New Delhi: Major crypto tokens soared sharply following rate hike by the US Federal Reserve. The eased down aggression from Jerome Powell boosted morale in the digital crypto market.

Barring the dollar-pegged USD Coin, all major crypto tokens were boasting strong gains Thursday. Cardano and Avalanche rallied 14 per cent each, whereas Solana rose 10 per cent. Bitcoin and Ethereum were up by 5 per cent each.

The global cryptocurrency market cap was trading stronger at the $1.82 trillion mark, rising more than 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 40 per cent to $100.69 billion.

What’s cooking in India?
The latest word on the street is that India’s tax department could potentially raise taxes deducted at source (TDS) on interest earned by Indian residents on foreign platforms up to 20 per cent, said CoinDCX Research Team. “The TDS on crypto transactions is 1% as of date, to be implemented come 1st July,” it added. “While we welcome the additional clarity brought about by regulators into the space, we are also mindful of the impact excessive taxes on crypto investments could have on the flow of capital and growth of innovation in India.”

Global updates
ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, surged and then sank during the European trading session as Tesla founder Elon Musk put up a collage of Bored Apes as his Twitter profile picture.

Tron, the blockchain founded by entrepreneur Justin Sun in 2017 to compete with Ethereum, will release its algorithmic stablecoin called decentralized USD (USDD) on Thursday.

FIFA, soccer’s global governing body, locked in Algorand as an official blockchain partner before the World Cup competition that starts in November in Qatar.

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