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How can the three policy responses (ban, contain or regulate) impact the cryptocurrency world – The Financial Express

Despite calling for the ban on cryptocurrency, the Reserve Bank of India recently said that one of its key focus is to create a framework of regulation which would include the possibility of prohibition of unbacked crypto assets, stablecoins and DeFi (Decentralised Finance). However, industry experts believe that at this stage, cryptocurrencies cannot be an alternative to fiat payments in India. The RBI has made it clear on different forums that it does not intend to recognise cryptocurrencies as legal tender in India. Lately, we can see the central banks stance hardening on DeFi too (where cryptocurrency acts in the nature of financial assets and not money) citing macroeconomic risks, Purushotham Kittane, technology lawyer, Nishith Desai Associates, a legal firm, told FE Blockchain, adding that compensation mechanisms involving cryptocurrency have been taken and will be continued to be made in compliance with the existing legal framework.

From what it is understood, Under Indias G20 presidency, the RBI has to consider both macroeconomic and regulatory perspectives to address the full range of risks posed by cryptocurrency assets, as per insights from its report titled The Financial Stability Report. Interestingly, last week the cryptocurrency market saw a rise of about $29.95 billion reflecting about a 3.18% increase. It is expected that this surge took place due to the burgeoning DeFi sector, which accounts for about $2.55 billion or 8.52% of volume in the cryptocurrency market.

Industry experts expect that the three policy responses (ban, contain or regulate) can address the risks posed to consumers, investors, market integrity and financial stability in the cryptocurrency market. The government has taken a practical approach to cryptocurrency, Also, India added cryptocurrency to the Prevention of Money Laundering Act (PMLA), where cryptocurrency enterprises must register and comply with anti-money laundering and counter-terrorism funding laws. So, it is believed that the government is taking steps towards cryptocurrency regulation, which might stabilise the cryptocurrency market, Rajagopal Menon, vice president, WazirX, a cryptocurrency exchange, explained.

Despite the ongoing ambiguity and tussle, the industry is optimistic that somewhere or someday the regulator will blink. Future aspects such as the introduction of cryptocurrency-based salaries can be expected. This might have the capacity to simplify payments and offer financial autonomy, based upon the existence of supportive regulatory structures, Edul Patel, CEO, co-founder, Mudrex, a global cryptocurrency-investment platform, concluded.

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The Evolution and Impact of Cryptocurrency: Unleashing the Future … – Medium

Photo by Traxer on Unsplash

In the past decade, cryptocurrencies have taken the financial world by storm, revolutionizing the way we perceive and conduct transactions. Born out of the desire for a decentralized, secure, and borderless financial system, cryptocurrencies have become a prominent force, attracting both praise and scrutiny. This article explores the evolution, impact, and potential future of cryptocurrency as it continues to shape our global economy.

The Birth of Cryptocurrency:The genesis of cryptocurrencies can be traced back to 2009 with the creation of Bitcoin, the first and most well-known cryptocurrency. Developed by the pseudonymous figure known as Satoshi Nakamoto, Bitcoin introduced the concept of a peer-to-peer electronic cash system, underpinned by blockchain technology. Blockchain, a decentralized and immutable ledger, ensures transparency and security, making it the backbone of cryptocurrencies.

Advantages of Cryptocurrencies:Cryptocurrencies offer several advantages over traditional financial systems. Firstly, they eliminate the need for intermediaries such as banks or payment processors, enabling direct and trustless transactions. Additionally, cryptocurrencies enable global accessibility, allowing users to send and receive funds instantaneously across borders, bypassing traditional remittance processes. Furthermore, the transparency of blockchain technology offers enhanced security, reducing the risk of fraud and manipulation.

