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  • Top Cryptocurrency Prices Today: Bitcoin Hits $42,000; Dogecoin, Shiba Inu zoom up to 26%

Top Cryptocurrency Prices Today: Bitcoin Hits $42,000; Dogecoin, Shiba Inu zoom up to 26%

By on February 7, 2022 0
New Delhi: The cryptocurrency market was trading higher on Monday, with gaming-related tokens seeing a sharp rise. That said, the recent rebound in Bitcoin and Ethereum prices has made investors cautious.

With the exception of Terra, the other nine of the top 10 digital tokens were trading with decent gains. Meme tokens like Dogecoin jumped over 7% while its counterpart Shiba Inu rose 26%.

The global crypto market cap fell nearly 2% to $1.94 trillion. However, the total crypto market volume fell over 9% to $65.01 billion.

What’s cooking in India

India could broaden the definition of virtual digital assets to cover any new such assets that may emerge and also further refine the provision to tax such assets.

The FY23 budget announced last week proposes to tax any income from the transfer of any virtual digital asset at a flat rate of 30%. The provision will be applicable from April 1, 2022.

Additionally, the industry body representing cryptocurrency exchanges has decided to reach out to relevant policymakers to inform them of the complications resulting from the government’s decision to levy a 1% TDS on all crypto transactions.

Global Updates

  • Members of the governance division of crypto think tank GFX Labs are sounding the alarm that a large, high-profile investor may attempt to raise large sums of capital to manipulate on-chain governance for a decentralized finance protocol (DeFi ).

  • Private miner Merkle Standard will be one of the first crypto miners in the US to get Bitmain’s newest mining rig, the S19 Pro+ Hydro, which uses liquid cooling technology, which can reduce heat, energy consumption and noise.

  • Myanmar’s military government plans to launch its own digital currency, months after the country’s shadow government began accepting tether (USDT) as its official currency, Bloomberg reported.

Rationalization of NFTs

  • The US Treasury Department has warned that non-fungible tokens (NFTs) could become a tool for money laundering in the high-value art market in a published study.

  • Nike is the latest to file a lawsuit, accusing online sneaker retailer StockX of selling unauthorized images of its shoes in the form of non-fungible tokens (NFTs).

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