Tag: bitcoin cash

Bitcoin Inches Close to $30,000 Mark After Four-Day Slump, Crypto Chart Shows More Gains Than Losses

Bitcoin, that stepped into the last week of April with lower prices, managed to bounce back to recovery after four days of losing ground. The cryptocurrency on Friday, April 28, recorded a gain of 1.22 percent to trade at $29,410 (roughly Rs. 24 lakh) on both, national as well as international exchanges. This is the closest Bitcoin has been this week to the mark of $30,000 (roughly Rs. 24.5 lakh). In the last 24 hours, the most expensive cryptocurrency rose by $452 (roughly Rs. 36,960) in value.

Ether incurred a small loss of 0.03 percent on Friday. The value of the second-most expensive cryptocurrency stood at $1,905 (roughly Rs. 1.55 lakh) at the time of writing, as per Gadgets 360’s crypto price tracker.

“Investors and traders are now focusing on the upcoming FOMC interest rate decision next week. Bitcoin has managed to maintain its position due to concerns about banking instability. Its immediate resistance is $29,800 (roughly Rs. 24.3 lakh) and its support is $29,250 (Roughly Rs. 23.9 lakh),” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.

Majority altcoins that tumbled down the price ladder in the backdrop of Bitcoin’s volatile movement this week, also managed to regain some profits.

USD Coin, Ripple, Cardano, Dogecoin, as well as Polygon registered profits on Friday.

Minor gains were also minted by Solana, Polkadot, Litecoin, Binance USD, and Tron.

“Investor sentiments seem to be more bullish than yesterday as the crypto fear and greed index has jumped five points from yesterday and stands at 64,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market valuation went up by 0.63 percent in the last 24 hours and is now at $1.21 trillion (roughly Rs. 99,00,546 crore).

Only a few altcoins recorded losses, which include Tether, Binance Coin, Shiba Inu, and Bitcoin Cash.

Industry insiders are confident that the coming times will be more Web3-friendly, which in-turn will make the crypto sector safer and more stable for investors to dabble in.

“Google Cloud has partnered with Polygon Labs to simplify the process of building, launching, and scaling Web3 products and decentralized applications (dapps) on the Ethereum-based layer 2 blockchain. Simultaneously, Franklin Templeton, the investment giant, has revealed that its FOBXX fund is now available on Ethereum via the layer 2 blockchain Polygon. The firm has emphasized that it recognizes the benefits of blockchain technology. Additionally, investors are looking forward to the upcoming Federal Open Market Committee (FOMC) meeting next week. General expectation revolves around another but last interest rate hike from the Feds amidst recession concerns,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

There are more developments taking place centred around the blockchain industry. In conversation with Gadgets 360, Indian exchange CoinDCX shared an observation that more traditional financial firms are adding blockchain technology to their offerings, indicating wider adoption by institutions.

Sharing an example, CoinDCX said, “Franklin Templeton, which manages $1.4 trillion (roughly Rs. 1,14,44,650 crore) in assets, announced on Wednesday that its OnChain U.S. Government Money Fund is now supported on the Polygon network, giving investors access to the Ethereum blockchain. The company stated that integrating blockchain technology into its system would result in operational efficiencies such as increased security, faster transaction processing, and reduced costs.”

Xiaomi launched its camera focussed flagship Xiaomi 13 Ultra smartphone, while Apple opened it’s first stores in India this week. We discuss these developments, as well as other reports on smartphone-related rumours and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ethereum Prices Fall as Increase in Selling Pressure Causes Drop in Values of Most Cryptocurrencies

Bitcoin price in India and international markets dropped on Friday, after days of seeing its value rise. Industry experts say that at present, the selling pressure on investors has increased, triggering a period of volatility for crypto assets. On Friday, the world’s most popular cryptocurrency opened with a loss of 2.22 percent to trade at $28,245 (roughly Rs. 23.2 lakh). While it remains the most expensive cryptocurrency, BTC is currently trading at a similar price on both national as well as international exchanges. In the last 24 hours, the value of Bitcoin has dropped by $613 (roughly Rs. 50,370).

“Bitcoin dropped for the second consecutive session due to an increased selling pressure,” Edul Patel, CEO of crypto investment platform Mudrex told Gadgets 360. Selling pressure garners heat when majority of the traders begin selling, indicating that the majority is betting on the market price to decrease. “This resulted in the loss of the rally and wiped out the weekly gains of Bitcoin. Despite this, there is still substantial support down to the late-March lows of $26,500 (roughly Rs. 21 lakh) and Bitcoin has seen a 40 percent increase over the past six weeks.”

