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Will cryptocurrency market in India continue its winning streak, as investment rose 15.5x to $438.18 million in CY21

Cryptocurrency market in India posted a 15.5x increase in investment to $438.18 million in CY2021 from $28.10 million in CY2020, reveals data from start-up tracking firm Tracxn. The sector has received investment worth $139.33 million, year till date. However the sector can see a slowdown or a decline as well. “In 2022, with the law of 30% taxation and 1% tax deductible at source (TDS) being implemented the growth of cryptocurrency startups and trading volume of day-to-day traders will decline,”Avinash Shekhar, CEO, ZebPay, a cryptocurrency exchange, told FE Digital Currency. 

Furthermore, according to the World Economic Forum, while the return from bitcoin was 59.8% in 2020, the cryptocurrency sector’s total market capitalisation grew by 187.5%. 

Meanwhile, the non-fungible token (NFT) category and metaverse market received investments worth $65.60 million and $0.84 million in CY2021, respectively. This is the first year of investment for both the categories, hence comparable data isn’t available. To be sure, the sector has seen a huge interest among consumers. A study by one of the NFT companies Nonfungible.com stated that the overall trading scenario witnessed a 2,1000% spike in 2021. “NFTs and metaverse have allowed the proof of ownership for users on blockchain. In 2021, the Indian digital asset market came up with various NFT drops, as we saw Indian celebrities and brands endorsing the NFT and metaverse culture,” Ramkumar Subramaniam, co-founder and CEO, GuardianLink, a blockchain based, research and development organisation, said. 

Industry experts opined that in 2022, NFT and metaverse market will provide for more utility-oriented and user-based projects. The concept of play-to-earn will also have an impact. Besides, NFT and metaverse is expected to play a part in various government based initiatives.

Moreover, investment in the global market for cryptocurrency, NFT and metaverse market stood at $14270.38 million, $5005.67 million and $661.33 million in CY21, respectively. According to Nilesh Jahargirdar, vice-president of marketing, [x]cube LABS, a software company, India needs more investments in the blockchain technology space for it to be a global financial technology leader. “With the digital currency initiative that was announced in the budget session of 2022, I feel that the strength of Indians entering the global digital currency scenario will increase. I believe that the Indian metaverse scenario has still not become a virtual hub for all kinds of shopping and transactions,” he added.




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Bitcoin Crashes Below $37,000, Ether, Shiba Inu also Tank; Check Rates

Cryptocurrency prices today plunged with Bitcoin falling below the $37,000 level amid intensified tensions between Russia-Ukraine. The world’s largest and most popular cryptocurrency declined more than 6.43 per cent to $36,693.28. Bitcoin is down about 19 per cent in 2022 (year-to-date or YTD) so far whereas, it is still over 46 per cent far away from its record high of near $69,000 it hit in November 2021.

Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also fell about 7 per cent to $2,533.46. Meanwhile, Dogecoin price crashed over 7 per cent to $0.12 whereas Shiba Inu also plummeted about 8 per cent to $0.000024. The performance of other coins also tanked as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12 per cent.

The global cryptocurrency market capitalisation today remained below the $2 trillion, as per CoinMarketCap.com, as it was down over 3 per cent at $1.77 trillion, dragged by the fall in crypto prices today.

Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.

Edul Patel, CEO and Co-founder, Mudrex, said: “BTC’s support price ranges between US$30,000 to US$35,000. According to the market cap, the top altcoins also witnessed a growth over the past day. The downward trend in the crypto market over the past days is due to the ongoing tension between Russia and Ukraine alongside inflation. But today’s growth comes as a little relief to the investors. The coming days would determine if the winning streak continues or fullbacks.”

Russia’s finance ministry on Monday said it would take proposals on cryptocurrencies from the country’s central bank into account so long as they do not contradict its own approach, paving the way for legislation governing digital assets.

A simmering dispute over cryptocurrency regulation in Russia heated up on Friday as the finance ministry submitted legislative proposals to the government that clashed with the central bank’s demand for a blanket ban.

