Barring top tokens like Bitcoin, Ethereum and BNB, which gained about 1-3 per cent, all other major crypto tokens were trading with minor losses on Friday. Avalanche dropped 5 per cent, followed by a 4 per cent fall in Terra.
The global cryptocurrency market cap was trading at $1.80 trillion, marginally down in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 14 per cent to $95.54 billion.
What’s cooking in India
The Indian government will provide ‘procedural clarities’ on tax deducted at source (TDS) within two months, said two people familiar with the matter, Coindesk reported.
Even in the boiling summers, Indian crypto exchanges are going through rough and prolonged winters, thanks to a major slump in their trading volumes, since the new regulations around virtual digital assets (VDAs) have been applied.
Bitcoin traded flat for another consecutive day, showing very little growth. It has been trading in a tight range for the past few days, Edul Patel CEO and Co-founder of Mudrex, said.
“A similar trend is likely to persist for coming one or two days. The second-largest crypto, Ethereum, is also trading on similar lines, showing a minor rise. In contrast, most cryptocurrencies have been running in the red over the past day,” he added.
- One of the world’s largest private equity investment firms with $498 billion in assets under management, Apollo Global Management, has made a major push into crypto by hiring former JPMorgan (JPM) executive Christine Moy to be its first head of digital assets strategy, the company said Thursday.
- Dubai, United Arab Emirates-based luxury real estate developer Damac will soon accept payments in crypto, joining the chorus of firms betting that the UAE will become a global crypto hub.
- Dogecoin is seeing renewed activity from whales, or large holders of the meme-focused cryptocurrency, according to on-chain data tracked by analytics firm IntoTheBlock.
- The US, European Union members and 32 like-minded nations have said they want to see the internet stay open and global in the wake of threats of fragmentation, firewalls and privacy violations.
- Cryptocurrencies have traded like risk assets because of stimulus from governments and central banks, but tighter Federal Reserve policy means that the ‘liquidity-driven crypto momentum trade’ has reversed, Morgan Stanley said in a note.