With the exception of Solana and Polkadot, the other eight of the top 10 digital tokens were trading with a positive bias in Monday’s first trade. Cardano, meanwhile, soared more than 12% to become the fifth-largest token by market capitalization.
The global crypto market capitalization remained largely unchanged at $2.07 trillion from the last day. However, the total crypto market volume increased by 5% to $64.30 billion.
Investors looking for clues as to where Bitcoin is headed may want to take a look at what the options market is signaling. The world’s largest cryptocurrency rebounded last week after falling below $40,000.
What’s cooking in India
The government may consider in the next budget levying TDS/TCS on the sale and purchase of cryptocurrencies above a certain threshold and these transactions should be incorporated under a specified transaction for the purpose of reporting to tax authorities, Nangia Andersen LLP Tax Leader Aravind said Srivatsan.
Also, a higher tax rate of 30% should be levied on income from the sale of cryptocurrency, similar to winnings from lottery, game shows, puzzles, etc., he said. .
On September 12, 2021, Cardano’s Alonzo upgrade was rolled out. The Alonzo upgrade gave the Cardano network smart contract capabilities. Simply put, this meant that Cardano could see a flow of Dapps on its network, WazirX Trade Desk said.
With the anticipation of the upgrade, Cardano’s ADA hit an all-time high of 3.12 USDT, he added. However, no Dapps were released, causing ADA’s price action to drop over 60% over 4 months.
But there could be a game-changer for Cardano as Sundaeswap, a decentralized exchange with a huge following, plans to launch its Mainnet in 3 days (January 20).
“With the launch of Dex, people will be able to see the power of Cardano and there could be a massive price spike. In short, we should expect some volatility,” WazirX added.
Consumers and businesses are increasingly starting to use digital tokens other than Bitcoin for purchases, according to BitPay Inc, one of the world’s largest crypto payments processors.
Rationalization of NFTs
For more than a year, cryptomania has been at its peak. Cryptocurrencies such as Bitcoin and Ethereum have risen in value.
Crypto-based assets such as NFTs have taken off. Jack Dorsey, a founder of Twitter, recently renamed one of his companies Block in honor of blockchain, the distributed ledger system that powers digital currencies. Melania Trump has auctioned off her own NFTs.
But for some, the crypto craze has gone too far, too fast. Skeptics argue that cryptocurrencies and associated assets such as NFTs are digital Ponzi schemes, with prices artificially inflated beyond their true value.
Tech View by Proassetz Exchange
On November 10, 2021, after making a double top at $69,000, Bitcoin started to face a selloff, but a strong selloff occurred after giving a downside breakout of the channel and currently it is trading in the support zone ($42,712 – $39,811) and below its downtrend line. Until it fails to give a valid upside breakout for this downtrend line, we will see price weakness.