Bitcoin has drastically become very popular among investors and traders worldwide in recent times. It is one of the hottest topics of discussion among people. It tops the chart of rising global trends with an increasing value in its price. Bitcoin was introduced a decade ago and since then it has shown an abrupt rise in its value and became popular.
Bitcoin is a digital currency that is not governed or monitored by any central or regulatory authority. It is transferred using blockchain technology which has also gained popularity in recent times. The bitcoin world is happening enough to remain in highlights 24×7. Here you will learn about some of the latest news of the cryptocurrency world. There are sites where you can get hot cryptocurrency news visit here.
Some of the latest cryptocurrency highlight
- Andreessen Horowitz is a big American firm that invests in start-ups and growing companies. The company has announced a cryptocurrency fund of 2.2 billion dollars. (25th June)
- Salvadoran Finance Minister Alejandro Zelaya had approached the World Bank with the proposition of using bitcoin as a parallel legal tender alongside the U.S dollar. The World Bank rejected their proposal and said they could not assist due to environmental and transparency problems associated with bitcoin. (24th June)
- Two brothers, Ameer Cajee, 17, and Raees Cajee, 20, founders of an investment platform named Africrypt allegedly defrauded investors of more than 3.5 billion dollars. They converted investor’s bitcoins into cash and then fled the country. The South African police force is still trying to trace the culprits. (24th June)
- Bitcoin price showed a rapid and abrupt fall in a month due to a crackdown on cryptocurrencies in China. It lost more than 20 percent and came down to about 32,000 dollars which is the lowest fall since April.
- India saw a remarkable phenomenon in the trading world as rapper Raftaar became the first Indian to accept cryptocurrencies as payment for his performance instead of FIAT currency. He says that he has always been an admirer of cryptocurrencies and that there is huge potential of this disruptive medium where artists have the opportunity to explore more. (19th June)
- The United States’ National Republican Congressional Committee (NRCC) campaign arm has announced that they will accept cryptocurrencies for donations. In doing so, it will become the first such national party committee to introduce contributions in the mode of cryptocurrencies. (18th June)
- A Mumbai-based man, identified as Makarand P Adivirkar, is also known as the “crypto king” of Mumbai who allegedly accepted cash in exchange for bitcoins to purchase drugs has been arrested by the Narcotics Control Bureau (NCB). (17th June)
- A large number of central banks of the world are working on their digital currencies that are predicted to complement cryptocurrencies instead of competing with them although it varies a lot with respect to FIAT currencies of different countries.
- A US-based nursing student, Christopher Williamson became the first-ever trillionaire in the world as his crypto trading account showed a balance of more than 1 trillion dollars on June 16. He had a trading account on Coinbase where the amount was credited, and it is one of the world’s largest cryptocurrency exchanges.
- Income tax rules will now be applicable on cryptocurrency gains as all sorts of income are liable to income tax. The profits made from the sale of cryptocurrency will be taxed as business income or capital gains based on the frequency of trading by investors.
Conclusion
It is very important for you to remain updated about cryptocurrencies. Bitcoins and other cryptocurrencies are a virtual form of money and are useful. It has a growing base of users, merchants, and startups that is causing its rise in value. The impact of bitcoin has already spread over the world of economy. Inflation is a major cause of the rise in bitcoin value.
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