The global cryptocurrency market capitalization rose 1.15 percent to $2.02 trillion in the past 24 hours, while trading volume fell 24.77 percent to $77.78 billion. Bitcoin, the world’s most popular and oldest cryptocurrency, rose 3.04 percent to $44,812.10.
“Bitcoin maintained a stronghold near the $44,000 level. However, on the weekly chart, bitcoin continues to trade at support after a recent breakout from that level. The RSI for bitcoin remained strong near the 65 level. As Russia prepares to regulate bitcoin as a currency, we may see BTC surpassing the next major resistance of $50,700 as soon as possible,” WazirX said in a note.
Ethereum, the second largest cryptocurrency by market capitalization, was trading up 3.93 percent at $3,258.99. “Ethereum continues to trade near the $3,200 level. ETH gained momentum to reach 0.075 against Bitcoin. Ethereum weekly chart is back at support after being down for almost 2 weeks. For Ethereum The next resistance is expected at the $3,660 level,” WazirX said.
The Russian government released a document on its official website late Tuesday setting out the principles for crypto regulation, which support the top decks of crypto assets. The Russian government’s plan received support from its central bank, which called for a ban on crypto mining and trading. The development did not take place even after India took a step towards crypto legalization with a tax on digital asset transfers.
The Russian government made aware of its plans to regulate the crypto industry. The CoinDCX research team said there was a complete 180 reversal from its original stance on banning crypto, a ‘unexpected’ move that could be seen as a positive for the industry.
“With the presence of regulatory clarity, institutions such as pensions, endowments and family offices can now be more easily exposed to crypto, essentially opening the floodgates for mainstream adoption in Russia,” it added.
Global crypto exchanges looking at the Indian market are waiting for more clarity on crypto regulations to make entry and investment decisions even after the government announced the tax regime in the budget.
The government is examining the applicability of the 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 1814.45 percent at $0.00005636
Chanbing was trading at $ 20.57 with a gain of 629.48 percent
DogeColony was trading at 518.08 percent at $0.000004824
Ninjaflokey was trading 398.45 percent at $0.00002105
WalMeta was trading at $0.1151 at 336.33 percent
SILVA token was trading up 202.15 percent at $0.00000001172
Top 6 Crypto Losers in the Last 24 Hours (According to CoinMarketCap Data)
Doge Rise Up was trading 92.23 percent at $0.00000000007485
PAPPAY was trading 81.30 percent lower at $0.00000007014
Saitama Samurai was trading up 81.02 percent at $0.0001691
Rogan Coin was trading up 75.48 percent at $0.0000000002166
Metapay was trading 69.14 percent higher at $0.000001621
BabyNFT was trading up 63.95 percent at $0.0000000002089
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