New Delhi: The cryptocurrency market was trading in the green on April 4. The global cryptocurrency market capitalisation experienced an increase of 0.73% over the last day to stand at $2.14 trillion. The total crypto volume is currently at $94.07 billion with a 14.86% decrease over the last 24 hours.
The total volume in DeFi is $13.72 billion at present with 14.58% of the total crypto market 24-hour volume. The volume of all stable coins is now $77.41 billion, which is 82.29% of the total crypto market 24-hour volume.
Currently, Bitcoin is trading at Rs 36.03 lakh, having dominance of 40.66%. This resulted in a 0.03% decrease over the day, as reported by CoinMarketCap data.
Around $600 million in hacks of the software underpinning the famous play-to-earn game Axie Infinity is likely to alter the attitude and responsibilities of venture capitalists, investing in crypto, said Animoca Brands co-founder Yat Siu.
The malfunction in security made hackers steal 173,600 Ether and 25.5 million USDC tokens and emphasise the glaring weakness in so-called bridges that enabled digital tokens to be swapped between different blockchains.
Animoca, has a range of business concerning non-fungible tokens, which is an investor in Sky Mavis, stated the developer of Axie Infinity.
“It’s a shame that maybe this needed to happen to Sky Mavis for the world to take note, but we’re all being more careful,” Siu said in an interview at the NFT LA conference in Los Angeles.
On the other hand, Indonesia proposes to impose a value-added tax (VAT) on crypto asset transactions and an income tax on capital gains from such investments at 0.1% each, beginning from May 1, stated a tax official amidst a boom in digital asset trading.
Besides, interest in digital assets has increased in Southeast Asia’s largest economy during the Covid-19 pandemic, with the number of crypto asset holders jumping to 11 million by the end of 2021.
“Crypto assets will be subject to VAT because they are a commodity as defined by the trade ministry. They are not a currency,” the official, Hestu Yoga Saksama, told a media briefing Reuters reported.
“So we will impose income tax and VAT.” The government is still working on implementing regulations for the taxes, he added.