Most cryptocurrencies, except for Shiba Inu, were trading in a tight range on Thursday amid concerns globally over high inflation and the likelihood of the US economy plunging into recession.
Bitcoin has fallen 0.39 per cent in the last 24 hours but was holding above the $20,000 level at $20,412.21, taking its one week slide to 8.8 per cent.
Ethereum, the second-largest cryptocurrency, declined 1.78 per cent to $1,086. Ethereum has tanked 11 per cent in the last seven trading sessions.
BNB advanced 0.81 per cent to $218.75. Cardano added 0.62 per cent to $0.4711. Solana edged 0.02 per cent to $35.29. Dogecoin fell 0.81 per cent to Rs 0.06. Shiba Inu climbed 3.11 per cent to $5.98.
The global cryptocurrency market cap stayed largely flat at the $901.57 billion mark, falling just 0.01 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 6.23 per cent to $57.66 billion.
What’s cooking in India?
The income tax department on Wednesday said the 1 per cent TDS on transfer of virtual digital assets would be levied on net transaction value and the onus of deducting the tax would primarily be on the exchanges.
The Central Board of Direct Taxes (CBDT) issued an FAQ on the TDS provisions on virtual digital assets (VDA) or cryptocurrencies, which was introduced in the 2022-23 Budget and will be effective from July 1, PTI reported.
Global news
Digital assets platform FalconX was valued at $8 billion in a new funding round led by Singapore’s sovereign wealth fund
NSE 3.08 % and B Capital, more than doubling its valuation in 10 months, its chief executive and founder Raghu Yarlagadda told Reuters, despite the recent slump in crypto markets.
This funding round totaled $150 million from new and existing investors, bringing fresh capital to the company, even with an unfavorable market environment for cryptocurrencies. Not all the money will go the company’s coffers as some investors also sold an undisclosed stake in FalconX.
In a funding round concluded in August, FalconX had been valued at $3.75 billion.
