Bitcoin, Ethereum Surge 9% Each

The day came with some good tiding for the cryptocurrency sector.  Bitcoin and Ethereum, two of the most significant crypto asset values, jumped by 9% each. The biggest crypto asset is up 23.2% from a year’s low of $32,950.72, which it touched on January 24.

Global markets surge

The global cryptocurrency market cap surged to $1.87 trillion in the past 24 hours, up from $1.70 trillion. Trading volumes climbed to $90.36 billion, up from $68.72 billion on February 4, 2022.

The decentralized finance DeFi added up to 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the last 24 hours. Stable coins accounted for 81.35 percent of the crypto market’s 24-hour volume at $73.92 billion.

BTC’s market dominance rose marginally to 41.65%. When the last news came, BTC was trading at $41,388.68 on February 5. In terms of INR, BTC traded at Rs 32 33,214, up by 9%. Ethereum advanced 9.5 percent to Rs 2,34,199.9.

Cardano also rose by 6% to touch Rs 88.73, and Avalanche jumped over 11 percent to Rs 6,096.60. Polkadot also rose over 7 percent to Rs 1,617.09, and Litecoin was up 6.7 percent at Rs 9,320 in the last 24 hours.

The ambiguity about cryptocurrency in India was cleared when Indian Finance Secretary T V Somanathan had said on Thursday that Cryptocurrency can never become a legal tender. 

The Budget of 2022-23 also clarified taxation on virtual currency and proposed a 30% tax on earnings from cryptocurrency trade beyond the threshold of 1TDS.