Diversification and Innovation:Since the advent of Bitcoin, the cryptocurrency ecosystem has witnessed significant diversification and innovation. Today, thousands of cryptocurrencies, commonly referred to as altcoins, exist, each with its unique features and use cases. Ethereum, the second-largest cryptocurrency, introduced the concept of smart contracts, enabling the development of decentralized applications (DApps) and facilitating the growth of decentralized finance (DeFi) platforms. Other notable cryptocurrencies include Ripple, Litecoin, and Cardano, each serving distinct purposes within the digital economy.

Mainstream Adoption:Cryptocurrencies have experienced remarkable growth in terms of mainstream adoption. Major companies, including Tesla, PayPal, and Square, have embraced cryptocurrencies, accepting them as a form of payment or investing in them. Moreover, institutional investors and traditional financial institutions have recognized the potential of cryptocurrencies, with the introduction of cryptocurrency investment funds and the integration of digital assets into their portfolios. Such developments indicate a shift in the perception of cryptocurrencies from a speculative asset to a legitimate investment vehicle.

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Challenges and Regulation:Despite their rapid growth, cryptocurrencies face significant challenges and regulatory hurdles. Price volatility remains a concern, as the value of cryptocurrencies can fluctuate dramatically within short periods. Security breaches and scams targeting cryptocurrency exchanges and wallets have also raised concerns over user protection and data privacy. Furthermore, governments and regulatory bodies are grappling with the need to strike a balance between embracing innovation and safeguarding against potential risks such as money laundering and illicit activities.

The Future of Cryptocurrency:As the cryptocurrency ecosystem matures, it holds immense potential for reshaping multiple sectors of the global economy. Blockchain technology, the foundation of cryptocurrencies, has implications beyond financial transactions, with applications in supply chain management, healthcare, voting systems, and more. Additionally, advancements in scalability and interoperability aim to address the limitations of current blockchain networks, paving the way for increased adoption and improved user experience.

Cryptocurrencies have come a long way since the introduction of Bitcoin, evolving into a transformative force in the world of finance and technology. With their decentralized nature, enhanced security, and potential for innovation, cryptocurrencies are poised to revolutionize traditional financial systems and unlock new possibilities for economic empowerment. However, as the industry continues to evolve, addressing challenges such as regulation, security, and scalability will be crucial for ensuring the long-term success and sustainability of cryptocurrencies.

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Practical Applications of Cryptocurrency – Qrius

In the age of CAA, words are the weapons on the tongues of wounded artistes. I witnessed the power of poetry first-hand at Mumbais Spoken Fest, where Varun Grover reiterated, Kaagaz Nahi Dikhayenge and Faye DSouza asked, Is the government reading the Constitution?

Last weekend, the grassy lawns of Jio Gardens played host to another edition of Spoken Fest. Under the thick envelope of soothing poetry and flowing conversations featuring artistes of all sorts, there was a belligerent undercurrent of rebellion. Theanti-CAA,anti-NRCprotests that have permeated Indian society ever since December wove their way into a festival pulsing with creative voices. After all, Spoken Fest, last weekend, was a celebration of words in any form, a place where words belong.

Words then were weapons on the tongues of wounded artistes.Varun Grover, however, took his time to throw in his punches. The writer-comedian-lyricist charmed the audience with a little story on how he cracked the mystery of his tabloid going missing every morning during his early days in the city. Grover drew first blood by describing his matchbox-sized apartment as, Dilli police ke dil se bhi chhota tha

As Grover declared, Aur ab Kaagaz nahi dikhaaenge, a frenzied wave of cheer ran through the audience. Much to their delight, Grover had penned a couple of new verses of his anthem that has been lighting up nationwide protests:

Tum bhed bhaav ke chaalak toh,Hum samvidhaan ke baalak hainTum Khilji, Hitler, Tughlaq toh,Hum ik bachche ke gulakkh hain

Jo gulakkh baahar maati hai,Jo gulakkh andar chaandi haiTum gumma, loha, laathi toh,Hum Bhimrao aur Gandhi hain

As Grover declared, Aur ab Kaagaz nahi dikhaaenge, a frenzied wave of cheer ran through the audience.