Ethereum followed Bitcoin in a conventional market movement and reflected a loss of 0.10 percent at the time of publishing. The value of Ether is hovering around the mark of $1,940 (roughly Rs. 1.60 lakh) after having fallen by $157 (roughly Rs. 12,899) in the last three days.

On Friday, most cryptocurrencies saw their prices fall alongside Bitcoin and Ether. These included altcoins like Tether, Binance Coin, USD Coin, Ripple, and Cardano as well as Dogecoin, Polygon, Solana, and Polkadot.

Shiba Inu, Avalanche, and Tron also saw their values drop on Friday.

“Market performance has been sideways with a downward bias in the last 24 hours. The two-day continuous drop could be triggered by a $400 million (roughly Rs. 3,268 crore) sell order on Binance. On the regulatory front, the US seems to be lagging as market liquidity seems to be moving away from the country. Greed seems to be on a decline, as the crypto fear and greed index stands at 50, down two points in the last 24 hours and lowest since March 15,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market valuation dipped by 1.45 percent over the last 24 hours. As of Friday, the crypto market cap stood at $1.20 trillion (roughly Rs. 98,26,980 crore), showed the data by CoinMarketCap. In the otherwise top-to-bottom loss-ridden price chart, LEO and Bitcoin SV managed to record miniscule price hikes.

While there are several factors that could have led to the crypto market hitting a speed breaker after rallying for days, it could also be due to the possibility of stricter oversight that could make it risky for miscreants to engage with the sector. The European Parliament on Thursday overwhelmingly backed the European Union’s (EU) first set of rules to regulate the cryptoasset markets.

Called MiCA — or Markets in Crypto Assets — these rules largely revolve around consumer protection and prevention of market manipulation and financial crimes in the crypto sector. The MiCA bill is aimed at preventing insider dealing, unlawful disclosure of inside information, and market manipulation of crypto-assets.

“The crypto market faces headwinds, but long-term tailwinds for Bitcoin are highlighted in 3iQ’s 2023 Outlook. Key market indicators showed a ‘Sell’ sentiment amidst prices of BTC and ETH decreasing after a good run in the past few days. Investors must proceed with caution,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Price Rally Halts as Cryptocurrency Values Fall; Dogecoin Price Rises: Details

The crypto market witnessed a halt in its price rally on Tuesday, after days of continuous growth in values of the digital currencies. Bitcoin recorded a drop of 2.25 percent on Tuesday, taking its price to $29,353 (roughly Rs. 24 lakh). On both national as well as international exchanges, Bitcoin has settled at its highest price in the last eight months. However, it is worth noting that over the last 24 hours, the value of BTC has dropped by $607 (roughly Rs. 49,784).

Ether followed Bitcoin towards the loss-making side of the crypto price chart on Tuesday. Incurring a loss of 0.68 percent, ETH is currently trading at $2,081 (roughly Rs. 1.7 lakh) as per Gadgets 360’s crypto price tracker.

“Over the last 24 hours, Bitcoin has been trading below the $30,000 level (roughly Rs. 24.6 lakh) due to the strengthening of the US dollar, leading to an increase in bearish activity. The bears are attempting to push towards the $29,200 (roughly Rs.23.9 lakh) support zone, while the immediate resistance levels are currently at $29,800 (roughly Rs. 24 lakh) and $30,000 (roughly Rs. 24.6 lakh). If these resistance levels are successfully broken, it might lead to another increase. Meanwhile, Ethereum has been able to maintain its position above the $2,000 level (roughly Rs. 1.6 lakh), but if it falls below this level, it could invite the bears back into the market,” Edul Patel, the CEO of Mudrex crypto investment told Gadgets 360.

A large section of the crypto price chart reflected losses on Tuesday. These include Binance Coin, Ripple, Cardano, Polygon, Solana, Polkadot, and Avalanche.

Tron, Chainlink, Uniswap, Cosmos, and Monero also recorded price dips.

