The cryptocurrency market is trading in the green on Monday with tokens associated with gaming undergoing a strong rise. Major cryptocurrencies like Bitcoin and Ethereum’s rebound are making investors cautious. The global cryptocurrency market capitalisation plunged almost 2% to stand at $1.94 trillion while the total crypto market volume dropped over 9% to $65.01 billion.
Apart from Tether, the other nine out of the top 10 digital tokens were trading with many gains. Besides, memecoins such as Dogecoin surged more than 7% while Shiba Inu was increased by 26%. Over the last 24 hours, Bitcoin rose by 3.10% to trade at $42,804.48 while Ethereum is down by 2.26%, trading at around $3,080.29.
“Bitcoin’s price hit its highest in the past two weeks, returning to winning streak again. BTC is currently trading above $41,000, marking a 27% rise from its lowest at $32,950 on January 24. This year, market sentiment has been dominated by the rate hikes from major central banks, as pressure mounts for policy moves to combat inflation. The correlation between crypto and asset prices has continued to go hand in hand over the past week,” said Edul Patel, chief, and co-founder of Mudrex.
India could plan to widen the arena of virtual digital assets to cover any new similar assets that may emerge and further refine the provision to tax these assets. The budget session of FY23 announced that tax-induced for the transaction of any virtual digital asset is at a flat 30%. This provision will be under action from April 1, 2022.
Besides, the industry body representing cryptocurrency exchanges has decided to connect with relevant policymakers to brief them about complications arising out of the government’s initiative to charge a 1% TDS on all crypto transactions.
Merkle Standard, the privately-held miner will be recognised as one of the first crypto miners in the US to get Bitmain’s newest mining rig, the S19 Pro+ Hydro, which uses liquid cooling technology to reduce heat, power consumption, and noise.
Myanmar’s military government is planning to introduce its own digital currency following a year of overthrowing the democratically elected leader. The deputy information minister of Myanmar, General Zaw Min Tun stated that the military leadership wants to create its own digital currency to “improve financial activities” in the country, as reported by Bloomberg. He indicated that the government might create the currency on its own or work alongside local firms.