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Spot Bitcoin exchange-traded fund #ETFs. inflows helped aid the oldest crypto’s surge above the $49,000 mark. Bitcoin’s move higher makes its market capitalization bigger than that of Wall Street stalwarts, including Elon Musk’s electric carmaker Tesla and American payment provider #visa #BTC‬ Ranks No.8 Among Global Assets. Off a weeks-long sprint of 16.7% gains, Bitcoin is now more valuable than some of Wall Street’s favourite companies. Bitcoin currently boasts a price of $49,893, putting the top crypto’s market cap at $979 billion. Were BTC a U.S.-listed stock, it would rank as the eighth-largest by market cap, leapfrogging Wall Street giants such as Tesla, Berkshire Hathaway, and Visa, data from CompaniesMarketCap suggests. #Tesla sits at a $611 billion valuation; Berkshire Hathaway at $859 billion; Visa, meanwhile, boasts a $562.51 billion valuation. Bitcoin’s ascent is particularly notable in comparison to #Ethereum(ETH) , the second-largest cryptocurrency, which holds a modest 34th spot out of 100 assets. Bitcoin’s growing influence and, by extension, the wider crypto market, on the global financial stage becomes even more apparent because of this development.

Spot Bitcoin exchange-traded fund #ETFs. inflows helped aid the oldest crypto’s surge above the $49,000 mark. Bitcoin’s move higher makes its market capitalization bigger than that of Wall Street stalwarts, including Elon Musk’s electric carmaker Tesla and American payment provider #visa

#BTC‬ Ranks No.8 Among Global Assets.

Off a weeks-long sprint of 16.7% gains, Bitcoin is now more valuable than some of Wall Street’s favourite companies. Bitcoin currently boasts a price of $49,893, putting the top crypto’s market cap at $979 billion.

Were BTC a U.S.-listed stock, it would rank as the eighth-largest by market cap, leapfrogging Wall Street giants such as Tesla, Berkshire Hathaway, and Visa, data from CompaniesMarketCap suggests.

#Tesla sits at a $611 billion valuation; Berkshire Hathaway at $859 billion; Visa, meanwhile, boasts a $562.51 billion valuation.

Bitcoin’s ascent is particularly notable in comparison to #Ethereum(ETH) , the second-largest cryptocurrency, which holds a modest 34th spot out of 100 assets. Bitcoin’s growing influence and, by extension, the wider crypto market, on the global financial stage becomes even more apparent because of this development.