The overall crypto market cap dropped by 1.30 percent in the last 24 hours. At the time of writing, the crypto market valuation stood at $1.25 trillion (roughly Rs. 1,02,83,799 crore), showed CoinMarketCap. “The SEC further tightened rules for crypto platforms by labeling them as securities and compelling them to abide by existing laws. The increase in Treasury Yield, anticipated rate hike by the Fed has impacted crypto prices,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Despite the otherwise lowly trading altcoins, some did manage to record small profits on Tuesday. These include Tether, USD Coin, Dogecoin, Litecoin, Binance USD, and Wrapped Bitcoin among others.

Industry insiders predict that some more upcoming developments around the crypto sector could trigger upheaval in the market. “In an effort to regulate stablecoins, the Bank of English and the Financial Conduct Authority are planning to consult on new rules which brings stablecoin under existing payment legislation. In parallel, the US’s SEC is approaching crypto regulations by considering them as securities. The SEC has categorized six cryptos as securities in its lawsuit against a crypto exchange — Bittrex. Of the tokens included in the lawsuit, Algorand is by far the largest market capitalisation. It is down by ~4.8 percent in the last 24 hours as of today morning,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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ETH Crosses $2,000 First Time in Eight Months, BTC Rally Leads Most Altcoins Towards Gains

The crypto price chart brimmed with profits next to majority cryptocurrencies on Friday, April 14. Bitcoin, continuing its price rally, garnered daily profits of 1.04 percent. The value of Bitcoin reached $30,646 (roughly Rs. 24.9 lakh) on Friday. In the last 24 hours, BTC grew substantially by $587 (roughly Rs. 47,870). The support for BTC is located at the point of $30,400 (roughly Rs. 24.7 lakh), while resistance lies at the $30,800 (roughly Rs. 25 lakh) level, experts have predicted.

Following the completion of its Shanghai upgrade, Ether outshone Bitcoin in-terms of bagging profits. On Friday, ETH value spiked by 9.90 percent to reach its eight-month high of $2,107 (roughly Rs. 1.71 lakh). ETH price rose by $199 (roughly Rs. 16,230) in the last 24 hours, as per Gadgets 360’s crypto price tracker.

ETH has increased by 135 percent since its lowest cycle in June 2022.

“As expected, liquid staking protocols are in the green, with a market capitalisation of $14.3 billion (roughly Rs. 1,16,657 crore), up 10.5 percent in the last 24 hours. ETH is trading in the $2.1k zone despite some fearing a massive dump after the Shapella upgrade. The crypto fear and greed index have jumped 7 points to regain the scoring for 68, hinting towards increasing investor confidence,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The hike in the prices for BTC and ETH paved the way for majority altcoins reeling-in gains.

These include Binance Coin, Cardano, Polygon, Solana, Polkadot, and Litecoin.

Avalanche, Tron, Chainlink, Uniswap, and Cosmos also saw profits.

“The crypto market continues to react to the US inflation data. In contrast, Ethereum outdid BTC by surging over 10 percent and is now trading at the $2,000 (roughly Rs. 1.6 lakh) level after the successful Shanghai upgrade. Overall, the market sentiment appears optimistic at the moment,” Edul Patel, CEO, Mudrex told Gadgets 360.

The overall crypto market valuation grew by 4.37 percent to touch $1.29 trillion (roughly Rs. 1,04,86,788 crore) in the last 24 hours, as per CoinMarketCap.

For the third consecutive day, stablecoins Tether, USD Coin, and Binance USD settled with losses on the price charts.

Wrapped Bitcoin, Monero, and Braintrust also recorded losses.

“With an anticipated credit crisis looming in the US, crypto is gaining back its status of hedge against inflation, making the case for decentralisation stronger,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Retain Profits Throughout Weekend, So Far April Seems Fruitful for Investors

Bitcoin, over the weekend, did not lose its grip on its recovered price and continued to trade above the $28,000 (roughly Rs. 22.9 lakh) mark throughout Saturday and Sunday. With a small profit of 0.81 percent, Bitcoin touched the price point of $28,287 (roughly Rs. 23 lakh) on Monday, April 10. Over the weekend, the first ever cryptocurrency grew by $272 (roughly Rs. 22.2 lakh) in terms of its value. Bitcoin’s healthy trading value has ushered a big number of cryptocurrencies onto the profit-making side of the price charts.

Ether, that is set to get its new Shanghai upgrade later this week, also did not drop in value over the weekend. The value of Ether on Monday, stood at $1,858 (roughly Rs. 1.5 lakh) with a gain of 0.17 percent.