Here are the top 10 cryptocurrencies and their prices on February 21, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $36,693.78 or 6.43 per cent loss in the last 24 hours

Ethereum $2,533.46 or 7 per cent loss in the last 24 hours

Cardano $0.8354 or 13.25 per cent loss in the last 24 hours

Tether $1.00 or 0.01 per cent gain in the last 24 hours

Terra $49.85 or 1.43 per cent loss in the last 24 hours

XRP $0.682 or 13.99 per cent loss in the last 24 hours

Solana $82.80 or 12.34 per cent loss in the last 24 hours

Avalanche $68.56 or 15.61 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent loss in the last 24 hours


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Bitcoin Trades Below $40,000, Terra, Solana Gain up to 10%; Check Prices

The majority of the cryptocurrencies were trading in the green on Monday, with Bitcoin falling below $39,500 level. The world’s largest virtual currency, in terms of market capitalisation, was up 2.07 percent at $39,256.78 at 2:00 pm, according to CoinMarketCap.

Bitcoin market cap was at $739.7 billion, while the trade volume hovered just over $20 billion. The cryptocurrency has shed nearly 7 per cent in the past seven days. Bitcoin has witnessed a volatile trend over the past year – the virtual currency oscillated between a high of $69,000 and a low level of $33,000.

Ether, the world’s second-largest cryptocurrency which is linked to ethereum blockchain, traded flat at $2,741.59. However, the virtual currency has fallen nearly 5 per cent over the past seven days.

Other cryptocurrencies such as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, Avalanche, and Terra were trading in the positive territory over the past 24 hours.

Edul Patel, CEO and co-founder, Mudrex, said: “The market is witnessing a heavy selling pressure since the past one month. This situation may be because of the ongoing tension between Russia and Ukraine alongside the inflation. The downward trend is likely to continue for few more days. The coming week would be crucial for the entire crypto spectrum.”

International Monetary Fund (IMF) Managing Director Kristalina Georgieva last week said unbacked cryptocurrencies will be no match for prudently designed central bank digital currencies (CBDCs).

Meanwhile, making a strong case for banning cryptocurrencies, RBI Deputy Governor T Rabi Sankar had said they are even worse than Ponzi schemes and threaten the financial sovereignty of a country.

L’Oreal is seeking trademarks for “digital media, namely, collectibles, art, tokens, and non-fungible tokens (NFTs); NFTs featuring collectible digital items, images, photographs, art, videos or audio recordings used with blockchain technology.”

The filings also include requests to trademark “cosmetics and makeup preparations to be sold for virtual avatars” and “retail store services and online store services in relation to virtual goods, namely, cosmetics, makeup preparations, cosmetic brushes, and makeup brushes.”

Notably, NFT collectors had been losing NFTs and Ethereum from wallets on the NFT platform OpenSea. The platform has now confirmed that what happened was a phishing attack, which saw over $1.7 million in assets shifted to the malicious wallet, now labeled Fake_Phishing5169.

OpenSea says it is “actively investigating rumors of an exploit” that occurred on the popular Ethereum NFT marketplace Saturday. Users reported that digital assets, including NFTs from the Cool Cats and Doodle collections, had been stolen.

Here are the top 10 cryptocurrencies and their prices on February 21, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $39,256.78 or 2.07 per cent gain in the last 24 hours

Ethereum $2,741.59 or 4.15 per cent gain in the last 24 hours

Cardano $0.9728 or 4.07 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

Terra $51.89 or 8.93 per cent gain in the last 24 hours

XRP $0.7933 or 1.09 per cent gain in the last 24 hours

Solana $95.08 or 10.34 per cent loss in the last 24 hours

Avalanche $84.63 or 4.59 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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Bitcoin, Ether in the Red; Know Latest Rates

After logging decent gains over the past few days, crypto traders turned defensive as tensions between Russia and Ukraine intensified. The world’s most popular cryptocurrency was down 0.96 per cent at $40,229.01, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.57 per cent to $3,015.28. Similarly, Binance Coin dipped about 2 per cent to $413.

The global cryptocurrency market-capitalisation fell 1.47 percent over the last 24 hours to $1.83 trillion while trading volumes were down about 16.75 percent to $72.95 billion. While decentralised finance (DeFi) accounted for 12.29 percent of the 24-hour cryptocurrency trading volume at $8.97 billion, stablecoins constituted 80.75 percent of the same at $58.91 billion.

