(Asian News Hub) – Bitcoin fell below $30,000 for the first time in nearly five months as China’s latest crackdown on cryptocurrencies weighed.
The world’s largest cryptocurrency fell as much as nearly 9% percent to $29,600, its lowest since Jan. 27. As of 1800 hrs IST, it was down 8.8 percent on Wazirx exchange in India.
KRA seeks Govt attention, appeals for ensuring strict implementation of e-commerce policy
Urges local buyers to buy goods direct from shops instead of online websites
(Asian News Hub) – The Kashmir Retailers Association (KRA) Wednesday urged the government to ensure strict implementation of e-commerce policy and appealed to the people to buy goods from local shopkeepers.
Addressing a press conference, President of KRA, Farhan Kitab urged the government to set up a monitoring mechanism for e-commerce and ensure strict implementation of its policy.
According to the news agency—Kashmir News Observer (KNO) Correspondent, Kitab said that “e commerce companies are violating all laws of the country, adopting predatory pricing, deep discounting and controlling inventory, which has ruthlessly affected the retail sector.”
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He further said “Kashmir sector has three lakh shopkeepers who have minimum of three employees at their shops. Therefore, approximately nine lakh people from nine lakh families get their bread and butter through these shops, which are getting affected by violations by e-commerce business units.”
“Online goods are being sold without e-quotes, due to which there remains a difference between online image and real product,” he further added.
“Buyer is not able to check the manufacturing date of the product, that is indeed an illegal practice of the trade,” he said while appealing the government to check the goods from all entry points whether they are being transported with proper implementation of consumer policy.
“We appeal the people to buy products from local shops instead of buying from online websites,” he said.
Major crypto exchanges buckle as Bitcoin crashes
(Asian News Hub) – Amid Bitcoin’s flash crash on Tuesday, a number of leading crypto exchanges buckled under pressure, preventing retail investors from buying the dip.
The price of several top cryptocurrencies fell sharply on Tuesday, with Bitcoin losing over 9%. The value of the flagship crypto plummeted from $52,000 to $43,285. And as of press time, Bitcoin had recovered to the $46,000 region.
Ethereum also plunged from $3,700 to nearly $3,000, losing about 18% of its value.
In the heat of Bitcoin’s hefty slip, there was a surge of traffic to exchanges as investors thronged to either liquidate their positions or buy the dip.
Customers are often allowed to open massive margin positions on most crypto exchanges. Huobi and Bybit, for instance, allow customers to have up to 100x margin. What this means is that customers can access a trading value of up to $100 by investing $1.
The margin rates on crypto exchanges are significantly higher than those found on traditional brokerages and they can fuel volatility in any direction.
Tesla to resume accepting Bitcoin after due diligence: CEO Elon Musk
(Asian News Hub) – Electric-car maker Tesla will “most likely” resume accepting Bitcoin as payments after it conducts due diligence on the amount of renewable energy used to mine the currency, Chief Executive Officer Elon Musk said at a conference.
Musk’s comments at the B Word conference come after Tesla said in May it would stop accepting bitcoin for car purchases, less than two months after the company began accepting the world’s biggest digital currency for payment.
“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin” Musk said.
“Tesla’s mission is accelerating the advent of sustainable energy. We can’t be the company that does that and also not do appropriate diligence on the energy usage of bitcoin,” he added.
After the conference, Bitcoin was up 6 percent at $31,900, while ether surged 10 percent to $1,970. Tesla’s shares were down 0.8 percent at $655.30 in extended trading.
Musk added that he personally owned bitcoin, ethereum and dogecoin, apart from bitcoin that Tesla and SpaceX owned.
“I might pump, but I don’t dump,” Musk said. “I definitely do not believe in getting the price high and selling … I would like to see bitcoin succeed.”
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