New Delhi: The cryptocurrency cart inched higher on Thursday even as investors sold the largest digital token, Bitcoin. Investors, meanwhile, remained cautious ahead of the key economic data.
Barring Bitcoin and Polkadot, all other eight out of the top 10 digital tokens were trading higher at 9.30 IST. Terra zoomed 11 per cent while Binance Coin gained 5 per cent.
The global crypto market cap edged marginally up, less than a per cent, to $2.36 trillion mark compared to the last day. However, the total crypto market volume tanked over 6 per cent to $102.17 billion.
What’s cooking in India
The proposed Cryptocurrency Bill is expected to put a blanket ban on exchange-to-exchange transfers in the country, and restrict certain types of wallets masking identities.
This will completely end dealing in cryptocurrencies through Google Chrome extensions that allow users to dabble in more than 4,000 cryptos. The legislation would also give New Delhi powers to monitor an exchange’s ledger for foreign exchange transfers.
As the market continues to recover from the week’s sell-off, whales are continuing their accumulation, with the number of addresses holding 10 BTC reaching a 4-month high of 148,736 addresses, saidCoinDCX Research Team.
“It will be a quiet day for crypto with minimal price action as the market watched Circle, FTX, Bitfury, Paxos, Stellar, and Coinbase meet with US regulators in a wide-ranging hearing on digital assets and stablecoins,” it added.
Australia will create a licensing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its $463 billion payments industry in a quarter of a century.
By many counts, 2021 was the year cryptocurrencies were finally embraced by institutions. Now those same money managers say the asset class is ripe for a big selloff next year.
Polygon has partnered with technology management firm Lumos Labs to launch PolygonLEAP 2021 Accelerator. This partnership will support Indian startups that want to start their Web3 journey, build innovative token economies, and get access to mentorship, ecosystem and marketing support.
Some new NFT collections have seen 4-5x floor price growth in the last week that indicates that new money is flowing into the market, and we will see a larger rally across the market soon, said Hitesh Malviya, Founder, itsblockchain.
“NFT based tokens are currently consolidating after the recent correction, some of them can initiate the fresh rally this week,” he added.
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