Top cryptocurrency prices today: Bitcoin, Ether, Solana, Terra zoom up to 7%

Synopsis

“India moves closer to legalizing cryptocurrency. The honourable FM in her budget speech has proposed taxation rules on virtual digital assets. This is clearly an endorsement that India has accepted crypto and it is here to stay,” said WazirX Trade Desk.

Barring the US dollar-pegged USD Coin, all of the other nine out of the top-10 digital tokens were trading higher during the trade. The crypto cart continued to move higher on Wednesday, as speculative assets remained in the green amid investor appetite for riskier assets. However, volumes remained thin due to holidays in many Asian markets.

Barring the US dollar-pegged USD Coin, all of the other nine out of the top-10 digital tokens were trading higher during the trade. Terra and Solana zoomed up to 7 per cent, followed by Ethereum which posted decent gains.

The global crypto market cap added more than a per cent to $1.78 trillion. However, the total crypto market volume dipped almost 3 per cent to $65.48 billion.
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Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs

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What’s Cooking in India
Indian crypto investors were a worried lot after the government announced a tax rate of 30% on the transfer of cryptocurrencies at a time when most of them have seen their portfolios slip into red due to the recent crypto meltdown.

Crypto or digital currencies are the latest fad across the world and India will next fiscal, beginning April 1, have its own version of the same which essentially would mirror the prevalent physical currency in digital form.

Expert Take
“India moves closer to legalizing cryptocurrency. The honourable FM in her budget speech has proposed taxation rules on virtual digital assets. This is clearly an endorsement that India has accepted crypto and it is here to stay,” said WazirX Trade Desk.

Despite mounting concerns about a future cryptocurrency market slump, leading sector businesses such as FTX continue to gain traction by receiving hundreds of millions in new capital, it said, adding that with more regulatory permissions and licenses, the new round will enable the firm to continue developing new products and grow its worldwide footprint.

Global Updates

  • Silvergate Bank confirmed Monday that it’s purchasing the technology and other assets from Diem, the stablecoin project from Meta Platforms (formerly Facebook) first announced as Libra in June 2019.

  • Sifu, the pseudonymous treasurer of Wonderland and co-founder of crypto exchange QuadrigaCX, started moving his funds through coin mixer Tornado Cash, according to on-chain data.

  • In his first live public appearance since exiting the Twitter CEO role to focus on running payments company Block (formerly Square), Jack Dorsey reiterated his belief about how society can benefit from the adoption of bitcoin.

Streamlining NFTs
National Football League star quarterback – and NFT startup founder – Tom Brady officially announced his retirement Tuesday, saying he planned to spend more time with his family and working on his businesses.


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Updated: 02/01/2022 — 23:00