As the crowd lapped it all up with claps and whistles, the plush open-air BKC venue could have been any of the dusty protest sites. For Grover, it was all the same, as was for his audience.

Phir ek din aisa aayega, tum prem se lais ho jaaoge,Hum Dekhenge gaao na gaao, khud bey-Faiz ho jaaogeUss din ki aas mein hum paagal, chup-chaap se chalte jaaengey,Hum kaagaz nahi dikhaaenge, Hum kaagaz nahi dikhaaenge

More applause, louder cheers. It seemed as if words were literally dispensing small packets of joy, hope, and strength. Earlier in the two-day festival, Delhi-based visual artist Sumit Roy had similarly electrified the crowd by rapping his band RollsRoys anti-establishment compositions, including Poorna Swaraj. Underlining the sentiments of a broken nation, the eerily prescient lyrics the track was released last April reflect the recent turn of events:

Poorna Swaraj Par shabdon pe laathi kyun;Poorna Swaraj sawaalon pe kyun ho bawaal?

At one point, Roy unified the crowd by continuously rapping Modiji and holding a particular finger up in the air.

In a poetry session with Mohammed Sadriwala, poet Rakesh Tiwari acquainted the audience with the prolificacy of 18th century Indian poet Nazeer Akbarabadis verses. Pointing to how inclusive the Father of Nazm was, Tiwari said, Humein secularism mat sikhaaiye, hum tab hi seekh liye hain. To illustrate his point, Tiwari recited Akbarabadis poem in praise ofLord Krishna, in which he alludes him to Allah. One line goes: Hai sab ka khuda, sab tujh pe fida Allah-o-Ghani, Allah-o-Ghani. Somewhere in its contemplative applause, the crowd appeared to appreciate the simplicity of Akbarabadis times.

Given that most writers, poets, story-tellers have an opinion on the troubled times we live in, Festival Director Roshan Abbas mentioned on stage that this edition of Spoken Fest reflected the mood of our times. This explains how behind all the podcasting workshops and pop culture discussions, a decidedly defiant force shadowed the event; then be it in Sabika Abbas Naqvis visceral, rousing poetry, or Tess Joseph, Sheena Khalid, and Aamir Aziz pulling off an English version of Kaagaz Nahi Dikhayenge.

From Peter Cat Recording Company sporting anti-CAA/NRC badges during their performances, to evenHarsha Bhogle, sneaking in a clever punchline during his conversation with Gaurav Kapur on cricket and memories. Recounting Mohammad Azharuddins miraculous innings driven purely by faith, Bhogle said, Sometimes faith drives you to violence I dont know why. On cue, the crowd erupted in applause.

From PCRC sporting anti-CAA/NRC badges during their performances, to Harsha Bhogle, sneaking in a clever punchline during his conversation with Gaurav Kapur on cricket and memories.

Lyricist Kausar Munir recited a poem in three parts, touching upon the three generations of her family grandmother, father and daughter punctuated by a haunting line:

Birth certificate hai magar, jaan ka kaagaz kahaan se laaunDeath certificate hai magar, pehchaan ka kaagaz kahaan se laaun

Towards the end of her poem, Munir had a powerful thing to tell her girl: Your place in this country is defined by the Constitution. It wont be denied by an amendment. Poet Hussain Haidrys words were more unsparing, asking the audience to not sleep:

Jo darr ke bhaagte hain hamaare sawaal se,Unsey jawaab maangna hai, soeeyega matJo huqm de rahe hain, huqumat ke nashe mein,Unka nasha utaarna hai, soeeyega mat

Befitting her profession and reputation, the most wholesome speech had to come from journalistFaye DSouza. With a premise devised funnily around a building gathering full of pliant, conservative Uncles advising her to toe the line, DSouza dropped truth bombs by the dozen. Corporate India is so afraid to tick off the government. They are worried their files might not move through North Block and they will be punished into not making as much money as they are used to. So they are completely silent.

