However, crypto trading has gained its mojo back with volumes holding around $100 billion level despite the cautious stance and economic uncertainty inflamed by the conflict between Russia and Ukraine.
Barring Dogecoin and Terra, none of the altcoins were holding gains. The largest memecoin, Dogecoin, rallied 7 per cent, whereas Avalanche posted an equal fall. Ethereum, Solana and Cardano dropped 5 per cent each.
The global cryptocurrency market cap dwindled to $2.09 trillion mark and is down more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume advanced as much as 4 per cent to $111.16 billion.
Cryptocurrency funds attracted inflows for the second straight week, with nearly all of the new investment going into European funds.
Digital asset funds saw $180 million of net inflows in the seven days through April 1, according to a CoinShares report published Monday.
What’s cooking in India?
Sushil Kumar Modi, a Rajya Sabha member and former deputy governor of Bihar, has been batting to push the crypto tax to 50 per cent from 30 per cent as he has compared crypto to gambling.
Amid the rising popularity of crypto assets, sentiments of the Indian crypto community are likely to be dampened by such statements from the parliamentarians.
On the other hand, India’s top legal experts say the crypto community would have a “fair chance” if they made a legal challenge to a 1 per cent tax deducted at source enshrined in a new crypto tax law.
Bitcoin is experiencing a buying frenzy. Initially, it was Terra’s more than $1 billion bitcoin purchase and now it is back to Micheal Saylor, who has purchased an additional 4,167 bitcoins for about $190.5 million, said WazirX Trade Desk.
“Terra currently holds about 30,000 bitcoins but it has a lot of catching up to do if it wants to reach Microstrategy’s 129,218 bitcoin holding,” it added. “It was expected that the market would react positively, however its not been volatile.”
UK’s Finance Ministry mentioned that it plans to bring stablecoins into the regulatory perimeter and make UK a global hub for crypto technology.
In the run-up to Tesla chief Elon Musk’s public disclosure of a $3 billion stake in Twitter, the billionaire had criticized the microblogging site for failing to adhere to free speech principles and said he was contemplating building a new social media platform.
Bitcoin is getting a boost by way of a new Taproot-enabled protocol known as Taproot Asset Representation Overlay, or Taro. Taro is an open-source protocol powered by the Lightning Network.
Tech view by OKX
LUNA token moved up last night to another all-time high, this time to over 119.50 USDT. Momentum is still very bullish for the Layer-1 coin as traders continue to bid on the narrative behind a BTC-backed stablecoin, UST.
Some pullback is expected by some after breaching another high — but it would be unwise not to expect more upside if the broader market holds up.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)