Rajagopal Menon News

Bitcoin (BTC) rose 2.21% to $29,507, whereas Ethereum (ETH) was above the $1,900 level. BTC volume in the last 24 hours stood at approximately $22.95 billion, falling 35.61% in the last 24 hours. «BTC is trading in the $29.5k range, up ~2% in the last 24 hours as unrest in the banking sector resurfaces and US’ economic growth slowdown,» Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said. The global cryptocurrency market cap was trading higher around $1.21 trillion, rising 1.71% in the last 24 hours. The total volume in DeFi is currently 3.65 billion, 7.88% of the total crypto market 24-hour volume. The volume of all stablecoins is now $40.51 billion, which is 87.47% of the total crypto market 24-hour volume.

cryptocurrency markets were majorly trading higher on Thursday. Bitcoin (BTC) rose 2.31% to $29,035, whereas Ethereum (ETH) was just below the $1,900 level. BTC volume in the last 24 hours stood at approximately $35.15 billion, rising 84.70% in the last 24 hours. «Concerns about First Republic Bank continued, causing Bitcoin to rise to the US$29,000 range. Bitcoin had surged from a low of US$27,217 the day before, reaching a week-long high and recovering any losses incurred during that time. The support level for Bitcoin is currently US$28,000, with resistance at US$29,400,» Edul Patel, Co-founder and CEO at Mudrex, said. The global cryptocurrency market cap was trading higher around $1.20 trillion, rising 1.18% in the last 24 hours. The total volume in DeFi is currently 5.20 billion, 7.33% of the total crypto market 24-hour volume. The volume of all stablecoins is now $64.06 billion, which is 90.27% of the total crypto market 24-hour volume.

cryptocurrency markets were trading higher on Wednesday, with an increase of 2.7% in the crypto market cap in the last 24 hours. Bitcoin (BTC) rose 3.48% to $28,369, whereas Ethereum (ETH) was above the $1,850 level. BTC volume in the last 24 hours stood at approximately $18.85 billion, rising 12.94% in the last 24 hours. «Bitcoin is at $28,300. Its recent surge is due to technical buying and a short-term buy signal, while macro risk events could impact sentiment. Long-term indicators suggest a new bull market,» said Sathvik Vishwanath, Co-Founder & CEO of Unocoin. Other top crypto tokens were also trading higher on Wednesday. Solana jumped over 4%. BNB, XRP, Litecoin and Cardano also traded with gains. The global cryptocurrency market cap was trading higher around $1.19 trillion — rising 2.71% in the last 24 hours.

«Bitcoin dropped for the second consecutive session, as the price fell to the level of US$28,100 due to an increase in selling pressure. As a result, the gains made by Bitcoin in the past seven days were erased. Despite this setback, there is still strong support at the US$26,500 mark, which was the low point in late March,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens were also trading lower on Thursday. Dogecoin declined by over 8%. Meanwhile, BNB, XRP, Cardano, Polygon and Polkadot also traded with cuts. The global cryptocurrency market cap was trading lower around $1.19 trillion, falling 2.49% in the last 24 hours. The market cap of Bitcoin, the world's largest cryptocurrency, was around $542 billion. BTC volume stood at approximately $20.41 billion, falling 20.86% in the last 24 hours. Bitcoin’s dominance is currently 45.81%, a decrease of 0.20% over the day, according to CoinMarketCap.

cryptocurrency markets were trading higher on Friday with an increase of over 4% in the crypto market cap in the last 24 hours. Bitcoin (BTC) rose 2.30% to $30,786, whereas Ethereum (ETH) surged 10.5%, and was above the $2,100 level. «Rising by over 10% in the past 24 hours, ETH is trading in the $2.1k zone despite some fearing a massive dump after the Shapella upgrade. BTC is also on the rise to chase the $31k mark. The crypto fear and greed index have jumped 7 points to regain the scoring for 68, hinting towards increasing investor confidence,» Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said. Other top crypto tokens were also trading higher on Friday. Dogecoin jumped nearly 9%. Meanwhile, BNB, XRP, Litecoin, Solana and Cardano also traded with gains. The global cryptocurrency market cap was trading higher around $1.28 trillion, rising 4.25% in the last 24 hours. The market cap of Bitcoin, the world's largest cryptocurrency, was around $595 billion. Bitcoin’s dominance is currently 46.30%, a decrease of 0.95% over the day, according to CoinMarketCap.

