Ethereum and Bitcoin witnessed big falls this week, Indian crypto bill was placed in this winter parliament season, many cryptos grew in value and so many things happened this week in the crypto space. Let us have a look at the important crypto news this week. You can also search for cryptocurrency latest news if you wish to.
Top Crypto News This Week
From the US to India, crypto is a happening topic everywhere and presently it is more discussed in India as there will be new laws that will be regulating the use of digital currency, and also the values of several cryptos have increased pulling down several others. So with that respect as this week comes to an end, let us quickly look at the breaking crypto news of this week.
The BadgerDAO Theft
This is the latest crypto news this week. Nearly $120 million which is roughly Rs 899 crore were stolen from varied digital currency wallets on the Decentralized Finance (DeFi) platform BadgerDAO on (01.12.2021) Wednesday. The problem is presently being examined by the blockchain analytics and data firm PeckShield. For the user who was in communication with the official website when the harmful script was active it would wiretap Web3 transactions and put in a request that would transfer the token of the victim to the address that has been chosen by the malicious players. That’s how the BadgerDAO theft took place.
Coinstore Enters India
Coinstore which is a digital marketing exchange enters India and has now launched its application and web platform and is getting ready for its branches in New Delhi, Bangalore, and in Mumbai which will work as its foundation in this nation for more broadening in the future as per a statement released by its team of management.
The Omicron Cryptocurrency Rise
Omicron digital coin with the token name OMIC was not so popular as cryptocurrency until 29.11.2021. The day after WHO termed the new covid variant Omicron, the crypto space watched Omicron cryptocurrency increase by 900%.
The crypto increased to an all time high on 29.11.2021 after the latest rapidly spreading coronavirus variant was given a similar terming. During the ATS (Asian Trading Session) on 30.11.2021 morning, the OMIC token of Omicron received an all time high of $689. This move has raised the value of the token by another 200% in one day and by an amazing 945% since 27.11.2021 when the coin was trading at nearly $65.
The Indian Crypto Tax
While the RBI (Reserve Bank of India) has not yet permitted any status of crypto being their legal tender, there cannot be any escape from paying digital currency taxes on investment profits. The Government of India is aiming to regulate digital currencies which have been heard that SEBI may be the new regulatory body and also their handling of tax on the basis of their usages like payments, investments, or utility as per a report. If you are wondering about crypto news today India, then you are at the right place.
Profits in digital currency can take place in various ways like staking, farming, mining, or the traditional selling and buying. Gains from digital currency can be segregated under “business income” while other activities are likely to come under “income from other sources”. Bringing in extra changes and rules would needlessly be a load on the taxpayer.
Terra Luna Price Rises
The last important crypto news this week is of the rise in the value of Terra Luna crypto. Terraform Labs’ Luna is rapidly becoming one of the best performers in the crypto space, having received nearly 80% in value in the last week alone.
The gains have arrived thanks to a combination of decreasing supply of tokens, and a series of alterations in how the coin is employed in its own network of payment. This token has even overtaken Dogecoin’s darling Shiba Inu and “Ethereum killer” AVAX of Avalanche to become the 11th biggest digital currency by market value, as per the data from CoinMarketCap. So if you were wondering why is the crypto market down today 2021, then here is your answer.
Bitcoin Infra Bill
Let us have a look at some Bitcoin news. The U.S President Joe Biden signed a $1.2 trillion bipartisan infrastructure bill on 15 November 2021 and it has some latest legislation that crypto investors should know about. BTC sellers were active on 03.12.2021, pushing the digital currency toward the base of its weeklong value range. Lower support at nearly $53,000 could balance the present pullback.
Bitcoin was trading at nearly $55,000 at press time and has decreased about 2% over the past 24 hours. Increased momentum is beginning to slow on the weekly and daily value charts, which implies upside could be limited toward $60,000 defiance. As of now, the intermediate term uptrend stays intact given the increased sloping 100-day moving average.
Further, the RSI (relative strength index) on the daily chart is just down the neutral territory, even though purchasing has been weak following an oversold reading on 26 November 2021.
The Bottom Line
The crypto space had much news to share in the past week as there is still a situation of uncertainty that is persisting especially in the Indian crypto space. Along with that with the advent of a new covid variant, the value of a crypto sharing a similar name has increased to a great extent. There is no crypto crash today. All these combine the crypto news this week.