Bitcoin above $38,900

The total cryptocurrency market was mixed on August 3. The market volume over the previous 24 hours was $75.46 billion, which was a 8.19 percent decrease. The volume of all stable coins was $58.40 billion, which was 77.40 percent of the total crypto market 24-hour volume. The current global cryptocurrency market capitalisation was $1.58 trillion, a 0.74 percent decline in the previous 24 hours. The price of Bitcoin, the world’s largest cryptocurrency by market capitalisation, was above $38,900. Its dominance was 46.12 percent, a decrease of 0.58 percent over the day. Read more here.

China lays down challenge to the West on crypto

The time has come for more western governments to stop dismissing the crypto revolution as some mix of illicit payments schemes and reckless financial speculation, reads an opinion piece from the Financial Times. Instead, they should be more open to embracing the innovations of crypto and channelling them in a better direction for finance, the economy and society at large. At the same time, crypto supporters need to recognise the growing systemic consequences of the continuing and future disruptions, deepening their engagement on regulatory and energy issues. Governments and private sector must adopt more unified approach in response to Beijing. Read the full article here.

Govt to decide on IMC’s report on crypto, may present legislative proposal: MoS Finance

Replying to a question on cryptocurrency trading, Minister of State for Finance Pankaj Chaudhary said currently, all entities regulated by RBI have been advised to carry out customer due diligence process in line with regulations governing standards for know your customer (KYC), Anti Money Laundering, Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act (PMLA). The entities have also been advised to ensure compliance with relevant provisions under FEMA for overseas remittances. In Budget 2018-19, it was announced that the government doesn't consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payments system. A high-level Inter-Ministerial Committee (IMC) constituted to study the issues related to virtual currencies and propose specific actions to be taken in the matter, recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India. "The government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in Parliament following the due process," Chaudhary said. Read more here.

Family risks losing Rs 44 crore in Ethereum after house fire

A Washington DC-based family fear their $6 million worth in Ethereum cryptocurrency fortune could be lost forever after tragically losing everything in a house fire. Yuki and Art Williams purchased 3,000 Ethereum coins during a pre-sale from the Ethereum Foundation way back in 2014. Their investment was worth around $932 then and now it amounts close to $6 million (approx. Rs 44.57 crore) on the exchanges today. While the shocking blaze destroyed their home, the family’s struggle to gain access to their multi-million fortune has left them desperate, even ensuing a lengthy fight to get access to a key data file for their Ethereum wallet. The couple claim a password was created but the very important JSON file which acts as an exclusive key to open a crypto wallet never completely downloaded online. The Williams claim they can see 3,000 ETH in their wallet but can't access it because they do not have the all-important JSON file. They have now launched a fundraiser to cover the costs of their legal crusade, News18 reported. Read more here.