A big bunch of cryptocurrencies followed BTC and ETH towards the greener side of the crypto price chart, showed the tracker from Gadgets 360.

Tether, Binance Coin, Binance USD, Wrapped Bitcoin, and Monero — all recorded profits.

Both memecoins DOGE and SHIB also recorded small gains alongside Zcash, Dash, and Qtum.

“Institutional investors continue to be bullish about crypto despite strict market regulations. DeFi has witnessed a lot of user interest and crypto as an asset continues to be an important part of portfolios for larger investors,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

The overall crypto market rose by 0.50 percent in the last 24 hours, showed data by CoinMarketCap. At the time of writing, the market valuation of the crypto sector stood at $1.19 trillion (roughly Rs. 96,96,113 crore).

“Most cryptocurrencies experienced an uptick in value as the market responded to the non-farm payrolls report, which indicated that the US economy gained 236,000 jobs in the previous month over the weekend,” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.

Meanwhile, a significant chunk of the crypto listings did see losses on Monday.

These include Cardano, Polygon, Polkadot, Litecoin, Tron, and Avalanche among others.

Despite the constant volatility associated with the crypto assets market, players from the sector are continously expanding operations to other nations.

Binance for instance, launched its business in Argentina last week.

While India is set to discuss crypto laws with the World Bank and the IMF in the coming days, Hong Kong is gearing to take active steps to push Web3 initiatives.

Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Slip with Minor Losses, Crypto Market Remains Volatile

The global crypto market recorded a subtle period of small fluctuations throughout this week. Bitcoin, the world’s oldest cryptocurrency, stepped into the treading rink with a loss of 0.24 percent on Friday, April 7. At the time of writing, the value of BTC stood at $28,015 (roughly Rs. 22.9 lakh). In the last 24 hours, BTC dropped in pricing by $35 (roughly Rs. 2,864). Experts estimate it could take a while, probably the end of this month, before the BTC value could shoot up to $31,000 (roughly Rs. 25 lakh).

Ether prices also cascaded down the price chart on Friday. Having incurred a loss of 1.22 percent, the value of ETH is hovering around the price mark of $1,875 (roughly Rs. 1.5 lakh). ETH dipped by $17 (roughly Rs. 1,391) in the last 24 hours.

“ETH, ahead of its Shanghai upgrade which would allow staked ETH to be withdrawn, is up 4.7 percent since last week. It is notable that Ethereum’s upcoming upgrade would greatly benefit liquid staking protocols. Lido and Rocket Pool, both liquid staking protocols, saw a rise in their token prices over the last week. We can expect the crypto market to remain on edge till it processes the impact of the Shanghai upgrade,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Stablecoins Tether, USD Coin, Ripple, and Binance USD — all recorded losses, showed the crypto price tracker by Gadgets 360.

Swaying to the mellow market beat, Cardano, Polygon, Solana, Polkadot, and Litecoin also recorded losses alongside Dogecoin and Shiba Inu.

The total crypto market valuation dropped by 0.61 percent in the last 24 hours. The market cap currently stands at $1.18 trillion (roughly Rs. 96,82,215 crore), as per CoinMarketCap.

Meanwhile, only a small number of cryptocurrencies managed to mint profits.

Avalanche, LEO, Monero, Bitcoin Cash, EOS Coin, and Aave recorded gains.

“Crypto markets have been trading sideways. The fear and greed index, however, rose by a point reaching a score of 64 tilting towards greed, as of April 7,” Chaturvedi noted.

Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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BTC Sees No Big Price Change Entering April, Most Altcoins Record Fluctuation

Resilient at around $28,000 (roughly Rs. 23 lakh), Bitcoin has stepped into the month of April 2023 with not many flying colours. With a small loss of 0.34 percent, Bitcoin is trading at the price point of $27,707 (roughly Rs. 22.8 lakh). The world’s oldest cryptocurrency has been sitting tightly on this price mark for over a week now. While the value of BTC has risen substantially over the past week, experts predict it could be a while before Bitcoin crosses the threshold of $30,000 (roughly Rs. 24.7 lakh) amid the market volatility.

Ether managed to mint small gains, taking a different market route than Bitcoin for a change. The current price point of ETH stands at $1,771 (roughly Rs. 1.45 lakh) with a minor rise of 3.45 percent, showed the crypto price tracker by Gadgets 360 on Monday, April 3.