Befitting her profession and reputation, the most wholesome speech had to come from journalist Faye DSouza.

Our streets are now littered with human rights violations, with attempts to change the fabric of this secular country, DSouza continued. Our streets right now are full of crime, and the people who have access to education, information, and communication, have covered those streets with a blanket of silence, she said, referring toKashmir,Assam,Jamia,JNU, andUttar Pradesh.

Playing off on the ridiculous apprehensions of the Uncle, DSouza said, Yes, Uncle, thats true. The government is tracking everybody, reading everything. A pause later, to a roaring cheer from the crowd, she asked: Is the government reading the Constitution? DSouza ended her piece on a high, recalling how the young stood guard for the Constitution through that cold winter night. The young kept us safe. The young stood and fought, she said. Uncle was with us in spirit.

Anand Holla

This article was originally published on Arre

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Vilonia planning officials block prospective cryptocurrency mine – KUAR

The Vilonia Planning Commission unanimously voted against plans to build a cryptocurrency mine at an unusually packed meeting Thursday night.

Crypto mines are large collections of computers built to harvest cryptocurrency, a completely digital form of money not reliant on any central authority. They've drawn criticism because the fans needed to keep the computers cool emit a loud noise that can be disruptive to people nearby.

Last week, the Vilonia City Council voted to cap town-wide sound at 60 decibels. At the same meeting, several residents expressed negative sentiments against the proposed mines.

No representatives from the company seeking to build the crypto mine came to the meeting. The only person connected to the mine was Barry Davidson, a civil engineer who had been contracted from a separate company. When asked before the meeting, Davidson struggled to remember the name of the mining company.

You haven't met them, and you're their civil engineer, commission member Kim Williams noted during the meeting. Another member said the fact that no one from the mining company was there showed an unseriousness.

Davidson said no "acoustical analysis" has been conducted on the mine. Commission member Trey White wanted to see an analysis before moving forward with the plans.

My recommendation is that we deny the preliminary plat submittal, White said, to loud applause.

I believe we should also look into denying you permanently, Williams said, explaining that the company had failed to supply the planning commission with a good description of the proposed plan. She said she wanted to protect the health and safety of the city.

Williams said conditional-use permits are mandatory in Vilonia for industrial businesses, and by revoking the mine's permit, it will be hard for them to build in Vilonia in the future.

You can come back, she said, But you will not be approved next time either.

The commission unanimously voted to revoke the conditional use permit along with voting to stop the project. The crowd in the room erupted in applause after the votes.

After the vote, Cameron Baker, managing member of a pro-crypto group called Cryptic Farms, spoke in favor of future crypto mining. He said many mines are not noisy because they use liquid coolant or are in extremely rural areas.

During public comment, many community members thanked the commission for listening to the concerns they had expressed over the previous week.

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The total cryptocurrency market capitalization grew by more than 50 … – CoinJournal

The first half of the trading year is behind us, and one of the most notable developments is the increase in the total crypto market capitalization. Following 2022, when many crypto investors got fed up with industry scandals and left, the 2023 rally looks like the start of a new bullish market.

The performance is even more impressive, given that the US dollar is trading with a mixed tone against its fiat rivals.

Investors renewed interest in cryptocurrencies led to the total market capitalization growing by more than 50% in the years first half. Only in the last week, the market grew by more than 3%, and investors are optimistic because Bitcoin, the leading cryptocurrency, holds near the yearly high.

Bitcoin is the main reason why investors are optimistic about the cryptocurrency industry despite the ongoing scandals, frauds, and lawsuits. In the end, all that matters for market watchers is that Bitcoins price holds close to the yearly high, despite rallying in 2023 by over +85%.

Therefore, the path of least resistance in the years second half seems to be the upside.

