Barring Terra, Polkadot and Dollar pegged Stablecoins, other six out of top-10 digital tokens were trading in green at 8.40 am. However, the gains were capped, with Binance Coin and Cardano gaining up to 2 per cent only.
The global crypto market cap gained over a per cent to reach the $2.23 trillion mark compared to the last day. The total crypto market volume jumped over 17 per cent to $103.41 billion.
What’s cooking in India
Cryptocurrency platforms are facing increased scrutiny from tax authorities for Goods and Services Tax (GST) evasion are unclear about “applicable provisions” under the country’s indirect tax regime amid regulatory uncertainty, industry executives said.
Legal experts have long debated the categorization and tax treatment of cryptocurrencies. They are yet to converge on whether cryptocurrency is a currency, a commodity, a service, or something else.
Integrating cryptocurrency with popular gaming will give worldwide crypto acceptance a huge boost, validating SBF’s prediction, said WazirX Trade Desk.
“This would open a huge clientele for the cryptocurrency market and rapid adaptation as gamers have a vast community worldwide and are open to new technological advancements,” it added.
In 2021, non-fungible tokens gained traction, with sales of these digital assets setting new records during auctions, said Darshan Bathija, co-founder & CEO, Vauld.
Bitcoin made progress in mainstream acceptance, with institutions not only adding it to their balance sheets but also adding it as a form of payment. Crypto ICOs in the past year highlighted the exponential growth of digital assets.
“In 2022, more crypto businesses will likely go public,” he added. “More institutions will adopt Bitcoin as a balance sheet asset and certain countries may also view Bitcoin as a useful monetary tool.”
After a hawkish turn by the Federal Reserve took some steam out of cryptocurrencies at year-end while largely sparing other risk assets, central bank policy is taking a key role in the debate about the outlook for tokens in 2022.
Sam Bankman-Fried, the founder of the FTX crypto exchange, believes that the certainty offered by authorities throughout the world will spur institutional use of crypto in this and coming years.
SBF discussed crypto rules, institutional adoption, and the Metaverse in a Bloomberg interview on January 3rd. SBF is “optimistic” about 2022, despite the market’s tumultuous conclusion to 2021.
“A lot relies on exactly what happens on the legislative front as well,” he said when asked how he thinks institutional adoption of crypto would increase in the future.
According to Statista, there were around 3.2 billion gamers on the globe in 2021. According to DappRadar, the crypto gaming business has only 1.2 million players.
Tech view from BuyUcoin cryptocurrency exchange
Shiba Inu is one of the trending coins this week as the Shiba team announced the launch of DOGGY DAO. It has been a widely awaited project as it gives more authority to the platform users. It will improve the platform transparency and be more decentralized.
Shiba Inu is currently trading below the moving average, indicating a bearish trend even RSI is between the 20-40 level signifying the oversold state. SHIBA has its support at $0.00032, giving it a pull-up and resistance at $0.00034.
The upper side of the Bollinger Band exists at $0.0003445, which acts as the resistance. The Lower side of the Bollinger Band is at $0.000328, which acts as a support. Shiba’s price can go up to $0.0003445 within this week or otherwise. If bears remain in the majority, this may lead to a nosedive to $0.000294.
Key Resistance Levels: $0.000034, $0.000037
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)