The cryptocurrency market saw some profit booking on Thursday, ending the two-day winning streak. In cryptocurrencies, Bitcoin price today went below $37,000 after breaching the $39,000 level for the first time in two weeks. The world’s most popular and largest cryptocurrency by market cap was down 4.40 per cent at $36,972.60. Bitcoin has slipped more than 16 per cent since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50 per cent. Expectations of tightening monetary policy helped spur a bearish downturn last month in cryptocurrency assets.
Elsewhere, Ether, the coin linked to ethereum blockchain and the second-largest cryptocurrency, was in trading in red 3.34 per cent to $2,683.88, as per Coinmarketcap.com. Similarly, Binance Coin was also down 4 per cent at $366.
Dogecoin price also plunged nearly 4 per cent to $0.13 whereas Shiba Inu was trading more than 5 per cent lower at $0.000021 The performance of other cryptos also plummeted as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, prices were trading with cuts in the range of 4-9 per cent over the last 24 hours.
In another, news India’s Finance Secretary on Wednesday said that cryptos will never become a legal tender, only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender. “Digital rupee will be backed by RBI which will never default. Rest all are not legal tender, will not, will never become legal tender. Bitcoin, Ethereum, or any picture of Actor become NFT will never become a legal tender,” he said.
On the other hand, the digital rupee, whose upcoming launch was announced by Finance Minister Nirmala Sitharaman during her budget speech on February 1, is a safe option for investment, finance secretary TV Somanathan said. “Digital currency will be backed by RBI which will never be a default. Money will be of RBI but the nature will be digital. Digital rupee issued by RBI will be a legal tender. Rest all are not legal tender, will not, will never become legal tender,” he reiterated. Apart from the digital rupee, another key announcement made by the finance minister on February 1 was related to the taxation on income derived from virtual assets. Such income will be taxed at 30 per cent.
Here are the top 10 cryptocurrencies and their prices on February 2, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $36,972.60 or 4.40 per cent loss in the last 24 hours
Ethereum $2,683.88 or 3.34 per cent loss in the last 24 hours
Cardano $1.10 or 4.28 per cent loss in the last 24 hours
Tether $1.00 or 0.00 per cent loss in the last 24 hours
Terra $47.84 or 8.96 per cent loss in the last 24 hours
XRP $0.602 or 4.10 per cent loss in the last 24 hours
Solana $99.66 or 9.43 per cent loss in the last 24 hours
Avalanche $68.08 or 7.21 per cent loss in the last 24 hours
Binance $1.00 or 0.20 per cent loss in the last 24 hours
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