With the exception of the Shiba Inu coin, all of the top digital tokens were trading higher. Terra climbed 14%, followed by Ethereum, which rose 3%. Bitcoin added 2%.
The global cryptocurrency market cap jumped to $1.77 trillion, adding nearly 3% in the past 24 hours. Total cryptocurrency trading volume fell more than 8% to $78.95 billion.
What’s cooking in India
The Indian government expects its central bank digital currency (CBDC) to be rolled out this year, Finance Minister Nirmala Sitharaman said on Tuesday.
In the 2022 union budget, tabled on February 1, Sitharaman had announced that India would launch its own CBDC, backed by the Reserve Bank of India.
Moreover, within days of the Advertising Standards Council of India (ASCI) putting in place guidelines for advertising virtual digital assets, celebrities started inserting indemnification clauses into their contracts with crypto exchanges.
These celebrities have hired attorneys who set up these indemnification contracts where any future liability or other penalties would be borne by the exchange.
“In the cryptocurrency space, industry regulation often divides the community,” WazirX Trade Desk said. “Furthermore, Biden’s order will be a big step toward regulating the cryptocurrency space.”
The pro-regulatory side mentions that there will be more investor protection, less money laundering and tax evasion, and that it will likely attract money from conservative investors.
The group against regulation mentions that regulation is contrary to the spirit of cryptocurrency and that the government could make bad decisions due to a lack of knowledge in the space and hinder innovation.
“After cryptocurrency was cited as a potential tool to circumvent sanctions against the Russian government and oligarchs, the US government mentioned that President Joe Biden will be signing the Crypto Executive Order in the coming days,” he added.
US authorities have filed criminal charges against a cryptocurrency executive and civil lawsuits against him and his sister, accusing them of defrauding retail investors of millions of dollars with a digital token known as Ormeus Corner.
Thailand is easing tax rules for crypto trading until the end of 2023 to boost the industry, the country’s finance minister said at a cabinet meeting on Tuesday.
Bain Capital, the investment firm with approximately $155 billion in assets under management, announced a $560 million fund focused exclusively on the crypto ecosystem.
The Avalanche Foundation announced a major effort to woo top projects with a cache of 4 million AVAX tokens, or roughly $290 million.
BuyUcoin Cryptocurrency Exchange Technical View
The XRP Relative Strength Index suggests a lack of confidence, resulting in a somewhat muted and miniscule intraday rise of 1-5%. Earnings should increase by $0.75 or $0.76.
The price movement is pushed against a ceiling of $0.76 or $0.78, indicating bullish compression. The price movement could see a very quick move towards $0.84 if it breaks above $0.78.
Expect a breakout towards $0.70, with the possibility that the bears will increase their short positions depending on the intensity of the current market movement. The bears will try to catch the bulls in a trap and get them out as far as they can with this move; so a drop to $0.65 or maybe $0.62 is not out of the question.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)