«Most cryptocurrencies rose slightly in the past 24 hours after mildly encouraging inflation data on one side and Ethereum Shanghai upgrades on the other. Bitcoin was seen trading above the US$30,000 level, with its resistance set at US$30,500. This shows that the bulls currently have the upper hand in the market. However, the support of BTC lies at the US$29,900 level,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens were also trading higher. Solana surged over 5%. Meanwhile, Polkadot, Litecoin, Dogecoin and Cardano also traded with gains. The global cryptocurrency market cap was trading higher around $1.23 trillion, rising 1.09% in the last 24 hours. The market cap of Bitcoin, the world's largest cryptocurrency, was around $582 billion. Bitcoin’s dominance is currently 47.25%, a decrease of 0.25% over the day, according to CoinMarketCap.

«Most cryptocurrencies witnessed a slight decline ahead of the US CPI data for March, which is set to be released today. Bitcoin was seen consolidating at the US$29,930 level after attempting a fresh increase and spiked above the US$30,450 resistance zone yesterday. The next support of BTC is near the US$29,400 level, and resistance is at US$30,250,» Edul Patel, Co-founder and CEO at Mudrex, said. «On the other hand, the whole crypto industry is looking forward to the long-awaited Shanghai upgrade which is set to go live today, allowing phased staking withdrawals,» Patel added. Other top crypto tokens were also trading lower. Tron declined nearly 5%. Meanwhile, BNB, XRP, Litecoin, Dogecoin and Cardano also traded with cuts. The global cryptocurrency market cap was trading lower around $1.22 trillion, falling 1.22% in the last 24 hours.

Mumbai: Indian crypto investors, who suffered significant losses throughout 2022, are now experiencing some relief thanks to the price appreciation of major cryptocurrencies in the first quarter of 2023. Bitcoin's year-to-date gains in the January-April 4 period were 68.56%,at 5pm on Tuesday on Coinmarketcap. After commencing the year at around $16,000, it is currently trading at $28,280, marking its best quarterly performance in two years. Ethereum, the second-largest token, rose 49.55 % to $1,861.93. Experts said that cryptocurrencies gained momentum on the back of anticipated monetary policy relaxation and banking disruptions that showcased the tokens' utility. According to CoinMarketCap.com, the collective market worth of all cryptocurrencies surged by 49% in the first quarter to reach $1.18 trillion.

cryptocurrency markets were trading higher on Wednesday with a 3.7% increase in the global crypto market cap. Bitcoin (BTC) rose 3.86% to $28,101, while Ethereum (ETH) was above the $1,800 level. BTC volume stood at approximately $19.07 billion, rising 2.97% in the last 24 hours. «Most cryptocurrencies rose in the past 24 hours following improved US Consumer Confidence in March. Bitcoin regained its position above the US$28,000 level. BTC has the potential to recover the US$30,000 level it lost during the June 2022 bear market. If BTC continues to stay above US$27,000 and attempts to take by storm the US$28,600, we might see it growing upward,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens were also trading higher. XRP zoomed nearly 12%. Cardano, Polygon and Litecoin were also trading with gains. The global cryptocurrency market cap was trading lower around $1.18 trillion, rising 3.73% in the last 24 hours.

Silicon Valley Bank on 10th March 2023, Bitcoin prices have zoomed nearly 40%. «The current BTC rally is driven by the importance of decentralised finance in the global financial system after a series of bank collapses in the US. Bitcoin being the torch bearer of decentralised finance is witnessing a demand from retail and institutional investors amidst the banking chaos as BTC is being deployed as a shield against the ongoing crisis,» Dhruvil Shah, SVP of technology at Liminal, said. Meanwhile, Edul Patel, CEO and Co-Founder of Mudrex, said, «The collapse of SVB and Silvergate was like a Cyprus moment for crypto. As these crypto-friendly banks collapsed, much money flowed directly into the cryptocurrency ecosystem. And a chunk of the smart money usually flows into blue-chip cryptocurrencies, such as Bitcoin and Ethereum.» «With instability in the banking sector, inflation data that exceeded expectations, and renewed optimism about a dovish Federal Reserve, Bitcoin has reached levels unseen in approximately nine months,» Edul added.

