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Top cryptocurrency prices today: Bitcoin extends loss; Cardano, Terra drops 4%

Top cryptocurrency prices today: Bitcoin extends loss; Cardano, Terra drops 4%
Written by publisher team

New Delhi: The cryptocurrency market was trading in the red, thanks to lower trading volumes which affected liquidity for traders. Excluding USD Coin and Polkadot, which are pegged to the dollar, eight of the top 10 digital tokens were trading at 8.30 AM Indoch Time. Bitcoin extended its cuts, while Binance Coin, Cardano, and Terra each fell 4 percent each.

The global cryptocurrency market capitalization has fallen by more than $2.21 trillion per cent compared to the previous day. The total size of the crypto market fell more than 2 percent to $88.42 billion.

Bitcoin, which turns 13 today, is palely celebrating its birthday as the cryptocurrency is down nearly 8 percent in the past week.



What is cooked in India?
Industry executives said cryptocurrency exchanges facing increased scrutiny from tax authorities for Goods and Services Tax (GST) evasion are unclear about “applicable provisions” under the country’s indirect tax system amid regulatory uncertainty.

After the Department of Goods and Services, which imposed a GST 40 crore demand on the WazirX crypto exchange last month, the Directorate General of Goods and Services Tax Intelligence (DGGI) – under the Ministry of Finance – is examining several crypto firms including Buyucoin and Unocoin .

Even when the Indirect Tax Administration launched investigations against several cryptocurrency exchanges to evade GST liability, it may also have set a precedent about classifying crypto assets for taxation.

expert opinion
It saw a choppy trading session for bitcoin and the major altcoins with low trading volumes across central exchanges. The CoinDCX research team said that the start of 2022 was relatively dull, which added to the poor performance.

“With no clear trend, price action has been range-constrained at best, with overall market sentiment skewed towards a slight bearish bias. Although if history repeats itself, it won’t be long before we start to see money flowing back into currencies encrypted,” he added.

Global Updates
An increasing number of Indians are investing in cryptocurrency despite the high volatility and lack of regulation. But this trend is not only due to the potential for high returns. Some have taken cryptocurrency as a bet on blockchain technology.

CryptoWire, the global crypto app and a private business unit of TickerPlant, said Monday it has launched India’s first cryptocurrency index, IC15.

NFT Buzz
The value of the NFT space is increasingly being recognized by people from the entertainment industry, with the latest purchase made by one of the most popular rappers, Eminem. He bought the Bored Ape Yacht Club for $450,000 and people found out he owns another 166 NFTs.

Back home, Indian cryptocurrency exchanges seem to have shined into non-fungible tokens (NFTs). At least half a dozen cryptocurrency platforms are penetrating the NFT space, assuming they won’t be off-limits because NFTs have an underlying asset that is traded in digital form.

Technical presentation by Giottus Cryptocurrency Exchange
Terra is a blockchain-powered protocol based on stablecoins pegged to fiat currencies to offer price-stable global payment systems to cryptocurrency users. Its coin – LUNA – has been in a state of blinding lately, rising from $4 in May 2021 to over $100 in December 2021.

While LUNA looked about to be in price discovery mode, it finally encountered resistance on the higher time frames – particularly the trendline from the August low. This was followed by a 15% rejection and it looks like LUNA is likely to look at support located at $79 before moving forward.

agencies

This support line will also meet the support trendline from November and should continue to strengthen. While the next major support line is available at $65, LUNA should ideally stay above $76 to prevent a higher lower formation that could lead to a possible further decline.

With the value of the RSI (14) falling below the 50s and the MACD already having a bullish crossover, the worst for LUNA may be in this minor correction. However, external factors such as the price of bitcoin will continue to play a role in the short to medium term.

Main levels:
Support: $79, $76, $65

Resistance: $93, $102

Now play: Lekh Haq’s Terence-Hari Fernandes explains why artists love NFTs

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