Aside from the dollar-pegged stable coins, all the top digital tokens were trading higher. Terra gained more than 6 percent, followed by a 3 percent rise in Bitcoin. Avalanche and Dogecoin each added 2 percent.
The global cryptocurrency market cap dropped to $1.73 trillion today, a jump of about 2 percent in the past 24 hours. Total cryptocurrency trading volume zoomed in as much as 20 percent to $74.69 billion.
Global investors are taking stakes in cryptocurrency funds and companies as they seek exposure to an industry that many believe could withstand the effects of the Russia-Ukraine conflict.
What’s cooking in India
- High-quality crypto transactions from about 700 investors have come under the scanner of the tax authorities, which are now proposing to make announcements to them. These individuals or entities may face 30 percent tax, penalties and interest.
- The crypto industry has reached out to the Treasury Department to reduce or eliminate the proposed 1 percent tax at source (TDS) on the proceeds of all crypto transactions. The Finance Bill will be approved in the parliamentary session that started Monday. Top crypto players are taking the question to the ministry through the Blockchain and Crypto Assets Council (BACC).
- Cryptocurrency startups have begun offering investors an option to earn interest on virtual assets to combat volatility, even as the industry awaits regulatory and legal clarity on the matter. Crypto startups offer a fixed return on one’s assets.
expert take
Bitcoin and Ethereum got a bit of trading momentum, said Edul Patel, co-founder and CEO, Mudrex. “If buyers can stay above the support level, there could be a long-term uptrend. As BTC trades sideways, it could cause high volatility in the coming days.”
Following the European Union’s rejection of the proposed Bitcoin ban aimed at limiting energy-intensive proof-of-work cryptos, the crypto market saw a bullish upside recovery and traded back in the greens, CoinDCX Research Team said.
“Instead of an outright ban, MEPs have agreed on a draft set of rules defending supervision, consumer protection and environmental sustainability – with more regulation, policies and provisions that will boost the trust and credibility of the digital asset industry. strengthen.” it added.
Global updates
- The Japanese government and financial regulator has outlined the sanctions crypto exchanges could face if they fail to comply with the sanctions imposed on Russia after the invasion of Ukraine.
- Dogecoin (DOGE) briefly jumped a whopping 10 percent after Tesla CEO Elon Musk said in a tweet that he is not selling his crypto holdings, including DOGE.
- Non-fungible token (NFT) marketplace Magic Eden has raised $27 million in a Series A funding round to expand its range of products and services.
- The latest draft of the legislative framework proposed by the European Union (EU) to govern virtual currencies, Markets in Crypto Assets (MiCA), still contains a provision that could limit the use of proof-of-work cryptocurrencies.
Tech Rendering by Giottus Crypto Exchange
Aave is one of the popular Defi protocols. It is an open-source and non-custodial tool, built on Ethereum to allow users to lend and borrow their cryptocurrencies and generate interest. Its token – AAVE – has been through quite a bit of late, but remains a favorite as it rallies from nearly $100 to over $600 in 2021.
AAVE continues to be under pressure due to macro market trends and its reliance on Polygon, the layer 2 network that has been dealing with technical issues of late. While it currently continues to perform below a resistance trendline, it is trying to overcome the resistance around $120.
ET CONTRIBUTORSDownside remains limited on AAVE given its steep decline, and the coin is already in attractive buy-and-hold territory for many people.
main levels
Support: $124, $127, $130
Resistance: $120, $118