Bitcoin at Rs 16.35 lakh

Major cryptocurrencies were trading in the red early on October 13 as the global crypto market cap decreased 0.05 percent to $918.19 billion over the last day. The total crypto market volume dropped 9.88 percent to $44.13 billion over the last 24 hours. The total volume in DeFi stood at $2.40 billion, which is 5.44 percent of the total crypto market 24-hour volume. The volume of all stable coins was $41.54 billion, which is 94.13 percent of the total crypto market 24-hour volume. The price of bitcoin hovered around Rs 16 lakh, with a dominance of 39.90 percent, which is a increase of 0.12 percent over the day, according to Coinmarketcap. Read full here

Indian crypto exchanges give a thumbs-up for OECD reporting framework, say it will promote transparency

Indian crypto exchanges are cheering the new tax reporting framework released by the Organization for Economic Co-operation and Development (OECD) amid a sharp decline in trading volumes on crypto markets. They are also hoping the Crypto-Asset Reporting Framework (CARF) of the OECD will prompt the Indian government to frame its own regulations and lower taxes, helping revive the crypto market. “So far we don't have any concrete rules in India outside taxes; this will be the first attempt. Once the rules have come in place for OECD…, India will be bound to come up with rules,” said Rajagopal Menon, vice president of crypto exchange WazirX. Read details here

Bitcoin mining reserves are at a 12-year low—Here’s why

The amount of Bitcoin held in reserve by mining companies has fallen to lows not seen since February 2010, according to blockchain analytics firm IntoTheBlock. And that’s been true for most of this year. Bitcoin miners have 1.91 million BTC in their wallets, according to IntoTheBlock. Bitcoin miner reserves have been above the 2 million BTC mark—first surpassed on February 19, 2010—for only 46 days since the start of 2022. This illustrates the impact of miners selling their Bitcoin throughout the year, at times selling more in a month than they mined, to compensate for profits that have dwindled as the market has suffered. Take a look