Disappointing numbers from Meta, formerly known as Facebook and a sell-off in tech stocks such as Amazon and Snap added to the pressure.
All the top-10 digital tokens were trading with decent gains. Terra gained more than 5 per cent and Bitcoin over 1 per cent. Dogecoin, however, fell marginally to slip to the eleventh spot.
The global crypto market cap dropped about 4 per cent to $1.64 trillion. However, the total crypto market volume jumped to $102.26 billion.
What’s Cooking in India
The Indian crypto community has started an online protest against the 30 per cent tax on crypto currencies announced by FM Nirmala Sitharaman. Until late Thursday, the hashtag #reducecryptotax was trending on Twitter.
The new regulation to tax virtual digital assets could create trouble for many multinationals and companies due to the broad definition of the framework that doesn’t use the word “cryptocurrency” anywhere, say tax experts.
Experts Take
The global crypto market cap rose in the past 24 hours. Bitcoin and Ethereum gained their winning streak back after dipping on Thursday, said Edul Patel, CEO and Co-founder of Mudrex.
“Buyers have constantly been losing ground to sellers, while the spot trading volume has reduced and has been a trend in crypto since January. Most altcoins are running in the green, showing some improvement over the previous day,” he added.
Global updates
- Clear (formerly Cleartax), which is backed by US-based payments major Stripe, is launching a crypto tax and portfolio management service for enterprises and retail users in India, amid confusion around crypto taxation in certain scenarios among investors and crypto exchanges.
- Stocktwits is the latest online financial services firm to add crypto trading in a bid to court users looking to branch out from traditional investments.
- The Federal Reserve Bank of Boston and MIT’s Digital Currency Initiative published open-source research software to support a “theoretical” central bank digital currency.
- Loopring, an Ethereum-based project that helps developers build decentralized exchanges (DEX), named Chief Technology Officer Steve Guo as its CEO, replacing founder Daniel Wang.
Streamlining NFTs
Crypto exchange Binance has launched a new advertisement push ahead of the Super Bowl featuring NBA star Jimmy Butler. The message: Trust yourself and your own research, not celebrities, when it comes to investing in cryptocurrency.
NFT development platform Pixel Vault has closed a $100 million funding round, the startup announced.
