Investors sought for high-quality tokens at reduced prices on Tuesday, bringing the cryptocurrency market back into positive territory. Investors flocked to riskier assets like Bitcoin as concerns about the Omicron variant faded around the world.
At 9.30 IST, all of the top ten digital tokens were trading higher, with the exception of the dollar-pegged USD Coin. Binance Coin led the gainers with an increase of 8%, followed by Ethereum and Cardano, which both increased by 5%.
The worldwide crypto market capitalization climbed by nearly 5% to $2.37 trillion from the previous day. Meanwhile, the overall cryptocurrency market capitalization climbed by 14% to $137.77 billion.
The Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI), and the tax department will be able to scrutinise investor Know Your Customer (KYC) data acquired by crypto exchanges under the new Cryptocurrency Bill.
In India, apps like Robinhood could emerge in the next few years if cryptocurrencies are categorised as an asset class. Robinhood is a mobile app that allows users to trade stocks, ETFs, and cryptocurrencies without paying commissions. It is listed on the Nasdaq. While India has comparable ‘discount brokers,’ none of them presently enable bitcoin trading.
According to the CoinDCX Research Team, Bitcoin’s price has recovered marginally following a rough start to the week, dragging other popular cryptocurrencies like Ethereum and Binance Coin up with it.
“The International Monetary Fund (IMF) anticipates the expanding epidemic to stifle global economic development and recovery,” it stated, citing Omicron’s global spread as an example. “Gold prices are rising as investors seek protection in the traditional safe-haven metal as the pandemic spreads and the economy looks dismal.”
Update on the World
On the site of the state’s last working coal plant, a Bitcoin mining operation will operate this month northeast of Niagara Falls.
A former aluminium plant in Massena is now one of the country’s major bitcoin exchanges, with plans to expand across the state.