Bitcoin chart by TradingView

Not all currencies performed like Bitcoin, though. For instance, Dogecoin is flat on the year, up by about +0.3% in the first six months of 2023. This is a huge divergence from what Bitcoin and other cryptocurrencies did (e.g., Ethereum, Litecoin, Ripple), and it reflects the crypto investors concentration in a few cryptocurrencies.

Moving forward in the years second half, crypto investors might want to watch the developments in the traditional currency market. More precisely, what will the Fed do with the funds rate?

If the US dollar loses ground against its rival fiat currencies in the next six months, Bitcoin and the other leading cryptocurrencies are well positioned to rally some more. As the Fed paused the rate hikes in June, one should embrace the possibility of the current funds rate being the terminal one for this tightening cycle.

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The Impact of Cryptocurrency on NFL Sponsorship Deals – IndianWeb2.com

Cryptocurrency has revolutionized various industries, and its impact on the sports world, including the National Football League (NFL), is a topic of significant interest. As the popularity of cryptocurrencies continues to grow, it is essential to understand the influence they have on NFL sponsorship deals. In this article, we will explore the implications of cryptocurrency in the NFL, its effect on sponsorship agreements, and the potential future trends in this dynamic landscape.IntroductionCryptocurrency, a digital form of currency that utilizes encryption techniques, has gained widespread attention and acceptance in recent years. With its decentralized nature and potential for secure transactions, it has attracted investors, businesses, and even sports organizations. The NFL, being one of the most popular and profitable sports leagues in the world, has not remained untouched by the cryptocurrency phenomenon. As cryptocurrencies continue to make their mark, they have the potential to influence various aspects of the NFL, including sponsorship deals and even NFL odds.The Rise of Cryptocurrencies in SportsCryptocurrencies have made their way into the sports industry, offering new opportunities for sponsorship and fan engagement. Professional football leagues, such as the Premier League, La Liga, and Serie A, have witnessed the emergence of crypto sponsorships. These partnerships between crypto projects and football teams have the potential to create a symbiotic relationship, benefiting both parties involved.Cryptocurrency and NFLPA Licensing RevenueThe impact of cryptocurrency on the NFL is evident in the licensing and sponsorship revenue owed to the National Football League Players Association (NFLPA). According to the organization's annual report, a close affiliate of the NFLPA has been unable to collect $41.8 million of licensing and sponsorship revenue, primarily due to the collapse of the crypto marketplace. This significant figure represents a quarter of the NFLPA's commercial revenue, highlighting the challenges faced by sports unions and leagues in the wake of crypto-related issues.Crypto Sponsorships in FootballThe trend of crypto sponsorships in football has gained momentum, and it is projected to be worth over $200 million annually by 2030. Cryptocurrency projects are partnering with professional football teams, leveraging the sport's passionate fan base to promote their brands. The Premier League, La Liga, and Serie A have witnessed several high-profile crypto sponsorships, indicating the increasing integration of cryptocurrencies in football.Crypto.com's Sponsorship Deals and the NFLCrypto.com, a prominent cryptocurrency platform, has made notable sponsorship deals within the sports industry. Although there have been reports of Crypto.com closing its institutional exchange in the United States, its sponsorship agreement with the NBA's Los Angeles Lakers remains unaffected. These developments raise questions about the future of Crypto.com's involvement in NFL sponsorship deals and the potential impact on the league's revenue streams.The Potential of Crypto Sponsorship in the NFLAs cryptocurrency continues to gain popularity, there is a potential for increased crypto sponsorships in the NFL. The league can leverage the advantages of cryptocurrencies, such as secure transactions, global reach, and enhanced fan engagement. Crypto sponsorships could provide a new revenue stream for NFL teams, enabling them to explore innovative marketing strategies and tap into the expanding crypto community.Challenges and Risks in Crypto SponsorshipsWhile crypto sponsorships offer exciting opportunities, there are challenges and risks associated with this emerging trend. The volatility of cryptocurrencies poses a risk to both the sponsoring entities and the teams involved. The unpredictable nature of the crypto market raises concerns about the stability and long-term viability of sponsorship deals. Additionally, regulatory considerations and public perception of cryptocurrencies may impact the acceptance and success of crypto sponsorships in the NFL.The Future of Cryptocurrency in NFL Sponsorship DealsThe future of cryptocurrency in NFL sponsorship deals depends on various factors, including regulatory developments, market stability, and the willingness of teams and sponsors to embrace this new paradigm. While the NFL has not seen widespread adoption of crypto sponsorships thus far, the increasing prevalence of cryptocurrencies in other sports leagues suggests that the NFL may follow suit. It is crucial for the league to monitor industry trends, assess the risks and rewards, and make informed decisions regarding crypto sponsorships in the future.ConclusionCryptocurrency has had a noticeable impact on NFL sponsorship deals. The rise of crypto sponsorships in football and the challenges faced by the NFLPA highlight the evolving relationship between cryptocurrencies and sports. As the crypto industry continues to grow and mature, the NFL and its teams have an opportunity to explore the benefits and risks associated with crypto sponsorships. The future of cryptocurrency in the NFL remains uncertain but holds the potential for new revenue streams and enhanced fan experiences.

