With the exception of Bitcoin and USD Coin which is pegged to the US dollar, all the other 9 coins were trading among the top 10 cryptocurrencies at 8.30 AM Indoch Time. BNB stock is up 7 percent and Polkadot is up 6 percent, while XRP and Cardano are adding 4 percent each.
The global cryptocurrency market cap increased by nearly 3 percent to $2.01 trillion compared to the previous day. However, the total size of the crypto market decreased by more than 13 percent to $88.53 billion.
Bitcoin led a broad cryptocurrency recovery ahead of the release of the US CPI. Bitcoin and the broader crypto market have been aggressively acting like risky assets lately.
What is cooked in India?
The government has requested an opinion from top tax advisors on whether income earned from trading or investing in cryptocurrency can be considered as business income versus capital gains from this year onwards, ET reports.
This move could significantly increase the tax burden for cryptocurrency investors. The government is looking to adjust the definition of income and earnings specifically for crypto assets in the upcoming budget.
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Buyers scrambled to take advantage of Bitcoin’s dip below $39,650, but there are indications that the market-wide slump is far from over, WazirX Trade Desk said.
He added, “Bitcoin fell below $40,000 for the first time since September 2021. Cryptocurrency markets weren’t the only ones that saw heavy selling as traders decided to reduce risk by accumulating 10-year Treasury yields.”
Quantitative researcher Benjamin Cowen gave investors some comfort when he claimed that ‘extreme fear’ levels in the Crypto Fear & Greed index have only occurred four times since 2018, with positive reversals.
He added, “This means that a bull market and a bear market have a resilient effect, the harder the market goes down, the more aggressively it comes back up giving noticeable returns. We should see a major correction in the market very soon.”
US cryptocurrency exchange Coinbase will give its employees a week off every three months in 2022 to recharge after “long days and long weeks” of intense work.
Microsoft and Apple employees jump to join Meta Platforms as the company sets its sights on creating the Metaverse.
The brokerage eToro introduced MetaverseLife, a new smart wallet that covers stocks and crypto assets from within the growing metaverse industry. She stated that her goal is to offer a wide range of investments for a long-term vision.
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Bitcoin was below the $40K support level and nearly reached the death cross. The bulls are still in power and have pushed Bitcoin above $42,000. It is still in a downtrend, below the $45,000 resistance.
Bitcoin needs further recovery as the RSI is still below 50, indicating oversold. If Bitcoin gets it wrong, a reversal can be seen near the $38,000-$36,000 region.
If the bulls attempt to make an upward move, the price may rise around the $45,000 level.