Cryptocurrency Live News & Updates : Crypto Bills Face Delay in U.S. House Vote
The U.S. House's progress on digital asset legislation stalled due to a procedural vote objection from the House Freedom Caucus, causing uncertainty in the crypto markets. A new vote is scheduled for later today, with bipartisan support still strong for the bills. The U.S. House of Representatives encountered a setback in its efforts to pass crucial cryptocurrency legislation as the House Freedom Caucus raised objections during a procedural vote. This unexpected delay has created uncertainty in the crypto markets, despite strong bipartisan support for the bills, which are expected to be voted on later this week. Meanwhile, JPMorgan's CEO Jamie Dimon announced the bank's intention to engage more with stablecoins, highlighting their growing importance for cross-border payments amid impending U.S. regulations. Citigroup's CEO Jane Fraser also confirmed the bank's exploration of launching its own stablecoin, emphasizing the significance of digital assets in modern finance. Additionally, Bitcoin has shown signs of a potential surge, breaking out from an inverted head-and-shoulders pattern, suggesting it could reach $160,000. Lastly, Marc Vanlerberghe from the Algorand Foundation argues for the need to simplify blockchain experiences for mainstream adoption, advocating for 'gated communities' that make crypto more accessible to everyday users. Show more
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Economic Times
an hour ago
- Economic Times
India's wealthy investors turn to crypto assets as traditional markets stagnate
Tired of too many ads? Remove Ads Crypto TrackerPowered By TOP COINS TOP COIN SETS Ethereum 2,68,881 ( 3.95 %) Buy Solana 14,075.09 ( 1.01 %) Buy BNB 59,216 ( -0.03 %) Buy XRP 249.83 ( -1.2 %) Buy Bitcoin 1,01,04,647 ( -1.78 %) Buy Mumbai: India's wealthy are increasingly taking a shine to crypto assets, a global favourite these days, as they see limited scope for appreciation in traditional favourites like stocks and gold at this point. Domestic affluent investors, who have been adding these virtual currencies to their portfolios since the election of the US president Donald Trump in November last year, have ramped up their holdings of late, a stark contrast to their position last year when they were reluctant to test out these new-age assets."Over the last 6 months, we're seeing clear momentum from HNIs and family offices who are now allocating a portion of their portfolios to digital assets," said Atul Ahluwalia, vice-president, HNI & institutional investments at CoinSwitch . "The conversation has moved from 'why crypto' to 'how much and where'." Bitcoin, the most popular cryptocurrency in the world, made a lifetime high after it crossed $120,000 earlier this week, jumping over 90% in the past Trump's strong support for cryptocurrencies was the trigger for the renewed bull wave in this asset class, investors' search for alternatives to expensive stocks, record-breaking gold and volatile bonds has fuelled their demand."The limited availability of attractive investment opportunities and heightened volatility in India's secondary markets have further driven HNIs toward digital assets," said Pranjal Agarwal, India market head at Mudrex.A high-net-worth investor in cryptos is classified as having an average holding of ₹50 lakh-₹1 crore or above in these assets. There is no centralised data on how much money worth of cryptocurrencies are traded in India as they are unregulated. For CoinDCX , a domestic crypto exchange, almost 50% of its total trading volumes come from its 3,500-odd large investor base comprising HNIs, family offices, and institutions. The average contribution of these investors in our monthly trading volume on our spot markets is ₹50 lakh or more," said CoinDCX's co-founder Sumit Gupta. "Notably, our institutional and family office clientele has grown by 50%, underlining the rising conviction among serious investors." CoinDCX had a monthly spot trading volume of $275 million in the month of emerged as an alternative to traditional money since 2009. Their rise reflects growing demand for digital assets amid distrust in conventional financial systems.'Crypto is increasingly viewed as a non-correlated asset, particularly valuable amid ongoing global macroeconomic volatility,' said Harish Vatnani, head of trade, ZebPay. The most popular cryptocurrencies globally today are Bitcoin and Ethereum, which remain key choices for investors seeking exposure to crypto. Even in India, HNIs have stuck to the most liquid. Mudrex's Agarwal said Bitcoin, Ethereum, and Solana consist of about 70% of the platform's HNI has outperformed both US and Indian benchmarks by a wide margin. While bitcoin prices are on course to double, the Nifty is up 2.q5%, the S&P 500 has gained 11.3% and the Nasdaq Composite has advanced 12.5% in the past topped global crypto adoption for the second year in 2024, according to Chainalysis, with 119 million investors, which is nearly one-fifth of all crypto holders US ranked second with 53 million investors, followed by Indonesia with 39 million, CoinLedger data showed. Himanshu Maradiya, chairman, CIFDAQ, a digital currency trading platform, said the growth in the participation of affluent investors in cryptos is a global trend.'Retail investors dominate crypto exchanges in user count, making up 90-95% of users, but contribute only 30-50% of trading volume,' said Maradiya. 'HNIs and institutions, though fewer in number (4-10%), drive 50-70% of turnover due to larger trades and frequent use of derivatives.'