Lawmakers in Wyoming, USA proposed the Wyoming Stable Token Act (SF0106), which paves the way for the crypto-friendly state to launch its own dollar-pegged token.

The proposed bill is sponsored by state senators Chris Rothfuss and Tara Nethercott, along with state representatives Mike Yin and Jared Olsen. The act would allow Wyoming treasurer Curtis Meier Jr. to create a state stablecoin pegged to the U.S. dollar. The token would be redeemable for a single dollar held in trust by the state.

Senior staff at the Federal Reserve will no longer be able to hold cryptocurrencies, among other assets such as stocks, according to an announcement today.

In a statement from the Federal Open Market Committee (FOMC), the branch of the Fed that determines the direction of monetary policy, the new rules laid out for “investment and trading activity of senior officials.”

The FOMC said that senior Federal Reserve officials can no longer buy crypto, individual stocks or sector funds, or hold investments in individual bonds, agency securities, commodities, or foreign currencies. They also can’t enter into derivatives contracts, and engage in short sales or purchasing securities on margin.

Here are the top 10 cryptocurrencies and their prices on February 19, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $40,229.01 or 0.96 per cent loss in the last 24 hours

Ethereum $2,816.41 or 2.49 per cent loss in the last 24 hours

Cardano $1.01 or 2.17 per cent loss in the last 24 hours

Tether $1.01 or 0.02 per cent gain in the last 24 hours

Terra $51.95 or 2.13 per cent gain in the last 24 hours

XRP $0.7933 or 1.09 per cent gain in the last 24 hours

Solana $91.93 or 2.34 per cent loss in the last 24 hours

Avalanche $84.63 or 4.59 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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Bitcoin, Ether Gain, Solana, Avalanche Surge Over 8%; Know Rates

After a sharp selloff in the last couple of days, the cryptocurrency market found some buyers near major support levels. However, traders are still on tenterhooks over Russia and Ukraine crisis. The world’s most popular cryptocurrency was up over 4 per cent at $43,568.39, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.57 per cent to $3,015.28. Similarly, Binance Coin dipped about 2 per cent to $413.

Edul Patel, CEO and Co-founder, Mudrex, said: “The recent volatility may be due to a broader market selloff. The fear over a hawkish Federal Reserve is why the market juggling between high and lows. On the other side, the tensions in Ukraine could also spark general market moves in the coming weeks.”

Hackers stole $21 million in Bitcoin and $15 million in Ethereum from retirement accounts held with IRA Financial Trust on February 8, according to a report from Bloomberg based on an anonymous source. FinTech startup Gemini, which manages these individual retirement accounts in non-traditional assets, has been dealing with allegations of a major hack for nearly a week.

IRAs, or individual retirement accounts, are tax-advantaged savings instruments for U.S. workers, who can deduct their contributions from their income. For instance, if you make $60,000 but contribute $5,000 to an IRA, you’re only taxed on $55,000; you only pay taxes once you withdraw funds. IRAs allow for investments in stocks, bonds and mutual funds, but not cryptocurrencies. However, Self-directed IRAs, like the kind IRA Financial Trust offers, do.

Coinbase chief marketing officer Kate Rouch, in a recent blogpost revealed that more than 20 million people tried to access Coinbase within a minute during the super bowl night as a result of the ad. That’s more than six times higher than any previous load that Coinbase had dealt with.

Notably, the cryptocurrency exchange opted to use its 60-second window to simply display a QR code, which slowly bounced around the black backdrop much like an old DVD player screen saver. Scanning the QR code brought you to Coinbase’s site, where new users could get $15 in free Bitcoin, while existing users could sign up for a $3 million sweepstakes.

Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $43,568.39 or 4.07 per cent gain in the last 24 hours

Ethereum $3,015.28 or 5.53 per cent gain in the last 24 hours

Cardano $1.07 or 4.47 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

Terra $54.96 or 4.35 per cent gain in the last 24 hours

XRP $0.8214 or 4.22 per cent gain in the last 24 hours

Solana $100.63 or 8.17 per cent gain in the last 24 hours

Avalanche $84.21 or 8.37 per cent gain in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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Bitcoin, Ether Gain, XRP Surges 8%; Know Latest Rates

The cryptocurrency market is juggling between highs and lows in recent times.  The overall crypto market volume over the last 24 hours has decreased by 22.79 per cent to $69.25 billion on Sunday. The current dominance of Bitcoin is 42.29 per cent, which is the same as the previous day.

The world’s most popular cryptocurrency was up barely 1 per cent at $42,390.92, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 0.36 per cent to $2,924.22. Similarly, Binance Coin dipped about 2 per cent to $413.

The DeFi volume is currently trading at $9.56 billion, with 13.84 per cent of the overall 24-hour volume in the crypto market. Besides, the overall volume of stablecoins is at $55.84 billion, accounting for 80.63 per cent of the total 24-hour volume of the crypto market.

The volatility traditionally associated with cryptocurrencies has been on full display in recent weeks. Bitcoin, the largest cryptocurrency, is up by around 33 per cent since January 24 rebounding from a tumble that cut its price in half from November’s record high. Its main rival, Ethereum, is up around 45 per cent since January 24, following a nearly 56 per cent nosedive from its record high of $4,868, also in November.

On Saturday, Union Minister Bhagwat Karad said that cryptocurrencies are not legal in the country at present and nothing can be said as to what would happen in this sector in the future. Notably, the Reserve Bank of India and the Union Government did not give any sort of thumbs up to cryptocurrencies and thus cannot be considered as legal, said Bhagwat Karad.

A woman in Florida bought a five-bedroom, three-and-half-bath house near Tampa, in an online auction on Thursday using non-fungible tokens or NFTs. “We truly feel that we made history, both for the real estate industry and for the crypto community,” said Natalia Karayaneva, the CEO and founder of Propy, which managed the online auction and transaction. The price was 210 Ether which is equivalent to $653,000 at the time of sale.

Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $42,390.92 or 0.71 per cent gain in the last 24 hours

Ethereum $2,924.22 or 0.36 per cent gain in the last 24 hours

Cardano $1.06 or 0.02 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

Terra $53.44 or 5.35 per cent gain in the last 24 hours

XRP $0.8224 or 8.76 per cent gain in the last 24 hours

Solana $96.37 or 1.28 per cent gain in the last 24 hours

Avalanche $81.59 or 4.24 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent loss in the last 24 hours

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Bitcoin below $43,500, Ether, Solana, Sharply dip; Know Latest Rates

Cryptocurrency prices today plunged with Bitcoin trading below the $44,000 level in what has been a volatile week for the digital tokens. The world’s most popular cryptocurrency was down nearly 3 per cent at $$43,084.90. Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

“BTC’s support price stays at US$40,000 while the resistance holds at US$46,000. As there are no signs of BTC being overbought, this situation could probably keep the buyers active in the market. According to the market cap, a few altcoins are running in green and others in red,” said Edul Patel, chief executive officer and co-founder, Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.18 per cent to $3,057.71. Similarly, Binance Coin dipped about 2 per cent to $413.

Dogecoin price was trading 6 per cent lower at $0.15 whereas Shiba Inu tanked over 8 per cent to $0.000030. The performance of other coins were mixed as Stellar, Avalanche, Cardano, Polygon, XRP, Polkadot, Solana, Terra, Stellar prices were trading with cuts over the last 24 hours.

Meanwhile, the global cryptocurrency market capitalisation today remained above $2 trillion, as per coinmarketcap.com, even as it was down 3 per cent at $2.06 trillion, dragged by fall in crypto prices today.

The crypto market marked the third week of inflows totaling $133 million last week. Bitcoin led all inflows, with $71 million, the largest since early December and the third straight week of inflows, with a total of $108 million. Ether posted net outflows of $8.5 million in the week ended February 4, its 9th straight week of outflows, totaling $280 million.

