Bitcoin trading above Rs 16 lakh

Major cryptocurrencies were trading in the red early on September 6 as the global crypto market cap increased 1.42 percent to $995.82 billion over the last day. The total crypto market volume increased 30.51 percent to $62.66 billion over the last 24 hours. The total volume in DeFi stood at $5.62 billion, 8.97 percent of the total crypto market 24-hour volume. The volume of all stablecoins was at $57.69 billion, which is 92.08 percent of the total crypto market 24-hour volume. The price of Bitcoin hovered over Rs 16 lakh. Its dominance is currently 38.21 percent, which is a decrease of 0.50 percent over the day, according to CoinMarketCap. Read full here

Bitget surpasses FTX in derivatives trading volume

Bitget, one of the leading derivatives exchanges, has surpassed FTX and top exchanges including KuCoin, Crypto.com, Huobi Global and more in derivatives trading volume as per data provided on CoinGecko. As the overall crypto market continues to face volatility and negative tailwinds, Bitget has moved inversely projecting over 500 percent growth in trading volumes. Maintaining a tremendous growth record to generate strong and recurring cash flow despite uncertain market conditions. A recent research report issued in collaboration with Boston Consulting Group (BCG) has unveiled substantial development trends in crypto trading markets, its role in enabling the Web3 economy and shares insights on navigating the crypto space during a bear market. Read details here

Can India become a haven for millennial entrepreneurs in the Web3 space?

The Web3 space in India is teeming with young entrepreneurs below the age of 35, with disruptive ideas but are hamstrung by a ‘tricky’ taxation system, limited domain knowledge and security issues. The new taxation regime, which faced a backlash from the crypto industry, remains a problem for Web3 entrepreneurs as well. Most entrepreneurs in this space feel that regulatory clarity in this emerging industry is a big question mark in India and globally. Clear guidelines, better formal reporting practices and VDA-specific tax solutions are necessary to help young founders navigate challenges while they focus on the vision of their company. Take a look

Binance to convert users' USDC into its own stablecoin

Binance, the world's largest crypto exchange, said on Monday it is introducing "BUSD Auto-Conversion," which will be used to convert any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into its own stablecoin. The move is intended to enhance liquidity and capital efficiency for users, the company said in a statement. Binance said it will remove and cease any trading on spot pairs that include USDC, USDP and TUSD; it will start the conversion on September 29. (Reuters)

Lawyer of alleged crypto launderer urges Russia to discuss prisoner swap

The lawyer of a Russian man accused of laundering more than $4 billion through the digital currency Bitcoin urged Moscow on Monday to begin negotiations with the United States to include his client in a potential prisoner swap. US Secretary of State Antony Blinken said in July that Washington had made Moscow a "substantial offer" for the release of American citizens held in Russia, including US basketball star Brittney Griner and former Marine Paul Whelan. In a letter seen by Reuters, a lawyer for Alexander Vinnik, a Russian who was extradited last month to the United States to face money laundering charges, called on Foreign Minister Sergei Lavrov to begin swap negotiations with Washington. (Reuters)