Assets in the top ten cryptocurrency-list traded with decent upticks today. Terra surged more than 5% as Bitcoin hovered on a 1% upside move. On the other side, Dogecoin saw a marginal drop, sliding towards the 11th spot.
The crypto market showed mixed reactions on Friday. Top tokens presented marginal gains as the lower crypto cart witnessed visible selling pressure. Sell-off in high tech stocks like Snap and Amazon plus Meta’s (formerly Facebook) disappointing figures contributed to the downside pressure in the marketplace.
All digital coins in the top ten traded with decent upswings on Friday. Terra recorded an over 5% gain as Bitcoin rose by 1%. However, Dogecoin suffered a marginal decline, dropping to the 11th spot in the crypto list by market value.
The global cryptocurrency market capitalization recorded a nearly 4% fall to $1.64 trillion. On the other side, the total market volume hiked to $102.26 billion.
Updates on Indian Market
The crypto community in India has begun an online protest following the 30% crypto tax declared by Finance Minister Nirmala Sitharaman. The hashtag #reducecryptotax has trended on Twitter since late yesterday.
Tax experts believe the new rule to tax crypto might create trouble for companies and multinationals because of the broad framework definition that does not include the word ‘crypto.’
The global cryptocurrency market cap surged within the last 24 hours. Mudrex’s Edu Patel commented on the cryptocurrency industry condition, saying BTC and Ether regained their upside strength after plunging on Thursday.
Patel added that buyers have been losing steam to sellers as spot trading volume kept a downside trend since January. Meanwhile, most altcoins improved from yesterday’s plummets, hovering in the green at this publication.
Clear (former ClearTax), supported by US’s Stripe, plans to launch a crypto tax and portfolio supervision services for Indian retailers and enterprises. That comes amid confusion about cryptocurrency taxation in various cases among crypto exchanges and investors.
Loopring, an ETH-based project that allows developers to create decentralized exchanges, appointed CTO Steve Guo as its Chief Executive Officer, replacing Daniel Wang, the founder.
Stay tuned for upcoming crypto news.