Excluding Terra, digital assets in the top 10 traded with decent upswings early today. Meme tokens like Dogecoin rallied by over 7% while its competitor, Shiba Inu, surged 26%.
The crypto industry traded with gains on Monday, with assets related to gaming noting massive upswings. Nevertheless, the latest price rebound in Ethereum and Bitcoin had investors cautious. Excluding Terra, nine of the top ten cryptos traded with substantial gains today. Meme tokens such as Dogecoin surged over 7%, whereas its peer, SHIB, gained 26%.
The upticks saw the global crypto market capitalization losing nearly 2% to $1.94 trillion. On the other side, the total cryptocurrency market volume noted an over 9% decline to hover at $65.01 billion.
The Indian Market
India might widen virtual assets definitions to cover new products emerging in the crypto world. Moreover, regulators may further refine the cryptocurrency tax provision. The latest budget proposes taxation on income from crypto assets transactions, suggesting a 30% rate.
Authorities will apply it from 1 April 2022. Furthermore, crypto exchanges’ representative body decided to contact relevant watchdogs about complications resulting from the government’s decision to charge a 1% TDS on crypto transfers.
Global News
Members of cryptocurrency think tank GFX’s governance division warned that a renowned investor might be trying to leverage massive capital to control on-chain governance for a DeFi protocol.
Merkle Standard, a private miner, will be among the first cryptocurrency miners in the United States to get the new Bitmain’s mining rig, S19 Pro+ Hydro. The machine utilizes liquid cooling technology to reduce noise, power consumption, and heat.
Myanmar’s military government plans to introduce a digital coin. That comes some months after the nation’s shadow government introduce Tether (USDT) as legal money (Bloomberg report).
Streamlining Non-fungible Tokens
The US Treasury warned about non-fungible tokens, stating that NFTs can become a money-laundering tool within the expensive art marketplace. Meanwhile, Nike filed a lawsuit recently, accusing StockX, an online sneaker reseller, of selling unauthorized shoe photos in NFTs.
Feel free to add anything that the crypto world saw overnight. Leave a reply in the section below.