Bitcoin (BTC) rose 1.2% to $23,150, whereas Ethereum (ETH) was just below the $1,600 level. BTC volume in the last 24 hours stood at approximately $22.39 billion, falling 16.25% in the last 24 hours. «Bitcoin has been forming higher lows and higher highs, which may be an indication of a bullish trend. The 50-day moving average has crossed above the 200-day moving average, which could be a signal of a bull market. Additionally, the relative strength index (RSI) remains in the bullish territory above 50, indicating that there is still buying pressure in the market,» Rajagopal Menon, Vice President at WazirX said. Other top crypto tokens were also trading higher on Wednesday. Cardano rose 4.32%. XRP, Dogecoin, Polygon and Litecoin were also trading with gains. The global cryptocurrency market cap was trading lower around $1.05 trillion, rising 1.01% in the last 24 hours.

Indian crypto exchange WazirX has released its Proof of Reserves (PoR), sharing wallet addresses and digital asset holdings. Notably, Shiba Inu accounts for the largest proportion of assets on the exchange as over 19% of its holdings are in the form of the meme coin.

Indian crypto exchanges are cheering the new tax reporting framework released by the Organization for Economic Co-operation and Development (OECD) amid a sharp decline in trading volumes on crypto markets.

India should not deprive itself from the benefits of cryptocurrencies, experts said, a couple of days after Union Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's apprehensions on the unregulated virtual currencies.

cryptocurrency tax has dealt a heavy blow to the country's crypto exchanges, adding to broader sectoral woes and sending trading volumes plunging by up to 90%. The 1% tax on Indian cryptocurrency trades from the start of this month has been a further disincentive for investors in a market where a burdensome regulatory regime and a 30% digital income tax had already knocked volumes by 60-70%, traders and industry executives said. «We are scraping the bottom of the barrel as far as volumes are concerned,» said Rajagopal Menon, vice president of the WazirX crypto exchange.

While Indian exchanges have been hit, trading volumes globally have edged higher.

The 30% crypto income tax policy came into effect in India in February 2022. The country’s finance minister Nirmala Sitharaman described the tax law as another step toward positive crypto regulations. However, local investors didn’t see eye-to-eye nor showed the same enthusiasm. Many investors/traders censured this move.

crypto exchanges CoinDCX, WazirX and Zebpay declined by at least 70% on July 3 compared with June 30, even as the rule requiring deduction of tax at source on every transaction came into effect on July 1.Volumes on WazirX were down the most at 82%, according to data sourced from crypto research and consulting firm Crebaco. The decline was almost 70% on CoinDCX and 76% on ZebPay. While crypto exchanges say it is too early to know the actual impact of tax deducted at source (TDS) as trading volumes are typically lower on the weekend, some experts said trading would likely remain under pressure.

The government introduced a tax regime for digital assets in February.

Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate. Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin — known as Luna 2.0 — in a so-called airdrop face a double whammy. They could be taxed as much as 30% of the value of tokens received and they won’t be able to offset any gains in the new token against losses from the previous one, tax experts said. Under the new crypto tax regime, effective April 1, any income from the “transfer” of a “virtual digital asset” will be taxed at a flat rate of 30%. It does not explicitly mention how airdrops should be taxed, but Jay Sayta, a technology and gaming lawyer, and Manhar Garegrat, executive director of policy at crypto exchange CoinDCX, said the distributions can be seen as income and are subject to the tax.

Terra network coin holders in India are facing a “double whammy” following the LUNAC and UST crash last month – and could be hit with 30% tax bills from the recent LUNA 2.0 airdrop.