“Ether saw a slight increase from the previous day. Also, Ethereum developers anticipate the Shanghai upgrade on April 12, marking Ethereum’s full transition to a PoS network,” Rajagopal Menon, Vice President, WazirX told Gadgets 360, explaining ETH’s price rally.

The crypto price chart looked divided into two parts on Monday, as the top two cryptocurrencies — BTC and ETH — diverted their paths.

Bitcoin, on the loss-making side of the crypto chart, was joined by Binance Coin, Ripple, Polygon, Solana as well as Shiba Inu, Tron, and Avalanche.

On the other hand, Tether, USD Coin, Cardano, Dogecoin followed Ether on the gain trail.

Binance USD, Polkadot, Litecoin, and Wrapped Bitcoin also recorded minor gains.

As an aftereffect of the banking collapse, TradFi sentiments seem to be low among users, especially as Bitcoin is increasingly being seen as a better investment alternative.

“Investors are eagerly anticipate the release of fresh data on productivity and jobs in the United States this week. This could have an impact on the overall health of the crypto market,” Edul Patel, CEO of Mudrex told Gadgets 360.

Amid the essence of volatility in the global fintech industry, the valuation of the global crypto sector dropped by 2.02 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap stands at $1.16 trillion (roughly Rs. 95,53,149 crore).

Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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BTC, ETH Open Trading in Narrow Range on India’s Union Budget Announcement Day

Most of the popular cryptocurrencies opened trading with profits on Wednesday, February 1, the same day India is set to get its Union Budget for the fiscal year of 2023-2024. Bitcoin, with a small gain of 1.36 percent, is currently priced $23,129 (roughly Rs. 18.9 lakh). The oldest cryptocurrency also maintained a similar price point on international exchanges such as Binance and Coinbase. It is noteworthy, that Bitcoin has retained its value above the mark of $23,000 (roughly Rs. 18 lakh) for the second consecutive week.

Ether grew in value by 1.01 percent as it stepped into the trade zone on Wednesday. The price of the crypto asset stood at $1,583 (roughly Rs. 1.29 lakh) at the time of writing, showed the crypto price tracker by Gadgets 360.

“BTC has barely gained profits in the past seven days. ETH did rebound from its earlier lows, and its next resistance would be at the price point of $1,600 (1.30 lakh) level. Both of these top two cryptocurrencies today, continued to trade in a narrow range as investors await the US Federal Reserve’s decision and India’s Union Budget,” Edul Patel, CEO and Co-founder of crypto investment platform Mudrex told Gadgets 360.

Cardano, Polygon, Polkadot, and Litecoin reeled-in profits alongside meme coins Shiba Inu and Dogecoin.

Small gains also added to the prices of Avalanche, Uniswap, Cosmos, Leo, Monero, and Bitcoin Cash.

Meanwhile, a very small number of altcoins were struck with losses on Wednesday.

These include Binance Coin, Solana, Tron, Chainlink, Stellar, and Near Protocol.

Overall, the global crypto market cap rose by 1.01 percent in the last 24 hours. As per CoinMarketCap, the crypto sector valuation currently stands at $1.05 trillion (roughly Rs. 86,10,932 crore).

Despite the volatility element associated with crypto experimentations, people from around the world are getting drawn to this class of digital assets as instruments of investments.

Industry experts have time and again said that as more nations bring in laws to govern the crypto sector, its fluctuating nature will subside and crypto assets would become safer to invest in.

India, that taxes all profits churned out of crypto trading by 30 percent, is taking gradual steps into the cryptosphere.

Sector insiders have urged India’s finance ministry to lower the tax bracket around crypto and make conditions favourable for people to establish rypto-related ecosystems in the nation.

“Last year, the government’s taxation norms effectively protected investors’ funds and exchanges. The crypto industry in India is now looking forward to a more progressive taxation system in the upcoming Union Budget. Classifying cryptocurrencies as an asset class, similar to other assets, and allowing offsetting gains against losses would encourage more retail and institutional participation. The current 1 percent TDS on every transaction might discourage the adoption of cryptocurrencies. It could be a great move for the government to address these issues,” Patel from Mudrex noted.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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BTC, ETH Show No Price Improvements Despite Most Altcoins Seeing Gains

The top two cryptocurrencies, Bitcoin and Ether, have not been able to show any significant price improvements, at least for over a week. Bitcoin on Friday slipped minorly by 0.09 percent to open trade at $16,823 (roughly Rs. 13.9 lakh). The first ever cryptocurrency, followed a similar market movement on international exchanges such as Binance, Coinbase, and CoinMarketCap to trade at the same price point. In the last 24 hours, BTC values have dipped by $30 (roughly Rs. 2,484) from its last day’s price point of $16,853 (roughly Rs. 13.9 lakh).

