New Delhi: The cryptocurrency market was back in the green on Tuesday as investors picked quality tokens at lower prices. Bitcoin hit the $50,000 mark as concerns over the Omicron variant eased across the globe and investors lapped up riskier assets.
Barring the dollar pegged USD Coin, all other nine out of the top 10 digital tokens were trading higher at 9.30 IST. Binance Coin led the gainers with a 8 per cent rally, followed by Ethereum and Cardano which gained 5 per cent each.
The global crypto market cap jumped about 5 per cent to $2.37 trillion compared to the last day. Meanwhile, the total crypto market volume advanced 14 per cent to $137.77 billion.
What’s cooking in India
The new Cryptocurrency bill is set to empower regulators and government agencies including the Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI) and the tax department to scrutinise Know Your Customer (KYC) data of investors that crypto exchanges have collected from clients.
India could see apps like Robinhood emerge in the next few years if cryptocurrencies are classified as an asset class. Nasdaq-listed Robinhood is a mobile app that allows users to conduct commission-free trades of stocks, exchange-traded funds and cryptocurrencies. While there are similar ‘discount brokers’ in India, none of them currently allows trading in crypto.
Expert’s Take
Since kicking off the week on a weak start, Bitcoin’s price recovered slightly, pulling up other top cryptocurrencies like Ethereum and Binance Coin, said CoinDCX Research Team.
“Especially with the global spread of Omicron, the International Monetary Fund (IMF) expects that the evolving pandemic will further dent global economic growth and recovery,” it added. “With the bleak outlook of the pandemic and the economy, gold prices are gaining as investors hedge in the traditional safe-haven metal.”
Global Update
A Bitcoin mining operation is opening northeast of Niagara Falls this month on the site of the last working coal plant in the state of New York.
Across the state, a former aluminum plant in Massena, already one of the biggest cryptocurrency sites in the United States, is expanding.
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