Cryptocurrency news today: Market trading in green; Bitcoin surge marginally

New Delhi: Cryptocurrencies are trading in the green on Saturday. The global cryptocurrency market capitalisation experienced an increase of 0.53% over the last 24 hours to stand at $2.05 trillion while the total crypto market volume suffered 16.66% to $84.28 billion over the previous day.

Currently, the DeFi accounted for 15.14% of the total crypto volume to stand at $12.76 billion of the 24-hour volume. The volume of all stable coins is $67.57 billion, which is 80.17% percent of the total crypto market 24-hour volume.

Currently, Bitcoin is trading at Rs 34 lakh with a dominance of 39.56% suffering a decrease of 0.14% over the previous day.

On Friday, a tweet by Tesla’s CEO Elon Musk led to a massive jump of the cryptocurrency in the value of the memecoin Dogecoin. Musk stated that Dogecoin can be used as a mode of payment for certain merchandise payment inn Tesla Inc. Reportedly, the value of dogecoin jumped by over 26%.

Elon Musk took to Twitter on Friday writing, “Tesla merch buyable with Dogecoin.” This made #dogecoin rise to the list of top trending hashtags on Twitter. Elon Musk is known to be a long-time supporter of Dogecoin.

Tesla merch buyable with Dogecoin

— Elon Musk (@elonmusk) January 14, 2022

Besides, the Indian crypto community is eagerly waiting for the tax measures on crypto-related income in Union Budget 2022 which will be released on February 1. Reportedly, the government is seeking advices from various taxation departments on this matter.

The cryptocurrency bill which was to be presented in the Parliament during the winter session 2021 has been delayed and the Centre is looking to define taxation of incomes earned by trading or investing in cryptocurrencies.

The Centre is concerned over whether income from crypto-related activities can be treated as business incomes or capital gains. Moreover, the bill treats cryptocurrencies as a commodity and proposes to differentiate digital currencies on a use-case basis.