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LBank Launches Global First Unlimited Crypto Credit Card, Breaking Boundaries in Cryptocurrency Payments – Yahoo Finance

Road Town, British Virgin Islands--(Newsfile Corp. - July 3, 2023) - LBank, the world-leading cryptocurrency exchange, is soon to launch the world's first unlimited cryptocurrency credit card, aiming to break down the barriers of cryptocurrency payments. The card, available in both virtual and physical forms, allows users to make any consumer payments directly with cryptocurrency through LBank's credit, and also supports local cash withdrawals.

Figure 1

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LBank's nearly 9 million users are expected to begin using this card in Q3 2023, and the exchange's VIP users will be granted the exclusive right to early access. The credit card will connect to LBank users' digital assets and can be used on various payment platforms like Google Pay. Upon acquiring the card, the app allows detailed viewing of each recharge and consumption record, enabling users to stay on top of their financial status at all times.

By using this card, LBank users can consume their assets within the exchange or withdraw assets in the form of fiat currency. The card does not have the quota limitations of ordinary credit cards; both consumption and withdrawals are unlimited. LBank's technical team indicated that more detailed information about payment options, such as fee tiers, will be announced as the card's launch date approaches.

Users who wish to obtain the LBank credit card can order it from the exchange's website. The card comes in different options, including a metal version. Certain users can also acquire a specially offered VIP version that provides up to 2% cashback when used.

"For us, an important point is that users from all over the world can order and use our credit card. Our vision is to make crypto assets safer and circulation freer. Launching our own credit card is a significant step towards achieving this goal," stated Eric He, the founder of LBank.

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Contact Details:LBK Blockchain Co. LimitedLBank Exchangepress@lbank.info

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172144

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Cryptocurrency Price Today: Bitcoin Rises Above $31,000 Mark As Global Currency Reserve Becomes Top Gainer – ABP Live

Bitcoin (BTC) and Ethereum (ETH) two of the most valued crypto coins managed to rise above the $31,000 and $19,000 marks, respectively, on early Tuesday morning. Other popular altcoins including the likes of Dogecoin (DOGE), Ripple (XRP) landed in the positive as overall prices saw minor gains across the board. Global Currency Reserve (GCR) emerged to be the biggest gainer, seeing a 24-hour jump of over 43.26 percent. Flow (FLOW), on the other hand, turned out to be the biggest loser.

At the time of writing, the global crypto market cap stood at $1.22 trillion, registering a 24-hour gain of 0.92 percent.

Bitcoin price stood at $31,130.43 seeing a 24-hour gain of 1.32 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 26 lakhs.

