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Crypto carnage: Investors lose millions as BTC falls over 70 percent from peak

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Srinagar, June 19: Crypto investors have been facing a tough time since the inception of the Russia Ukraine war.

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

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But the situation has turned especially dire in the last few weeks. On June 19, 2022, Bitcoin (BTC), the largest cryptocurrency, fell to $18,000. It is over 70 per cent lower than its peak price of $64,000 in November 2021. In the last 24 hours alone, it had fallen over 11 per cent, however, bounced back from lows. Other cryptocurrencies like Ethereum, Cordano, Avalanche and Dogecoin have also fallen.

Why are crypto prices falling?

Crypto prices have been falling due to a major sell-off by the investors. As the digital token has no intrinsic value, it is currently guided largely by only demand factors. With the bank rates rising, the investors are taking refuge in the bank deposits to save their money, pulling their investment out of the cryptocurrencies.

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Along with this, the high inflation and projected recession among major western economies, have also put digital tokens under high pressure. It is for the first time since the launch of these tokens, that they have to face such macroeconomic uncertainty.

As of 10 PM (IST), Bicoin (BTC) was trading at $19,500, Ethereum (ETH) was trading at $1,057, according to WazirX.

What to expect?

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The crypto investors may be in trouble if the macroeconomic factors do not improve in the coming days. The carnage is not limited to the crypto market. Several share markets across the globe have lost 5 per cent of their value in the last week, including India’s Nifty. Indian share markets fell to the yearly low last week.

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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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