Crypto tokens have been tumbling for five consecutive days. Alogrand rallied a day after announcing that it would become the official blockchain platform of FIFA, soccer’s world governing body.
All major crypto tokens were trading lower on Wednesday. Ethereum, Terra, Avalanche, BNB, Solana, XRP dropped 2 per cent each, followed by a per cent fall in Bitcoin, Dogecoin and Cardano.
The global cryptocurrency market cap was trading lower at $1.72 trillion mark, declining more than a per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped over 16 per cent to $71.95 billion.
What’s cooking in India?
India will provide a specific exclusion for e-vouchers, points earned on cards on shopping and payments, and other such digital reward assets from the proposed tax on virtual digital assets (VDAs).
In other news, Andreessen Horowitz (a16z), one of the dominant forces in the venture capital industry, is planning to invest $500 million in India’s growing startup ecosystem, according to a report from TechCrunch.
Expert’s take
“In the recent update of Banco Galicia’s app, users now have an option under ‘investing’ to buy and sell BTC, ETH, USDC, and XRP,” said WazirX Trade Desk.
It seems that to make this feature available Banco Galicia partnered with Lirium, which is a Liechtenstein-based crypto and digital wallet service, it added. “Argentina’s government can be called the trendsetter of crypto adopters as they are one of the leading promoters of the crypto space.”
Global updates
Riot Blockchain (RIOT), one of the world’s largest publicly traded Bitcoin miners, raised about $10 million in April with the sale of 250 Bitcoins as it charges ahead with large-scale expansion plans.
Utah-based movie studio Angel Studios added $10.6 million in Bitcoin (BTC) to its treasury through a stock sale in October, according to Securities and Exchange Commission filings.
The New York state Senate is considering a bill that would place a two-year moratorium on some proof-of-work crypto mining operations.
Tech view by BuyUcoin
TRON rallies owing to the upcoming USDD launch. TRON (TRX-USD) has been in the news recently as it performed better than Bitcoin and most of the other crypto assets with an almost 17% rally last week.
The heightened interest in TRX is mainly because of the launch of its native stable coin USDD which is slated for May 5. USDD is expected to be the most decentralized stable coin in the crypto world which will be backed by mathematics and algorithms instead of being fiat pegged.
ET CONTRIBUTORSThe future trend of TRX will depend on the performance of USDD and TRON’s success in building TRON DAO reserve, which is claimed to be the first decentralized reserve in the blockchain space.
Investors who moved early to grab TRON are in a profitable position and we may see a buying trend before the USDD launch as investors will try to reduce the average acquisition cost by accumulating more TRON.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
