All of the crypto tokens bled in the early hours on Friday. Shiba Inu plunged over 10 per cent, whereas Terra, Dogecoin, Avalanche and Cardano fell 7 per cent each. Bitcoin and Ethereum declined 5 per cent each.
The global cryptocurrency market cap tumbled to $2.04 trillion, falling as much as 6 per cent in the last 24 hours. Total cryptocurrency trading volume jumped as much as 18 per cent to $132.87 billion.
What’s cooking in India
Retail investors and crypto trading exchanges are bracing for sluggish growth as the new tax regime governing virtual digital assets (VDAs) comes into effect today.
Retail investors also squared off their positions to set off any losses they may have incurred during the previous financial year, industry executives told.
Bitcoin, Ethereum and other major cryptocurrencies fell after the European Union voted on crypto legislation and due to high inflation rates, said Edul Patel, CEO and Co-founder of Mudrex.
“Bitcoin sellers have reached the resistance at $48,000, resulting in the pullback,” he added. “The support now holds at $43,000 to keep the buyers active. It is likely that BTC may continue to be on the winning streak again.”
The sharp profit booking in the major tokens has taken them to their near term support levels lately, said Kunal Jagdale, Founder, BitsAir Exchange.
“Rising energy prices, due to the conflict between Russia and Ukraine, has drawn the major attention of lawmakers across the globe. The inflation numbers are worrisome and hurting the riskier asset classes badly,” he added.
- European Union lawmakers were set on Thursday to back tougher safeguards for transfers of bitcoin and other cryptocurrencies, in the latest sign that regulators are tightening up on the freewheeling sector.
- Developers behind popular meme cryptocurrency Shiba Inu (SHIB) have unveiled details of their virtual reality project “SHIB: The Metaverse,” announcing 100,595 land plots, some of which will remain private.
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