Barring stablecoins, all other altcoins in the top 10 digital tokens were trading higher at 8.30 am IST. Polkadot zoomed 9 per cent to race past Avalanche to become the 10th largest cryptocurrency, whereas Terra jumped 5 per cent.
The global crypto market cap jumped about 2 per cent to $2.40 trillion mark compared to the last day. However, the total crypto market volume increased over 2 per cent to $74.23 billion.
Expert’s Take
“The Indian crypto market had suffered a turbulent week when the crypto bill was slated for the winter session of Parliament,” said WazirX Trade Desk. “However, it was deferred yet again.”
There is speculation in the space regarding the likelihood of a new bill being presented or no bill presented at all. More information from the Indian government is likely going to give us a better picture, it added.
Cryptocurrency adoption in India has been significant. A report by Chainalysis back in October 2021 had indicated that India ranked second on global crypto adoption. As a new market emerges, so do people with ill intent.
Global Updates
Turkey’s Financial Crimes Investigation Board (MASAK) imposed an 8 million lira ($751,314) fine on the local unit of cryptocurrency exchange Binance over violations found during liability inspections, the Anadolu news agency said.
Streamlining NFTs
Non-Fungible Tokens (NFTs) as an asset class have exploded on to the scene in 2021 and gripped investors the world over with prospects, transcending beyond the realms of mere tokenism by unlocking far more value for all stakeholders involved.
With an aim to pay tribute to Parag Agarwal, the newly-appointed CEO of Twitter, premium tea company Vahdam India on Thursday announced that it has gifted a personalised NFT to the Indian-origin CEO.
The NFT has been listed on the marketplace platform OpenSea and features Agarwal sipping tea in his office soaking in the momentous day in his life that is now being celebrated by Indians across the globe.
Proassetz Exchange
After nearly 3 weeks post the big fall of 4th Dec, BTC is showing signs of revival and in fact poised for higher prices. It broke out of the downwards trendline on 23rd Dec (shown in the diagram) and so far BTC is defending the breakout.
At the same time, it is also trading above 100 candle average of 4-hour timeframe which reinstates the strength. Overall, as long as it keeps above $48,000 levels, the possibility of further upside remains alive with the immediate target being $56,000.
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