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Cryptocurrency: Bitcoin and Ethereum Gain Mileage by 6%!!

Crypto currency

The crypto market has again fled with a constant rise for a streak of days. Today the total cryptocurrency market gained a profit of 3.02% and capped up to $871.61. The total trading volume has also evolved by a remarkable 60% reaching a figure of $53.21 billion.

Crypto’s highest-valued token Bitcoin is set to reach the mark of $18,000 as it reaches $17,790.42 from $17,150.57 in 24 hours. Not only that but leading crypto tokens like Ethereum have also hiked to $1320.78 from $1268.49 gaining a profit of 3.85% and reaching a milestone of $1300.

Cryptocurrency

The top gainers from today’s cryptocurrency line-up are Toncoin, Fantom, and OKB with the highest gaining figures of 12.39%, 8.27%, and 8.23% respectively.

Also Read: New Crypto Tax Rules 2022

Cryptocurrency: Meme coins were seen flourishing 

The meme coins have brought a revolution to the cryptocurrency market as these boost the flow of digital currency at a not very high rate but at least make a meaningful difference. Meme token Shiba Inu raised by 4.24% to reach the value of $0.000009.

Dogecoin also made a significant jump of 1.87% and made its value count $0.091436. Not all meme base crypto tokens made a profit as some faced losses too including Meme coin which went down by 8.59% reaching a value of $0.021602 that was not expected after the hike session from other competitive crypto tokens.

Also Read: KYC in Cryptocurrency- Benefits and Challenges 

Moreover, The Indian government has recently updated that they have obtained a tax value of Rs 60.40 crores from the virtual digital assets (VDA) including taxes from the cryptocurrencies since the tax deducted at source (TDS) was implied on July 01, 2022, by the Centre. Cryptocurrencies are still not regulatory as per the Indian laws so the circulation of the crypto tokens requires global collaboration to avoid regulatory arbitrage.

Crypto volume has shared a graph via tweet alarming the bull alert that could raise volume by 10%. The price figure is set to skyrocket for a bit longer.

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