The cryptocurrency market was trading higher on Monday, with tokens associated with gaming witnessing a strong rise. That said, the recent rebound in prices of Bitcoin and Ethereum have turned investors cautious. The global crypto market cap dropped almost 2 per cent to $1.94 trillion. However, the total crypto market volume dropped more than 9 per cent to $65.01 billion.
Barring Tether, all other nine out of the top-10 digital tokens were trading with decent gains. Meme tokens like Dogecoin jumped more than 7 per cent while its peer Shiba Inu rallied 26 per cent. In the last 24 hours, Bitcoin has increased 3.10 per cent to $42,804.48, while Ethereum is down by 2.26 per cent. The second-largest crypto is trading at around $3,080.29.
Edul Patel, chief and co-founder, Mudrex, said: Bitcoin’s price hit its highest in the past two weeks, returning to the winning streak again. BTC is currently trading above US$41,000, marking a 27 per cent rise from its lowest at US$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.”
India could widen the definition of virtual digital assets to cover any new such assets that may emerge and also further refine the provision to tax these assets. The budget for FY23 announced last week proposes to tax any income from the transfer of any virtual digital asset at a flat 30 per cent rate. The provision will be applicable from April 1, 2022. Also, the industry body representing cryptocurrency exchanges has decided to reach out to relevant policymakers to brief them about complications arising out of the government’s move to levy a 1 per cent TDS on all crypto transactions.
Privately held miner Merkle Standard will be 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, which can reduce heat, power consumption and noise.
Myanmar’s military government is proposing creating its own digital currency a year after overthrowing the democratically elected leader. Major General Zaw Min Tun, deputy information minister for Myanmar, said the military leadership wants to create its own digital currency to “improve financial activities” in the country, according to a report from Bloomberg. He indicated that the government might create the currency on its own or work alongside local firms.
Here are the top 10 cryptocurrencies and their prices on February 7, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $42,804.48 or 3.10 per cent gain in the last 24 hours
Ethereum $3,080.29 or 2.26 per cent gain in the last 24 hours
Cardano $1.16 or 3.93 per cent gain in the last 24 hours
Tether $1.00 or 0.00 per cent loss in the last 24 hours
Terra $57.02 or 2.68 per cent gain in the last 24 hours
XRP $0.7226 or 8.02 per cent gain in the last 24 hours
Solana $119.09 or 4.73 per cent gain in the last 24 hours
Avalanche $81.59 or 4.24 per cent gain in the last 24 hours
Binance $1.00 or 0.04 per cent gain in the last 24 hours