New Delhi: Crypto tokens were able to hold their gains on Thursday, resulting in strength in altcoins as well.
That said, many analysts have adopted a clear-eyed view of the current crypto climate that has suffered the dual body blows of protocol fiascos and macroeconomic uncertainty, and they do not see a strong recovery any time soon.
Barring Tron and Unus Sed Leo, all other crypto tokens were trading higher. Ethereum and Solana zoomed 5 per cent each, whereas BNB, Cardano, Dogecoin and Shiba Inu rallied more than 3 per cent each.
The global cryptocurrency market cap was trading higher at the $918.33 billion mark, up 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped more than 11 per cent to $57.55 billion.
What’s cooking in India It’s a triad of negative factors, and not only the new rules relating to crypto currencies that kicked in on July 1, that’s giving jitters to crypto investors and driving some out of the market.
Veterans of the trading space, however, feel that the current phase, popularly being referred to as the ‘crypto winter’, is a passing one in the evolutionary process of cryptocurrencies and the prices of these new age assets would soon stabilise.
India’s new cryptocurrency tax has dealt a heavy blow to the country’s crypto exchanges, adding to broader sectoral woes and sending trading volumes plunging by up to 90 per cent.