Time of India
an hour ago
- Time of India
India's wealthy investors turn to crypto assets as traditional markets stagnate
Mumbai: India's wealthy are increasingly taking a shine to crypto assets, a global favourite these days, as they see limited scope for appreciation in traditional favourites like stocks and gold at this point. Domestic affluent investors, who have been adding these virtual currencies to their portfolios since the election of the US president Donald Trump in November last year, have ramped up their holdings of late, a stark contrast to their position last year when they were reluctant to test out these new-age assets. "Over the last 6 months, we're seeing clear momentum from HNIs and family offices who are now allocating a portion of their portfolios to digital assets," said Atul Ahluwalia, vice-president, HNI & institutional investments at CoinSwitch . "The conversation has moved from 'why crypto' to 'how much and where'." Bitcoin, the most popular cryptocurrency in the world, made a lifetime high after it crossed $120,000 earlier this week, jumping over 90% in the past year. Agencies While Trump's strong support for cryptocurrencies was the trigger for the renewed bull wave in this asset class, investors' search for alternatives to expensive stocks, record-breaking gold and volatile bonds has fuelled their demand. Crypto Tracker TOP COIN SETS NFT & Metaverse Tracker 34.30% Buy Web3 Tracker 23.80% Buy Smart Contract Tracker 16.05% Buy DeFi Tracker 15.30% Buy BTC 50 :: ETH 50 13.89% Buy TOP COINS (₹) Ethereum 269,704 ( 4.12% ) Buy Solana 14,102 ( 1.08% ) Buy BNB 59,324 ( 0.13% ) Buy XRP 251 ( -1.27% ) Buy Bitcoin 10,122,048 ( -1.76% ) Buy "The limited availability of attractive investment opportunities and heightened volatility in India's secondary markets have further driven HNIs toward digital assets," said Pranjal Agarwal, India market head at Mudrex. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » A high-net-worth investor in cryptos is classified as having an average holding of ₹50 lakh-₹1 crore or above in these assets. There is no centralised data on how much money worth of cryptocurrencies are traded in India as they are unregulated. For CoinDCX, a domestic crypto exchange, almost 50% of its total trading volumes come from its 3,500-odd large investor base comprising HNIs, family offices, and institutions. The average contribution of these investors in our monthly trading volume on our spot markets is ₹50 lakh or more," said CoinDCX's co-founder Sumit Gupta. "Notably, our institutional and family office clientele has grown by 50%, underlining the rising conviction among serious investors." CoinDCX had a monthly spot trading volume of $275 million in the month of June. Cryptocurrencies emerged as an alternative to traditional money since 2009. Their rise reflects growing demand for digital assets amid distrust in conventional financial systems. 'Crypto is increasingly viewed as a non-correlated asset, particularly valuable amid ongoing global macroeconomic volatility,' said Harish Vatnani, head of trade, ZebPay. The most popular cryptocurrencies globally today are Bitcoin and Ethereum, which remain key choices for investors seeking exposure to crypto. Even in India, HNIs have stuck to the most liquid. Mudrex's Agarwal said Bitcoin, Ethereum, and Solana consist of about 70% of the platform's HNI portfolios. Bitcoin has outperformed both US and Indian benchmarks by a wide margin. While bitcoin prices are on course to double, the Nifty is up 2.q5%, the S&P 500 has gained 11.3% and the Nasdaq Composite has advanced 12.5% in the past year. India topped global crypto adoption for the second year in 2024, according to Chainalysis, with 119 million investors, which is nearly one-fifth of all crypto holders worldwide. The US ranked second with 53 million investors, followed by Indonesia with 39 million, CoinLedger data showed. Himanshu Maradiya, chairman, CIFDAQ, a digital currency trading platform, said the growth in the participation of affluent investors in cryptos is a global trend. 'Retail investors dominate crypto exchanges in user count, making up 90-95% of users, but contribute only 30-50% of trading volume,' said Maradiya. 'HNIs and institutions, though fewer in number (4-10%), drive 50-70% of turnover due to larger trades and frequent use of derivatives.'
Time of India
4 hours ago
- Time of India
US stock market: Nvidia share price pushes Nasdaq to record high, 90 per cent of S&P 500 stocks fall, Dow Jones crashes
S&P 500 fell 0.4 per cent, though it's still near its all-time high set last week, as 90 per cent of the stocks within the index fell. The Dow Jones Industrial Average dropped 436 points, or 1 per cent. Most U.S. stocks slumped on Tuesday after the latest update on inflation hurt Wall Street's hopes for lower interest rates. Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2 per cent to set another record thanks to Nvidia, the market's most influential stock. S&P 500 fell 24.80 points to 6,243.76. The Dow Jones Industrial Average dropped 436.36 to 44,023.29, and the Nasdaq composite rose 37.47 to 20,677.80. Nvidia Stocks Today On Wall Street, tech stocks were the outliers and rose after Nvidia said the U.S. government assured it that licenses will be granted for its H20 chip again and that deliveries will hopefully begin soon. Nvidia's 4 per cent gain was by far the strongest force pushing upward on the S&P 500. Earlier this year, Nvidia said that U.S. restrictions on the chips used in artificial-intelligence development chiseled billions of dollars off its results for the first quarter of the year. Bank Stocks Live Events Stocks of big U.S. banks, meanwhile, were mixed following their latest profit reports. JPMorgan Chase slipped 0.7 per cent despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns. Citigroup rose 3.7 per cent following its better-than-expected profit report. But Wells Fargo fell 5.5 per cent following its own, as it trimmed its forecast for an important way that it makes money. In stock markets abroad, indexes slipped in Europe after a mixed session in Asia. Indexes rose 1.6 per cent in Hong Kong but fell 0.4 per cent in Shanghai after a report said China's economic growth slowed only slightly last quarter despite pressure from Trump's tariffs. FAQs Q1. What are key indexes of US Stock Market ? A1. Key indexes of US Stock Market are S&P 500, Dow Jones, and Nasdaq. Q2. How are Nvidia stocks performing? A2. On Wall Street, tech stocks were the outliers and rose after Nvidia said the U.S. government assured it that licenses will be granted for its H20 chip again and that deliveries will hopefully begin soon. Nvidia's 4 per cent gain was by far the strongest force pushing upward on the S&P 500.
