The global cryptocurrency market capitalization rose 1.15 per cent over the last 24 hours to $2.02 trillion while trading volumes were down 24.77 per cent to $77.78 billion. The world’s most popular and oldest cryptocurrency, Bitcoin, was up by 3.04 per cent $44,812.10.
“Bitcoin maintained a stronghold around the $44,000 level. On the weekly chart, however, Bitcoin continues to trade at the support after recently breaking down from that level. The RSI for Bitcoin remained strong close to the 65 level. With Russia willing to regulate Bitcoin as a currency, we could see BTC to go past the next key resistance of $50,700, sooner than expected,” WazirX said in a note.
The second-biggest cryptocurrency by market capitalization, Ethereum, was trading at $3,258.99, up by 3.93 per cent. “Ethereum continued to trade around the $3,200 level. ETH against Bitcoin gained back momentum to reach 0.075. The weekly chart for Ethereum has bounced back over the support level after being under for about 2 weeks. The next resistance for Ethereum is expected at $3,660 level,” WazirX added.
The Russian government released a document on its official website late Tuesday setting principles for crypto regulation, which supported the top deck of crypto assets. The Russian government’s plan received support from its central bank, which had called for a ban on crypto mining and trading. The development also came not long after India took a step towards crypto legalization with a tax on digital asset transfers.
The Russian government made known its plans to regulate the crypto industry. In what was a complete 180 reversal from their original stance to ban crypto, the ‘unexpected’ move can be viewed as a positive for the industry, said CoinDCX Research Team.
“With the presence of regulatory clarity, institutions such as pensions, endowments and family offices can now take exposure to cryptos with greater ease, essentially opening the floodgates for mainstream adoption in Russia,” it added.
Global crypto exchanges looking at the Indian market are awaiting more clarity on crypto regulations to make entry and investment decisions even after the government announced a tax regime in the Budget.
The government is examining the applicability of goods and services tax (GST) on various cryptocurrency transactions including mining of these digital assets.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
SONIC TOKEN was trading at $0.00005636 up at 1814.45 per cent
Chainbing was trading at $20.57 up at 629.48 per cent
Dogecolony was trading at $0.000004824 up at 518.08 per cent
NinjaFloki was trading at $0.00002105 up at 398.45 per cent
WalMeta was trading at $0.1151 up at 336.33 per cent
Silva Token was trading at $0.00000001172 up at 202.15 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Doge Rise Up was trading at $0.00000000007485 down at 92.23 per cent
PAPPAY was trading at $0.00000007014 down at 81.30 per cent
Saitama was trading at Samurai $0.0001691 down at 81.02 per cent
Rogan Coin was trading at $0.00000000002166 down at 75.48 per cent
MetaPay was trading at $0.000001621 down at 69.14 per cent
BabyNFT was trading at $0.0000000002089 down at 63.95 per cent
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