Bitcoin tumbled on Wednesday to a new 18-month low, dragging smaller tokens down with it and spurring a sharp fall in crypto markets sparked by crypto lender Celsius freezing customer withdrawals.
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According to a report from Citi, the Metaverse space represents a revenue shot of as much as $13 trillion by 2030 and believes it has a major impact on not just key tech players, but also cryptocurrencies.
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Cryptocurrency portfolio tracking and tax compliance platform CoinTracker on Wednesday announced its foray into the Indian market. The company's move also comes against the backdrop of the government mandating a 30 per cent taxation on such transactions with effect from April 1.
Cryptocurrencies will pose a risk to financial stability if the emerging sector maintains its rapid growth of the last two years and financial firms deepen their involvement, the European Central Bank (ECB) said on Tuesday.
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The Reserve Bank of India (RBI) raised a concern over cryptocurrencies or virtual digital assets (VDAs), which might lead to the 'dollarization' of the economy, as feared by the central bank.
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The global market capitalization of all the crypto tokens has tumbled below $1.2 trillion, falling about 16 per cent in the last 24 hours and 65 per cent from its peak of $3.2 trillion at the end of 2021.
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Bitcoin fell briefly below $30,000 for the first time in 10 months, while cryptocurrencies overall have lost nearly $800 billion in market value in the past month, according to data site CoinMarketCap, as investors fret about tightening monetary policy.
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