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The global crypto market cap declined by 2.39 per cent to $867.37 billion over the last day. The total crypto market volume over the last 24 hours is $55.24 billion, which makes a 2.49 per cent increase. The total volume in DeFi is currently $4.78 billion which is 8.65 per cent of the total crypto market 24-hour volume. The price of Bitcoin hovered around Rs 16 lakh. Bitcoin’s dominance is currently 42.75 per cent, a decrease of 0.06 per cent over the day, according to CoinMarketCap data.. Read full here

Big Story

Bitbns introduces ‘Zero TDS’ on Crypto SIP investments

In an attempt to help users circumvent TDS (Tax Deducted at Source) costs and invest long-term, Crypto exchange Bitbns on July 12 launched the Zero TDS mechanism on its SIP investments in cryptocurrency. Bitdroplet is a platform by Bitbns that will bear the TDS for SIP investments redeemed after 12 months. Also, there is no minimum tenure for redemption. The platform claims to have pioneered crypto SIP in India, with an active folio worth over 200,000. The exchange also introduced 19 new tokens on its SIP platform, delivering investors greater flexibility in their SIP investments. Read more

Crypto Scam

How were investors duped to the tune of Rs 1,200 crore?

 The accused, 31-year-old Kerala resident Nishad K, and his partners allegedly collected deposits from investors under the guise of an initial coin offer (ICO) for the launch of Morris Coin cryptocurrency. An ICO is the crypto industry's equivalent of an initial public offering (IPO). A company seeking to raise money to create a new coin, app, or service can launch an ICO as a way to raise funds. Interested investors can buy into an ICO to receive new cryptocurrency tokens issued by the company. People were lured to invest in the seemingly attractive schemes through WhatsApp messages, where they were offered Rs 270 every day for 300 days and 15 Morris Coin cryptocurrency worth Rs 1,500 each on investing Rs 15,000 through agents in the crypto wallets provided by the promoters. Take a look


Shrimps and whales keep bitcoin afloat

The shrimps of the crypto world have joined the whales in a glorious last stand to banish the bleak bitcoin winter. These two contrasting groups are both HODLers - investors in bitcoin as a long-term proposition who refuse to sell their holdings - and they are determined to drive back the bears, despite their portfolios being deep in the red. Shrimps, investors that hold less than 1 bitcoin, are collectively adding to their balance at a rate of 60,460 bitcoin per month, the most aggressive rate in history, according to an analysis by data firm Glassnode. Read more here

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