Best Cryptocurrency Prices Today: Bitcoin Extends Loss; Cardano, Terra drop 4%

New Delhi: The cryptocurrency market was trading in the red, thanks to lower volumes which impacted traders’ liquidity. With the exception of the dollar-linked USD Coin and Polkadot, eight of the top 10 digital tokens were trading lower at 8:30 am IST. Bitcoin extended its cuts, while Binance Coin, Cardano, and Terra fell 4% each.

The global crypto market capitalization is down more than $ 2.21 trillion percent from the last day. Total crypto market volume fell more than 2% to $ 88.42 billion.

Bitcoin, which turned 13 today, is celebrating its birthday on a lackluster note as the cryptocurrency has fallen by around 8% in the past week.



What do we cook in India?
Cryptocurrency platforms that come under scrutiny by tax authorities for Goods and Services Tax (GST) evasion are unclear on the “applicable provisions” in part of the country’s indirect tax regime amid regulatory uncertainty, industry executives said.

After the Goods and Services Department, which imposed a 40 crore GST claim on the WazirX crypto exchange last month, the Goods and Services Tax Intelligence Directorate (DGGI) – reporting to the ministry of Finance – examines several crypto companies, including Buyucoin and Unocoin.

Even though the Department of Indirect Taxes has opened investigations against several crypto exchanges for evading the Goods and Services Tax (GST), it may have also set a precedent around the categorization of crypto assets for tax purposes. .

Expert advice
A choppy trading session for Bitcoin and major altcoins with low volumes seen on centralized exchanges. The start of 2022 has been relatively lackluster, adding to the poor performance, the CoinDCX research team said.

“Without a clear direction, price action has been limited at best, with general market sentiment tilted towards a slight bearish bias. Although if history repeats itself, it won’t be long before we start to see funds flow back into crypto, ”he added.

Global updates
A growing number of Indians are investing in cryptocurrencies despite extreme volatility and a lack of regulation. But the trend is not just due to the prospect of high returns. Some have turned to crypto to bet on blockchain technology.

CryptoWire, the global crypto app which is a special business unit of TickerPlant, announced on Monday that it has launched India’s first cryptocurrency index, named IC15.

Buzz NFT
The value of the NFT space is increasingly recognized by people in the entertainment industry, with the latest purchase made by one of the most popular rappers, Eminem. He bought the ‘Bored Ape Yacht Club’ for $ 450,000 and people found out that he owns 166 other NFTs.

Back home, Indian cryptocurrency exchanges seem to have gained the upper hand over non-fungible tokens (NFTs). At least a half-dozen crypto platforms are breaking into the NFT space, assuming it wouldn’t be banned because NFTs hold an underlying asset that is traded digitally.

Technical view by Giottus Cryptocurrency Exchange
Terra is a blockchain-based protocol that relies on fiat-pegged stablecoins to provide price-stable global payment systems to crypto users. His coin – LUNA – has had a blinding run of late, rising from $ 4 in May 2021 to over $ 100 in December 2021.

As LUNA looked set to be in price discovery mode, it finally faced resistance on longer timeframes – particularly the trendline from its August low. A 15% rejection followed and it looks like LUNA could likely consider support at $ 79 before moving forward.

Agencies

This support line will also merge with a support trend line extending from November and should remain strong. While the next major support line is available at $ 65, LUNA should ideally stay above $ 76 to avoid a lower formation which could lead to further potential declines.

With an RSI (14) value dipping below the 50s and a MACD that has already had a bullish cross, the worst may be over for LUNA in this minor correction. However, external factors such as the price of Bitcoin will continue to play a role in the short to medium term.

Key levels:
Support: $ 79, $ 76, $ 65

Resistance: $ 93, $ 102

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