The cryptocurrency market traded higher on Monday, with tokens related to gaming witnessing a surge. That said, the recent rebound in Bitcoin and Ethereum prices has made investors cautious. The global crypto market cap fell nearly 2 percent to $1.94 trillion. However, the total crypto market volume fell by more than 9 percent to $65.01 billion.
Except for Tether, all other nine of the top 10 digital tokens traded with decent profits. Meme tokens such as Dogecoin rose more than 7 percent, while its peer Shiba Inu rose 26 percent. In the past 24 hours, Bitcoin is up 3.10 percent to $42,804.48, while Ethereum is down 2.26 percent. The second largest cryptocurrency is trading at around $3,080.29.
Edul Patel, head and co-founder, Mudrex, said: Bitcoin price hit its highest point in the past two weeks and returned to the winning streak. BTC is currently trading above $41,000, up 27 percent from its low of $32,950 on Jan. 24. This year, market sentiment has been dominated by the interest rate hikes of the major central banks, while pressure on policy moves to fight inflation is mounting. The correlation between crypto and asset prices has continued to go hand in hand over the past week.”
India could expand the definition of virtual digital assets to cover any new assets that may arise and also further refine the provision to tax these assets. The budget for FY23 announced last week proposes taxing all income from the transfer of virtual digital assets at a flat rate of 30 percent. The provision will apply from April 1, 2022. Also, the industry association representing cryptocurrency exchanges has decided to contact relevant policymakers to inform them of complications arising from the government’s decision to impose a 1 percent TDS. levy on all crypto transactions.
Private miner Merkle Standard will be one of the first crypto miners in the US to get Bitmain’s latest mining rig, the 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 one year after overthrowing the democratically elected leader. Major General Zaw Min Tun, deputy information minister for Myanmar, 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 indicated that the government could create the currency itself or work with local companies.
Here are the top 10 cryptocurrencies and their prices as of February 7, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $42,804.48 or 3.10 percent gain in the last 24 hours
Ethereum $3,080.29 or 2.26 percent gain in the last 24 hours
Cardano $1.16 or 3.93 percent gain in the last 24 hours
Tether $1.00 or 0.00 percent loss 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 gain in the last 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
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