Bitcoin at Rs 16.70 lakh

Major cryptocurrencies were trading in the red early on September 1 as the global crypto market cap declined 2.09 percent to $975.54 billion over the previous day. The total crypto market volume rose 10.81 percent to $67.52 billion over the last 24 hours. The total volume in decentralised finance (DeFi) stood at $5.27 billion, 7.81 percent of the crypto market's 24-hour volume. The volume of all stablecoins was $60.92 billion, which is 90.92 percent of the crypto market 24-hour volume. The price of bitcoin hovered around Rs 16.70 lakh. It dominates 39.29 percent of the market, an increase of 0.11 percent over the day, according to CoinMarketCap. Read more here.

Centre awaits global signal on crypto ban

The Union government is awaiting an internationally acceptable solution to track and curb clandestine so-called wallet-to-wallet transfers of cryptocurrency before banning them in India, with both the finance ministry and the Reserve Bank of India (RBI) agreeing on their destabilising impact on the country’s financial stability, two officials aware of the matter said. Currently, cryptocurrencies are unregulated in India. (Hindustan Times)

Web3 founders must answer tough questions as FOMO dies out

The fear of missing out (FOMO) factor which led many entrepreneurs to start up in Web3 and venture capitalists to invest in these firms last year, is now almost over, as the sector is grappling to build decentralised solutions for real-life problems amid funding winter. Take a look.

Crypto.com ditches $495 million sponsorship deal with Champions League: Report

Crypto.com has pulled out of a massive sponsorship deal with the European Champions League (UEFA) at the "last moment" earlier this summer, SportBusiness reported today. The deal was reportedly going to run for five seasons and would have cost the crypto exchange roughly 100 million euros per season, or $99 million a year, making the now-lost overall deal worth a hefty $495 million. (Decrypt)

Vauld proposes to set up Committee of Creditors

Following its last hearing, cryptocurrency lending platform Vauld reached out to its customers seeking their interest to be a part of a proposed Committee of Creditors (CoC), to whom it owes money. Over the last two months, Vauld had halted withdrawals, suspended operations citing financial troubles, announced a possible acquisition by London-based crypto lender Nexo and lately came under the scanner of the Enforcement Directorate (ED) over accusations of assisting in financial fraud. Read details here.