Cryptocurrencies traded in the green early on January 15. The global cryptocurrency market-cap stood at $2.05 trillion, a 0.53 percent increase over the last day. The total crypto market volume over the last 24 hours was $84.28 billion, which come to a 16.66 percent fall.
The total volume in DeFi is currently $12.76 billion, 15.14 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $67.57 billion, which is 80.17 percent of the total crypto market 24-hour volume.
Bitcoin's price is currently Rs 34 lakh, and its dominance is currently 39.56 percent, a decrease of 0.14 percent over the day.
In the news - a five-word tweet by billionaire Elon Musk led to a massive cryptocurrency jump in the value of meme-based cryptocurrency dogecoin. Musk said on Friday that Tesla Inc merchandise can be bought using the dogecoin. One unit of dogecoin was trading at $0.1981 at the time of writing this report. The value had jumped by over 26%.
“Tesla merch buyable with Dogecoin,” the electric-car maker’s Chief Executive Officer said in a tweet. In no time, #dogecoin shot to the list of top trending hashtags on Twitter. Elon Musk is known for influencing the value of dogecoin through his remarks on social media.
Meanwhile, the Indian crypto community is keenly awaiting tax measures on crypto-related income in the Union Budget 2022 which is set to unveil on February 1. Per reports, the government is looking out for advice from various taxation experts on this matter.
While the much-awaited cryptocurrency bill, which was to be presented in Parliament during winter session in 2021, has been delayed, the Centre is seeking to define taxation of incomes earned by trading or investing in cryptocurrencies.
Reportedly, the Centre is mulling whether income from crypto-related activities can be treated as business income or capital gains. The bill treats cryptocurrencies as a commodity and proposes to segregate virtual currencies on a use-case basis.