were liquidated.

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Former CEO of BitMEX Arthur Hayes says massive sell pressure can be expected in the spot markets as key levels for BTC – $20,000 and ETH – $1,000 break, as dealers hedge themselves.

We can also expect that there will be some OTC dealers that will be unable to hedge properly and might go belly up,” he says.

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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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