Bitcoin below $40,000

Most major cryptocurrencies were trading mixed on July 29, with Bitcoin and Ethereum slightly lower than the previous day. The global cryptocurrency market capitalisation stood at $1.53 trillion, up 0.19 percent in the previous 24 hours. While Bitcoin was trading at above $39,600, Ethereum was trading at above $2,200. The price of Bitcoin had briefly crossed $40,000 on July 28, for the first time in more than a month. Read more here.

Why a cryptocurrency index is an oxymoron

Cryptocurrencies have been in vogue lately. While proponents are ‘holding on for dear life’ through the downturn, naysayers proclaim this to be the beginning of the end. The regulators do not know any better. On the one hand, China, Japan, Canada, and the United Kingdom have banned Binance (the largest cryptocurrency exchange). On the other, we have El Salvador approving Bitcoin as legal tender. Believe it or not, we even have indices and derivatives on cryptocurrency now. How would one bring transparency to a market which, in its current state, is inherently opaque at multiple levels? Find out here.

Biconomy raises $9 mn in funding from DACM, Mechanism Capital, others

Biconomy, a blockchain transaction platform, on Wednesday said it has raised USD 9 million (about Rs 67 crore) in funding, led by DACM, Mechanism Capital and others. The round also saw strategic investments from Coinbase, Bain Capital, Coinfund, NFX, True Ventures, Proof Group, Ledgerprime, Primitive Ventures, Genblock, Rarestone Capital, Huobi Innovation Labs, and Capital Partners, according to a statement. To date, it has raised a total of $10.5 million. The new round of funding will enable Biconomy to further propel its multi-chain transaction infrastructure for next-generation Web 3.0 applications, the statement said. (PTI)

Desi startup starts taking Bitcoin in payments despite govt warnings

Till now, Bitcoin and other cryptocurrencies are seen largely as an asset class to invest in to gain from price appreciation. In the US, some businesses have also started accepting them as currencies for payments. In India, amid heavy resistance from the government and the Reserve Bank of India, cryptocurrencies are yet to gain a broader acceptance. But one Indian startup has ventured out to start accepting cryptocurrencies for payments. The Rug Republic – a homegrown décor brand – is one. Read more here.