All of the crypto tokens were trading higher during the early hours on Monday. Meme tokens including Dogecoin and Shiba Inu gained 5 per cent and 4 per cent, respectively. Cardano and BNB added up to 3 per cent each.
The global cryptocurrency market cap moved up to $2.15 trillion, adding about a per cent in the last 24 hours. Total cryptocurrency trading volume dropped as much as 14 per cent to $94.46 billion.
Bitcoin was trading half a per cent higher at $46,035. The crypto broke out of the narrowest trading range in months in the waning days of March following a rough start to the year. As the digital token approaches another key trendline, investors are wondering if they’re being set up for losses again.
What’s cooking in India
When India’s government unveiled a plan to tax crypto assets in February, it was the 30 per cent rate on income from digital-asset investments that grabbed headlines. But it’s a different levy that has the industry warning of a potentially destabilizing liquidity crunch.
The finance ministry announced a 1 per cent tax deductible at source, or TDS, on all digital-asset transfers above a certain size, starting July 1.
Crypto-exchange executives, lawyers and tax analysts warn that the TDS will suck liquidity out of the market by forcing high-frequency traders to dramatically curtail their trading.
Expert Take
The Merge event is expected to ship in Q2 of 2022 and is considered as one of the biggest upgrades to the Ethereum Network, said WazirX Trade Desk, with an expectation of rise in demand for Ethereum.
“It is going to be a major milestone as Ethereum will end its journey with the ‘Proof of Work’ consensus mechanism and will completely transition to ‘Proof of Stake’,” said the exchange. “The big misconception is that the Gas fees are going to drop tremendously and Ethereum will become extremely scalable.”
Global updates
Ethereum-based lending protocol Inverse Finance (INV) said that it suffered from an exploit, with an attacker netting $15.6 million worth of stolen cryptocurrency.
Bitcoin miner PrimeBlock confirmed its plan to go public through a merger with 10X Capital Venture Acquisition Corp. II (VCXA), a special purpose acquisition company (SPAC), for an estimated enterprise value of $1.25 billion.
Kazakhstan is set to test a pilot project for the creation and operation of cryptocurrency exchanges in the Astana International Financial Centre (AIFC).
Tech View by Proassetz Exchange
ADA has formed a bullish pattern. It is breaking out from the descending channel in the daily time frame. Trading above 200-DMA, with strong volumes, the crypto has full potential to gain momentum.