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Central Board of Direct Taxes (#CBDT ) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year. The #Indian #government had implemented one percent direct tax on all crypto transactions from July 1, 2022. In an interview with #ani , the tax body’s chairman revealed that they have collected over 700 crore INR ($84 million) in TDS during the current financial year from online gaming companies and crypto transactions. Over 12$ million was collected from taxes on crypto. Tax Imposed After “Phenomenal Increase” in Crypto Transactions Though crypto regulations in India remain unclear as of now, the central government has imposed heavy taxes in order to curb unsupervised crypto’s adoption in the world’s most populated country. In her 2022-23 Budget speech, India’s Finance Minister Nirmala Sitharaman announced one percent #TDS on crypto transactions. She cited “phenomenal increase” in crypto transactions as a reason for a specific tax regime. At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 per cent. The central government of India has significantly changed its stance on crypto regulations in the last year.
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Avalanche and Solana are among the most credible Ethereum competitors on the market today. The two blockchains are similar in terms of user experience, as they both offer very fast and cheap transactions to users transfering tokens and interacting with smart contracts. However, there’s also a number of key differences between #Avalanche" vs. #Solana🚀 . In this article, we’ll compare the two projects and recommend which one you should choose based on your needs. Key highlights: Avalanche and Solana, both launched in 2020, are top Ethereum competitors, offering fast, low-cost transactions with distinct features. Avalanche supports EVM-compatible smart contracts using Subnets for customizable networks, while Solana uses a unique Proof-of-History mechanism for scalability. Solana's higher transaction capacity and speed make it preferable for performance-focused users, despite its reliability issues. Avalanche, with fewer outages and EVM compatibility, is a better choice for reliability and familiarity with the Ethereum ecosystem. Running validator nodes on either blockchain is more suited for advanced users or companies due to high capital and hardware requirements.
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The world’s largest crypto exchange, #BinanceEVM , is in talks with the #Indian government to restore citizens’ access to the Binance mobile application and website. An Indian publishing firm captured this development, citing sources familiar with the matter. Per the report, Binance is willing to settle outstanding taxes accumulated as of January 12, when operations were halted. However, it noted that the exchange is unprepared to adhere to the Prevention of Money Laundering Act (#PMLA ) guidelines. In particular, Binance sources reportedly stated that the exchange requires time to establish the necessary procedures to comply with the PMLA and Financial Intelligence Unit (FIU) regulations. Consequently, it requested permission to resume operations in the interim period. In response, the Indian authorities have rejected Binance’s request to resume operations until the company implements the necessary compliance. The statement read: Compliance with PMLA is paramount. They have been explicitly told that any discussion on resumption of their services in India is only after the government is satisfied with their responses on the notices sent by the FIU. Earlier, the government blocked nine offshore crypto platforms’ websites and mobile apps. The affected exchanges include Binance, kucoin. #Huobi , OKX, Gate.io, Bittrex, Bitstamp, #MEXC Global, and Bitfinex. Notably, the government’s step was warranted because these platforms failed to respond to show-cause notices from the FIU. Meanwhile, the government is collaborating with banks to devise measures against traders who utilize virtual private networks (VPNs) to access the banned platforms. Data suggested that approximately 4,000 Indian crypto traders are suspected of using VPNs to conduct transactions on Binance rather than transferring their assets to compliant Indian exchanges. It is estimated that nearly $4 billion worth of crypto belonging to Indian traders is stored in offshore wallets.
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In a recent interview, Tom Lee, a well-known Bitcoin advocate and co-founder of Fundstrat Global Advisors, shared his views on the future of Bitcoin. Known for his bullish stance on #Bitcoin since its early days, Lee's predictions have generally been accurate. Lee's defense of #BTC dates back a decade, when BTC was in its infancy and used primarily by a small group of individuals. Despite the skepticism surrounding Bitcoin at the time, Lee saw potential in BTC and remained bullish even when it was only worth a few hundred dollars. When asked what he sees in Bitcoin that others do not, Lee pointed out that Bitcoin solves many problems in the monetary system: “Bitcoin is a trustless #BlockchainCommunity , and yet there has never been a fraudulent record. This is a remarkable achievement, especially considering that 6% of all transactions from a traditional bank were suspicious over the same 14-year period.” Lee also discussed how Bitcoin's network value is relatively easy to model based on the number of wallets actually using the network. This model, based on Metcalfe's law, suggests that the utility of the network will increase as the number of users increases. According to Lee, this model still explains more than 90% of BTC movement.
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THE #bullrun2024! ? ? ? Oliver L. Velez, an experienced digital assets trader, has advised crypto investors to get their bitcoins off crypto exchanges and prepare to buy the dip. Velez said this in a recent post on X (formerly Twitter) where he identified a crucial reason why the crypto market might experience another significant crash. $BNB is near #BinanceSquareExplorers last leveraged liquidation price once again. Remember when Caroline of Alameda tried to defend the $22 price before it and #FTX. imploded? A $BNB collapse would bring down a house of cards 10x the size of FTX. Get your #Bitcoin off all exchanges. Oliver L. Velez ⚡️ 13%'er Bitcoine September 11, 2023 Velez claimed that at its current price, BNB is near Binance’s last leveraged liquidation price. He believes that a BNB collapse would impact the entire crypto market in a significant way. According to Velez, a BNB crash will send the crypto market tumbling by more than ten times the magnitude of the crash experienced during the FTX collapse of last November. The highly experienced trader recalled an event that preceded the FTX collapse, when Carolin Ellis, CEO of Alameda Research, posted that Alameda would buy Changpeng Zhao’s FTT tokens for $22 each. Of course, that did not materialize and could not save the market from an eventual collapse. Velez thinks the crypto market is preparing for a cleansing flush-out before the next bull run in 2024. Ecks, a respondent to Velez’s post, noted that Changpeng Zhao, CEO of Binance, already claimed that the exchange has no loans. If that is the case, Ecks questioned the possibility of liquidation.
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