The cryptocurrency market is undergoing volatility in the backdrop of back-to-back hack attacks hitting the sector. Bitcoin on Tuesday, August 9, grew by 2.87 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at around $25,080 (roughly Rs. 20 lakh). The oldest cryptocurrency also saw minor hikes on international exchanges. As per Binance and Coinbase, BTC rates have spiked by around 2.50 percent to trade at about $23,861 (roughly Rs. 19 lakh).
Ether moved unconventionally and failed to grab gains following BTC’s price movement. With a loss of 3.40 percent, ETH prices are currently circling the mark of $1,722 (roughly Rs. 1.35 lakh).
On the crypto price charts, nearly equal number of altcoins followed BTC and ETH to reflect gains and losses respectively.
Tether, Ripple, Cardano, Solana, and Polkadot joined BTC and reeled-in gains.
USD Coin, Binance Coin, Binance USD, Dogecoin, and Avalanche saw losses alongside Ether.
The global crypto market cap currently stands at $1.13 trillion (roughly Rs. 89,53,272 crore), with a 1.96 percent overall increase from the last day, as per CoinMarketCap.
Meanwhile, Nischal Shetty, the co-founder of WazirX crypto exchange has taken to Twitter to promote the use of blockchain networks in order to maintain transparency in businesses.
Companies should be mandated to make all deal documents public
They should be made to put the deal details on a public blockchain
This will ensure truth is never hidden from the people :muscle:#Decentralize #Blockchain #Shardeum
— Nischal (Shardeum) :zap:️ (@NischalShetty) August 8, 2022
In light of recent news about WazirX, we wanted to assure you that operations are being conducted as usual.
Crypto and INR withdrawals are being processed normally.
We wish to continue to serve you :pray:
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 7, 2022
Shetty’s comments come in the backdrop of WazirX’s ongoing feud with Binance. Changpeng Zhao, the CEO of Binance has recently claimed that the acquistion of WazirX, that was announced in November 2019, did not reach a point of completion.
In light of recent news about WazirX, we wanted to assure you that operations are being conducted as usual.
Crypto and INR withdrawals are being processed normally.
We wish to continue to serve you :pray:
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 7, 2022
Zhao is seemingly trying to disassociate Binance’s branding from WazirX now that the Indian exchange is facing investigation in India over alleged money laundering charges.
Meanwhile, scammers continue to riddle the cryptosphere and it has been pointed yet again out, this time by Hong Kong publications.
The nation that recently topped the list of the world’s most crypto-ready nations has observed an alarming 105 percent hike in crypto scams. In the first six months of this year alone, the crypto community of Hong Kong has collectively lost $50 million (roughly Rs. 400 crore) to cons.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.