Top cryptocurrency news for August 3: Major stories about Bitcoin, Ethereum, and China

Top cryptocurrency news for August 3: Daily roundup of the most important articles about cryptocurrencies such as Bitcoin, Ethereum, and Tether. This will help you jump-start your day.

Bitcoin at $38,900

The August 3 total cryptocurrency market was mixed. The market volume for the past 24 hours was $75.46 trillion, an 8.19 percent decrease. All stable coins accounted for 77.40% of the crypto market’s 24-hour volume. It was $58.40 trillion.

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Global cryptocurrency market capitalization is currently $1.58 trillion. This represents a 0.74 percent decrease over the 24 hours prior. Bitcoin was the largest cryptocurrency in terms of market capitalization at $38,900.

Its dominance was 46.12%, which is a decrease by 0.58 percent from the previous day.

China challenges the West regarding crypto

According to an opinion piece in the Financial Times, it is time for western governments not to dismiss the crypto revolution as a mixture of illegal payments schemes and reckless financial speculation.

They should instead be more open to accepting the innovations of cryptocurrency and channeling them in a better direction that benefits finance, society, and the economy.

Crypto supporters must also recognize the systemic implications of future and continuing disruptions and deepen their engagement with regulatory and energy issues. In response to Beijing, governments and the private sector need to adopt a more united approach.

Govt to make a decision on IMC’s crypto report, and may present a legislative proposal: MoS Finance Pankaj Chaudhary, Minister of State, Finance, responded to a question about cryptocurrency trading.

He stated that all entities regulated under RBI have been advised to conduct customer due diligence in accordance with regulations governing know your customer (KYC), Anti Money Laundering, and Combating of Financing of Terrorism (CFT) as well as obligations of regulated entities under the Prevention of Money Laundering Act.

They were also advised to comply with FEMA’s requirements for overseas remittances. Budget 2018-19 announced that the government does not consider cryptocurrency legal tender or coin. It will take all necessary steps to ensure that these assets are no longer used in funding illegitimate or illegal activities, or as part of the payments system.

The Inter-Ministerial Committee (IMC), a high-ranking committee that was created to examine the issues surrounding virtual currencies and recommend specific actions, recommended that all private cryptocurrencies, other than any issued by the State be banned in India.

Chaudhary stated that the government would make a decision based on the IMC’s recommendations and that any legislative proposals if any would be, would be presented in Parliament after due process. Continue reading.

After a house fire, a family could lose Rs 44 crore in Ethereum

After tragically losing their entire house in a fire, a Washington DC family fears that $6 million in Ethereum cryptocurrency fortune could soon be lost forever. Yuki and Art Williams bought 3,000 Ethereum coins in a pre-sale by the Ethereum Foundation back in 2014.

Their investment was valued at $932 back then, and it now amounts to close to $6million (approx. Today, the exchanges are trading at Rs 44.57 crore. The family lost their home in a terrible fire, but they are still trying to access their multi-million dollar fortune.

It has been a long struggle to access their key data file, which will allow them to open their Ethereum wallet. Although they claim to have created a password, the couple never received the JSON file that is required to unlock a crypto wallet.

They claim that they have 3,000 ETH in their wallet, but they are unable to access it due to not having the JSON file. To cover legal costs, they have launched a fundraising campaign.

Also Read: Bitcoin History: A Beginner’s Guide to the World’s First Cryptocurrency

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