Barring meme tokens like Shiba Inu and Dogecoin, all other top digital tokens were trading with cuts in early trade on Monday. Dogecoin and Shiba Inu jumped marginally, whereas XRP and Solana dropped up to 5 per cent.
While Bitcoin’s price has meandered the last few days, the largest cryptocurrency by market value has staged a modest under-the-radar recovery from its wintertime swoon.
The global crypto market cap dropped about 7 per cent to hit the $1.77 trillion mark. On the contrary, the total crypto market volume inched up over a per cent to $69.70 billion.
What’s cooking in India?
The government will explore permitting a limited set-off of one year’s losses from cryptocurrency trade against profits made in the same financial year. Such set-offs are allowed in listed and unlisted stock transactions, with the law even allowing carrying forward of the loss by four to eight years, depending on the nature of the trade.
The cryptocurrency industry has appealed to the government to re-examine the budget proposal to impose a tax deducted at source, or TDS, on virtual digital asset transactions, saying it will be difficult to comply with. Beyond the vocal – and visible – retail-facing crypto trading exchanges in India, there is a thriving local blockchain ecosystem valued in excess of $15 billion.
Experts take
The global crypto market is currently in a state of uncertainty as tensions between Russia and Ukraine increased after White House warned Americans to leave Ukraine, said WazirX Trade Desk.
“In 2016 Bitfinex, the exchange that introduced the world to USDT, was hacked and the hackers had managed to steal 100,000+ bitcoins which was worth approximately $72 million. This hack was responsible for a 20%+ drop in the price of Bitcoin back in 2016,” it added.
Global updates
The European Commission, the executive branch of the European Union (EU), is planning to propose a digital euro bill in 2023. The bill will complement the European Central Bank’s (ECB) experimentation into a central bank digital currency.
FTX US has begun to accept users for a wait list to learn about its soon-to-be-launched stock trading platform, President Brett Harrison announced in a tweet.
Popular non-fungible token (NFT) marketplace OpenSea is launching an investment arm after raising $300 million at a $13.3 billion valuation in January.
In other news, semiconductor giant Intel (INTC) officially announced its crypto mining initiative, revealing that Argo Blockchain (ARGO) and Jack Dorsey-led Block (SQ) will receive the chip maker’s first mining chips later this year.
The platform which sold an NFT of Jack Dorsey’s first tweet for $2.9 million has halted most transactions because people were selling tokens of content that did not belong to them, its founder said, calling this a “fundamental problem” in the fast-growing digital assets market.
