Bitcoin reaches $42,000; Dogecoin and Shiba Inu both increase by 26%

Bitcoin reaches $42,000; Dogecoin and Shiba Inu both increase by 26%

New Delhi: The cryptocurrency market was trading higher on Monday, with tokens associated with gaming witnessing a strong rise. That said, the recent rebound in prices of Bitcoin and Ethereum has turned investors cautious.

Barring Terra, all other nine out of the top-10 digital tokens were trading with decent gains. Meme tokens like Dogecoin jumped more than 7% while its peer Shiba Inu rallied 26%. 

The global crypto market cap dropped almost 2% to $1.94 trillion. However, the total crypto market volume dropped more than 9% to $65.01 billion. 


Crypto Cart: Quick Glance (Source)

India could widen the definition of virtual digital assets to cover any new such assets that may emerge and also further refine the provision to tax these assets. 

The budget for FY23 announced last week proposes to tax any income from the transfer of any virtual digital asset at a flat 30% rate. The provision will be applicable from April 1, 2022

Also, the industry body representing cryptocurrency exchanges has decided to reach out to relevant policymakers to brief them about complications arising out of the government’s move to levy a 1% TDS on all crypto transactions.

Global updates

Members of crypto think tank GFX Labs’ governance division are ringing the alarm bells that a prominent large investor may be attempting to leverage large sums of capital to manipulate on-chain governance for a decentralized finance (DeFi) protocol. 

Privately held miner Merkle Standard will be one of the first crypto miners in the U.S. to get Bitmain’s newest mining rig, the S19 Pro+ Hydro, which uses liquid cooling technology, which can reduce heat, power consumption, and noise. 

Myanmar's military government is planning to launch its own digital currency, a few months after the country's shadow government started accepting tether (USDT) as its official currency, Bloomberg reported.


Streamlining NFTs

The US Department of the Treasury warned that non-fungible tokens (NFT) may become a tool for money laundering in the high-value art market in a study published.

Nike is the latest to file a lawsuit, accusing online sneaker reseller StockX of selling unauthorized images of its shoes in the form of non-fungible tokens (NFT).

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