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.
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.
Tech view by BuyUcoin Cryptocurrency Exchange
Ethereum is facing some resistance near the $2,765 level. ETH is still down by 42% from its ATH $4850. Although ETH discovered a weekly support level at $2,350 and started a relief rally. Since then, ETH has surged 24% and is currently experiencing a pullback from $2,765 resistance.
The bulls will now try to take lead and push the price above $2,800 and the 20- day EMA. If they rise, it will suggest that the selling pressure could be reduced. The bulls will then see an opening and attempt to push the pair to the resistance line of the channel.
A breakdown of the $2,324 support barrier will create problems. A daily candlestick close below this barrier will indicate a continuation of the downtrend and invalidate the bullish view. The bears will have to sink and sustain the price below this zone to clear the path for a further decline to $1,800.