Private crypto assets or virtual digital currencies are a major threat to macroeconomic and financial stability of a country, Reserve Bank of India (RBI) governor Shaktikanta Das said at press conference held on Thursday. “I have said that investors are their own judge. But, it is my duty today to tell investors that while betting on cryptos, they should be mindful that they are investing at their own risk,” Das said. “Cryptocurrencies have no underlying (value), not even a tulip,” Das said at the meeting.

Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $43,084.90 or 2.71 per cent loss in the last 24 hours

Ethereum $3,057.71 or 5.18 per cent loss in the last 24 hours

Cardano $1.14 or 3.99 per cent loss in the last 24 hours

Tether $1.00 or 0.02 per cent loss in the last 24 hours

Terra $52.27 or 7.02 per cent loss in the last 24 hours

XRP $0.8224 or 4.29 per cent loss in the last 24 hours

Solana $104.35 or 6.42 per cent loss in the last 24 hours

Avalanche $81.59 or 4.24 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent loss in the last 24 hours

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Bitcoin, Ethereum jump 10% each. Check Latest Crypto Rates

The cryptocurrency market was trading in the green on Saturday. Bitcoin trading above the $41,000 mark. The world’s largest and most popular digital token was up over 10.80 per cent at $41,411.23.  Bitcoin’s market dominance rose marginally to 41.65 per cent and the virtual token was trading at $41,388.68 on February 5. The world’s biggest and best-known cryptocurrency, is up 23.2% from the year’s low of $32,950.72.

Similarly, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, rose marginally to $2,990.09, as per coinmarketcap.com. On the other hand, Binance Coin was also up more than a 7.68 per cent at $399.89. Dogecoin price gained to $0.13 whereas Shiba Inu was trading at $0.000021. The performance of other cryptos also improved as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, prices were trading with gains over the last 24 hours.

The global cryptocurrency market capitalisation rose to $1.87 trillion over the last 24 hours from $1.70 trillion, while the trading volumes climbed to $90.36 billion from $68.72 billion on February 5.

The decentralised finance (DeFi) accounted for 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the last 24 hours. On the other hand, stable coins accounted for 81.35 percent of the crypto market 24-hour volume at $73.92 billion.

Cryptocurrency will never be a legal tender, Indian Finance Secretary T V Somanathan had said on Thursday clearing the air on the legality of private digital currencies in the market. The 2022-23 Budget has given a clarity on taxation of virtual digital assets and proposed to impose a 30 per cent tax on gains made on such trades, besides subjecting crypto transactions, beyond a threshold, to 1 per cent TDS.

Here are the top 10 cryptocurrencies and their prices on February 5, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $41,411.23 or 10.80 per cent gain in the last 24 hours

Ethereum $2,990.09 or 11.19 per cent gain in the last 24 hours

Cardano $1.14 or 7.99 per cent gain in the last 24 hours

Tether $1.00 or 0.01 per cent loss in the last 24 hours

Terra $56.95 or 12.68 per cent loss in the last 24 hours

XRP $0.6678 or 9.65 per cent gain in the last 24 hours

Solana $112.05 or 8.61 per cent gain in the last 24 hours

Avalanche $69.31 or 1.24 per cent gain in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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Bitcoin, Ethereum, Solana in Red Today. Check Latest Crypto Rates

The cryptocurrency market saw some profit booking on Thursday, ending the two-day winning streak. In cryptocurrencies, Bitcoin price today went below $37,000 after breaching the $39,000 level for the first time in two weeks. The world’s most popular and largest cryptocurrency by market cap was down 4.40 per cent at $36,972.60. Bitcoin has slipped more than 16 per cent since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50 per cent. Expectations of tightening monetary policy helped spur a bearish downturn last month in cryptocurrency assets.

Elsewhere, Ether, the coin linked to ethereum blockchain and the second-largest cryptocurrency, was in trading in red 3.34 per cent to $2,683.88, as per Coinmarketcap.com. Similarly, Binance Coin was also down 4 per cent at $366.

Dogecoin price also plunged nearly 4 per cent to $0.13 whereas Shiba Inu was trading more than 5 per cent lower at $0.000021 The performance of other cryptos also plummeted as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, prices were trading with cuts in the range of 4-9 per cent over the last 24 hours.

