Terra plunges 60% in 24 hours

Stablecoin Terra (LUNA) plunged more than 60% to $10 over the last 24 hours amid the bloodbath in the crypto market. The token dropped over 85% over the previous seven days. Its price has fallen more than 91% from its record high of $119.8 in April this year. Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.

Crypto prices today: Bitcoin falls 5%, ETH down 2.2%

Bitcoin is currently trading at $30,407.05, a 5.26% decline over the previous day. Ethereum is down 4.9% over the last 24 hours to $2,281.9. Solana crashed 12.16% to $62.32, while Cardano is trading lower by 10.7% at $0.602. Avalanche (AVAX) plumetted 19.7% to $37.02. The global crypto market cap stands at $1.37 trillion, a 6.77% decline over the previous day.

Halted UPI payments due to“informal pressure” from the RBI: Coinbase CEO

Brian Armstrong, CEO of Coinbase, said the company disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve Bank of India. The crypto exchange is working with the RBI and plans its return to India with other payment systems in a relatively short time. It launched its operations in India on April 7 through a mega event in Bengaluru. 

Crypto industry wants Centre to lower TDS on transactions

The crypto industry has urged the Central Government to reduce the tax deducted at source (TDS) on payments towards gains arising from trading in crypto to 0.01% or 0.05% from the proposed 1%, saying it will hurt retail traders. CoinDCX CEO Sumit Gupta said the 30% tax on income from crypto is on the higher side and should be reduced.

EU ban on tax-haven crypto firms could breach trade law, warns Commission

A proposed European Union (EU) ban on crypto providers offering services from tax and money laundering havens raises “serious doubts”. The ban could breach global trade rules, according to a European Commission document. Lawmakers from the European Parliament said that crypto-asset providers should not be authorized to offer services in the bloc if they are from shady jurisdictions like Panama. However, the Commission does not agree with this.