ETH price stood at $1,958.16, marking a 24-hour gain of 0.58 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.68 lakhs.

DOGE registered a 24-hour gain of 0.56 percent as per CoinMarketCap data, currently priced at $0.0687. As per WazirX, Dogecoin price in India stood at Rs 5.9100.

Litecoin saw a 24-hour loss of 3.53 percent. At the time of writing, it was trading at $108.63. LTC price in India stood at Rs 9,260.88.

XRP price stood at $0.4911, seeing a 24-hour gain of 1.54 percent. As per WazirX, Ripple price stood at Rs 42.0533.

Solana price stood at $19.25, marking a 24-hour loss of 1.50 percent. As per WazirX, SOL price in India stood at Rs 1,642.87.

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Price: $3.1424-hour gain: 43.26 percent

Aptos (APT)

Price: $8.2324-hour gain: 11.14 percent

Frax Share (FXS)

Price: $6.4524-hour gain: 8.27 percent

Pepe (PEPE)

Price: $0.00000173124-hour gain: 6.82 percent

Render Token (RNDR)

Price: $2.1724-hour gain: 6.27 percent

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Flow (FLOW)

Price: $0.672424-hour loss: 9.87 percent

Synthetix (SNX)

Price: $2.2024-hour loss: 7.63 percent

Compound (COMP)

Price: $62.1124-hour loss: 6.68 percent

eCash (XEC)

Price: $0.0000345324-hour loss: 4.53 percent

Bitcoin Cash (BCH)

Price: $284.3624-hour loss: 4.41 percent

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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IT engineer fakes kidnapping to extort money from family in Lucknow after he loses big on cryptocurrency i – The Economic Times

A 35-year-old engineer identified as Naman Kumar has been accused of orchestrating his own kidnapping in a desperate attempt to extort money from his family. The reason for his drastic actions was the substantial monetary loss he had incurred as a result of cryptocurrency investments. He used his expertise as an IT worker to assume the role of the 'kidnapper' and utilized a number of voice modulation applications to intimidate his parents. The incident came to light when the man's family contacted the police, filing a complaint at approximately 2 pm on Monday. The distressed mother claimed that her son had been abducted near KGMU, receiving multiple extortion calls and messages demanding a sum of Rs 20 lakh, all originating from Kumar's own phone.How he was apprehended?Providing insights into the investigation, Additional DCP West, Chiranjeev Nath Sinha, revealed that law enforcement officers scrutinized the content of the messages and calls. The caller, employing WhatsApp as a means of communication, persistently demanded the aforementioned ransom while making ominous references to a past kidnapping incident in Bihar's Rohtas district involving an individual named "Viren."

Sinha disclosed that the perpetrator appeared to have some familiarity with the family's background, particularly their roots in Bihar. Further technological analysis led the authorities to the Amausi airport, where CCTV footage showed Kumar disembarking from a flight at 10 am. Subsequently, he was observed visiting acquaintances in the intervening period.

After apprehension, he reveals why he did it?

Despite seeking assistance from others, he faced repeated refusals. Consequently, Kumar conceived the audacious plan to extort money from his family, taking advantage of their preparations for his uncle's daughter's wedding.

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Cryptocurrency LEO Token’s Price Increased More Than 6% Within 24 hours – Benzinga

July 4, 2023 11:00 AM | 1 min read

Over the past 24 hours, LEO Token's (CRYPTO:LEO) price rose 6.23% to $3.93. This continues its positive trend over the past week where it has experienced a 1.0% gain, moving from $3.91 to its current price. As it stands right now, the coin's all-time high is $8.14.

The chart below compares the price movement and volatility for LEO Token over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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LEO Token's trading volume has climbed 37.0% over the past week along with the circulating supply of the coin, which has increased 0.0%. This brings the circulating supply to 929.91 million. According to our data, the current market cap ranking for LEO is #22 at $3.65 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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