In another, news India’s Finance Secretary on Wednesday said that cryptos will never become a legal tender, only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender. “Digital rupee will be backed by RBI which will never default. Rest all are not legal tender, will not, will never become legal tender. Bitcoin, Ethereum, or any picture of Actor become NFT will never become a legal tender,” he said.

On the other hand, the digital rupee, whose upcoming launch was announced by Finance Minister Nirmala Sitharaman during her budget speech on February 1, is a safe option for investment, finance secretary TV Somanathan said. “Digital currency will be backed by RBI which will never be a default. Money will be of RBI but the nature will be digital. Digital rupee issued by RBI will be a legal tender. Rest all are not legal tender, will not, will never become legal tender,” he reiterated. Apart from the digital rupee, another key announcement made by the finance minister on February 1 was related to the taxation on income derived from virtual assets. Such income will be taxed at 30 per cent.

Here are the top 10 cryptocurrencies and their prices on February 2, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $36,972.60 or 4.40 per cent loss in the last 24 hours

Ethereum $2,683.88 or 3.34 per cent loss in the last 24 hours

Cardano $1.10 or 4.28 per cent loss in the last 24 hours

Tether $1.00 or 0.00 per cent loss in the last 24 hours

Terra $47.84 or 8.96 per cent loss in the last 24 hours

XRP $0.602 or 4.10 per cent loss in the last 24 hours

Solana $99.66 or 9.43 per cent loss in the last 24 hours

Avalanche $68.08 or 7.21 per cent loss in the last 24 hours

Binance $1.00 or 0.20 per cent loss in the last 24 hours

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Bitcoin, Ethereum, Dogecoin Drop Today. Check Latest Rates

The cryptocurrency market was back in the red on Monday, thanks to profit-booking following weekend gains. Trading volumes sank significantly on account of the holiday week in Asian markets. Bitcoin, along with other tokens, moved little over the weekend with light trading volume, as the majority of the markets in Asia headed to the weeklong Lunar New Year holiday. The global cryptocurrency market cap dropped about 3 per cent to $1.67 trillion. Meanwhile, the total crypto market volume tanked more than 4 per cent to $56.22 billion.

The world’s most popular and largest cryptocurrency by market cap was down 3.15 per cent to $37,008.21. Bitcoin has slipped more than 20 per cent since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50 per cent.

On the other hand, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, fell nearly 3.74 per cent to $2,508.00, as per CoinmarketCap.com. Similarly, Binance Coin slipped 4 per cent to $369.

Dogecoin price also tanked over by 3.96 per cent to $0.1371 whereas Shiba Inu plummeted more than 6.41 per cent to $0.00002054. The performance of other cryptos also declined as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, Uniswap prices were trading with cuts over the last 24 hours.

The Cyberspace Administration of China (CAC) announced the commencement of an in-house effort to expedite blockchain development and innovation across 15 zones and 164 entities. The initiative aims for the large-scale implementation of blockchain technology across businesses and government organisations in China.

The CAC, along with other government agencies, directed the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.”

Recently, the United States Securities and Exchange Commission rejected Fidelity’s application for a Bitcoin ETF. Notably, Fidelity already stewards over $4 trillion worth of assets, has launched a similar ETF product in Canada in 2021.

Ethereum founder Vitalik Buterin will receive back $100 million in USDC from the more than $1 billion in Shiba Inu he previously donated to the India-focused COVID-19 relief fund, CryptoRelief, the fund’s founder Sandeep Nailwal and Buterin tweeted.

Here are the top 10 cryptocurrencies and their prices on January 31, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $37,008.21 or 3.15 per cent loss in the last 24 hours

Ethereum $2,508.00 or 3.74 per cent loss in the last 24 hours

Cardano $1.02 or 4.88 per cent loss in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

Terra $44.15 or 12.36 per cent loss in the last 24 hours

XRP $0.5857 or 5.44 per cent loss in the last 24 hours

Solana $90.26 or 5.90 per cent loss in the last 24 hours

Avalanche $65.05 or 8.94 per cent loss in the last 24 hours

Binance $1.00 or 0.11 per cent loss in the last 24 hours

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