The Cryptocurrency The market was trading higher on Monday, with gaming-related tokens seeing a strong rally. However, the recent recovery in prices Bitcoin and Ethereum About cautious investors. The global market capitalization of cryptocurrencies decreased by nearly 2 percent to $1.94 trillion. However, the total crypto market size fell by more than 9 percent to $65.01 billion.
With the exception of Tether, all other nine of the top 10 altcoins have been trading with decent gains. Meme tokens such as Dogecoin jumped more than 7 percent while its counterpart Shiba Inu rose 26 percent. in the last 24 hours, bitcoin It rose by 3.10 percent to $42,804.48, while Ethereum fell by 2.26 percent. The second largest cryptocurrency is trading at around $3080.29.
Edul Patel, President and Co-Founder of Mudrex said: Bitcoin price has reached its highest levels in the past two weeks and is back on a winning streak again. BTC is currently trading above $41,000, marking a 27 percent gain from a low of $32,950 on January 24 this year. Market sentiment has been dominated by rising interest rates from major central banks, with pressure mounting for policy moves. to combat inflation. The correlation between cryptocurrency prices and assets has continued to go hand in hand over the past week.”
India could broaden the definition of virtual digital assets to cover any new such assets that may emerge and also further improve the provision for taxation of such assets. The FY23 budget announced last week proposes taxing any income from transferring any virtual digital asset at a flat rate of 30 percent. This ruling will be implemented from April 1, 2022. Also, the industry body representing cryptocurrency exchanges has decided to reach out to relevant policy makers to brief them on the complexities arising from the government’s move to impose a 1 percent TDS tax on all crypto transactions.
Private miner Merkle Standard will be one of the first crypto miners in the United States to acquire Bitmain’s latest mining platform, S19 Pro + Hydro, which uses liquid cooling technology, which can reduce heat, power consumption and noise.
Myanmar’s military government is proposing to create its own digital currency a year after toppling the democratically elected leader. Major General Zaw Min Tun, Myanmar’s deputy information minister, said the military leadership wants to create its own digital currency to “improve financial activities” in the country, according to a report by Bloomberg. He suggested that the government might create a currency on or work in tandem with local businesses.
Here are the top 10 cryptocurrencies and their prices on February 7, 2022 (data from coinmarketcap.com at the time of publication of this article)
Bitcoin $42,804.48 or 3.10% Gain in the Last 24 Hours
Ethereum $3,080.29, or 2.26 percent, in the last 24 hours
Cardano $1.16, or 3.93 percent, gain in the last 24 hours
Attach a loss of $1.00 or 0.00 percent in the last 24 hours
Terra $57.02, or 2.68 percent, gain in the last 24 hours
XRP $0.7226, or 8.02 percent, over the past 24 hours
Solana $119.09 or 4.73 percent gain in the last 24 hours
Avalanche $81.59, or 4.24 percent gain in the last 24 hours
Binance $1.00 or 0.04 percent gain in the last 24 hours