However, crypto trading has regained its mojo with volumes around $100 billion despite the cautious stance and economic uncertainty inflamed by the Russia-Ukraine dispute.
Except for Dogecoin and Terra, none of the altcoins held gains. The largest memecoin, Dogecoin, rose 7%, while Avalanche saw an equal drop. Ethereum, Solana and Cardano fell 5% each.
The global cryptocurrency market capitalization has fallen to $2.09 trillion and is down more than 3% in the past 24 hours. However, total cryptocurrency trading volume increased by 4% to $111.16 billion.
Cryptocurrency funds attracted inflows for the second week in a row, with almost all of the new investment going to European funds.
Digital asset funds saw $180 million in net inflows in the seven days to April 1, according to a CoinShares report released on Monday.
What do we cook in India?
Sushil Kumar Modi, a member of Rajya Sabha and former deputy governor of Bihar, fought to raise the crypto tax from 30% to 50%, as he compared crypto to gambling.
Amid the growing popularity of crypto assets, the feelings of the Indian crypto community are likely to be dampened by such statements by parliamentarians.
On the other hand, India’s top legal experts say the crypto community would have a “fair chance” if they challenge a 1% withholding tax written into a new crypto tax law in court.
Bitcoin is on a buying spree. Initially, it was Terra’s purchase of over $1 billion in bitcoins and it now falls to Micheal Saylor, who bought an additional 4,167 bitcoins for around $190.5 million, WazirX Trade said. Desk.
“Terra currently holds around 30,000 bitcoins, but it has a lot of catching up to do if it wants to reach the 129,218 bitcoins held by Microstrategy,” he added. “The market was expected to react positively, but it was not volatile.”
The UK Department of Finance has indicated that it plans to bring stablecoins into the regulatory perimeter and make the UK a global hub for crypto technology.
Ahead of Tesla chief Elon Musk’s public disclosure of a $3 billion stake in Twitter, the billionaire had criticized the microblogging site for failing to uphold the principles of free speech and said he was considering creating a new social media platform.
Bitcoin is getting a boost thanks to a new Taproot-compatible protocol called the Taproot Asset Representation Overlay, or Taro. Taro is an open source protocol powered by the Lightning Network.
Technical view by OKX
The LUNA token hit a new all-time high last night, this time at over 119.50 USDT. Momentum is still very bullish for the Layer-1 coin as traders continue to bid on the narrative behind a BTC-backed stablecoin, UST.
Some expect some pullback after hitting another high, but it would be unwise not to expect more upside if the broader market holds up.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)