Ether, unlike Bitcoin opened with small gains. At the time of writing, ETH was trading at $1,221 (roughly Rs. 1.01 lakh) with a mini profit of 0.75 percent, as per Gadgets 360’s crypto price tracker.

Overall, the crypto price charts reflected more greens than reds today.

Among profit-minting tokens, USD Coin, Binance USD, Ripple, Cardano, Polygon, and Polkadot — made a mark.

Dogecoin and Shiba Inu also saw gains of 5.57 percent and 0.71 percent respectively.

The global crypto market grew by 0.21 percent in the last 24 hours.

As per CoinMarketCap, the global crypto market valuation stands at $812.52 billion (roughly Rs. 67,28,912 crore).

“The main reason behind the market’s weakness is the commentary coming in from both the Fed and the ECB, with suggestions that inflation has become more ‘entrenched’ in the economy and would require sustained periods of higher interest rates to be dispelled. This is bearish for ‘risk-on’ assets in general, and global equities continued to sink during the week,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Today, Tether, Binance Coin, Solana, Wrapped Bitcoin, Monero, and Bitcoin Cash, opened with losses.

Experts have also pointed out that the risks continue to hover over the financial markets amid Ukraine’s worsening war situation being the biggest threat to commodity and energy supply chains as well as a surge in COVID-19 cases in China, adding more uncertainties.

“In the altcoin universe, Binance’s BNB token continued to be under selling pressure (down 8 percent) as rumour mills continued to shill the idea of massive withdrawals from the platform. Another major drawdown was witnessed in Filecoin (FIL), which was down 30 percent as massive short positions were built in the token. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 6.3 percent in the past seven days,”’ Chaturvedi added.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Most Cryptocurrencies Register Losses, Total Sector Valuation Also Drops

The festive cheer has failed to penetrate the crypto market as majority cryptocurrencies opened with losses on Friday, October 21. Less than three days before Diwali, Bitcoin opened with a loss of 1.01 percent in India. As per Gadgets 360’s crypto price tracker, BTC values currently stands at the price point of $19,063 (roughly Rs. 15.77 lakh) in India. Even on international exchanges, BTC could not manage to bring in profits. As reflected by Binance and CoinMarketCap, BTC values are hovering around the mark of $19,076 (roughly Rs. 15.78 lakh) with a loss of 0.30 percent.

Ether values also slipped by 0.38 on Friday. As per the Gadgets 360 crypto price tracker, ETH is trading at $1,287 (roughly Rs. 1.06 lakh).

Both top two cryptocurrencies last created their respective all-time highs (ATHs) on November 9 last year. While BTC’s last ATH was around $68,000 (roughly Rs. 56 lakh), ETH’s figure was $4,700 (roughly Rs. 3.47 lakh).

As per their current market movement, the chances of BTC and ETH even coming close to their previous ATHs seems like a far-away possibility.

Meanwhile, majority cryptocurrencies tailed meekly behind BTC and ETH to register losses today.

These include Tether, USD Coin, Binance Coin, Ripple, Cardano, and Solana.

Dogecoin and Shiba Inu also witnessed dips alongside Avalanche, Litecoin, Chainlink, as well as Cosmos.

“Monitoring US’ inflation and macroeconomic variables will be key to determining capital allocation for investors and correspondingly be an indication as to when the equity markets and by extension the crypto bottom hits in case it hasn’t already, as price action is still currently highly inversely correlated with the DXY (Dollar Strength Index),” the CoinDCX research team told Gadgets 360.

In the last 24 hours, the total valuation of the crypto sector slid down by 0.58 percent.

At this point, the total market cap of the crypto industry stands at $914.43 billion (roughly Rs. 75,66,574 crore). The valuation fell from its trillion-dollar mark in September.

Only a handful of cryptocurrencies managed to see gains today. These include Tron, Bitcoin Cash, Elrond, Iota, and Dash.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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