Global cypto market cap up by 4.05 % to $2.10 trillion

The global crypto market cap is $2.10 trillion, a 4.05 percent increase over the last day. The total crypto market volume over the last 24 hours is $90.99 billion, which makes a 50.89 percent increase. Bitcoin’s stealth rally over the past two weeks not only pushed it past a key level of $45,000 — it also put the world’s biggest cryptocurrency back in positive territory for the year.(Source: MoneyControl).

The total volume in DeFi (decentralized finance) is currently $10.79 billion, 11.86 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $72.33 billion, which is 79.50 percent of the total crypto market 24-hour volume.

Bitcoin's price is currently Rs 35.65 lakh, with a dominance of 42.29 percent. This is a 0.28 percent increase over the day, CoinMarketCap data shows.

WazirX data showed, ball other cryptocurrencies have also gone up on Monday, except Tether, which saw 1.11 % dip. Ethereum rose by 3.29 % to Rs 2,51,999.8, Cardano up by 0.67 %, Binace Coin up by 1.52 % to RS 32,696.38, XRP up by 2.2 %, Polkadot up by 5.5 % and Dogecoin up by 4.97 %. 

Other coins price movement was not only connected to bitcoin, but some of them related to events related to the respective coins itself.

Bitcoin’s, which gained by 15 % since March 11, stealth rally over the past two weeks not only pushed it past a key level of $45,000 — it also put the world’s biggest cryptocurrency back in positive territory for the year.

The token rose as high as $47,583 in early Hong Kong trading, well above the $35,000-to-$45,000 range where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.2 percent for the year, compared with a 4.7 percent decline for the S&P 500, said in the report. 

Analysts from Miller Tabak + Co was quoted saying if Bitcoin can break above the $ 45,000 level in any meaningful way, it should gain a lot of upside momentum.

"We continue to view the recent rise of many cryptocurrency prices as a result of heightened inflation risk, as well as other factors including fiscal stimulus and low interest rates around the world. But for bitcoin especially, positive news on its acceptance as a means of payment, has also been critical. This is vital for the long-term viability of any cryptocurrency. Other coins, however, have had far less success in gaining use as a true alternate currency and many of these are very likely to fail in the coming years. Furthermore, this week’s confirmation of Gary Gensler as SEC Chairman, and cryptocurrency volatility over the weekend following rumors of tighter regulation, highlight the regulatory risks facing this industry. These are not uniform across coins with some like etherium and Ripple’s XPR facing much greater risk than bitcoin," said Miller Tabak, on April 21, 2021.

It may be noted, in India crypto is not a legal tender.

Last week, the Lok Sabha passed the Finance Bill 2022, which introduced a new levy on virtual digital assets (cryptocurrencies) from April 1. Any income from the transfer of virtual assets will be taxed at 30 per cent.

Finance Minister Nirmala Sitharaman in the Lok Sabha said that the government has proposed to tax virtual currencies because a lot of transactions are happening in that space. People are putting money, taking out, creating assets and money is being generated.

“We are in the process of consultation and till it is concluded, we are taxing the virtual assets also,” she said. 

The Bill also proposed a 1 per cent TDS on payments towards virtual currencies over Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals and HUFs who are needed to get their accounts audited under the Income Tax Act. The provisions relating to 1 per cent TDS will be effective from July 1, 2022.

ends

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