Major cryptocurrencies traded in the green early on May 31 as the global crypto market cap increased 5.81 percent to $1.31 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours increased 80.30 percent to $92.89 billion.
The total volume in DeFi stood at $$8.25 billion, 8.88 percent of the total crypto market 24-hour volume. The volume of all stable coins was $81.67 billion, which is 87.92 percent of the total crypto market 24-hour volume.
Bitcoin traded above Rs 25 lakh. The market dominance of the world's largest cryptocurrency increased 21.14 per cent to 45.96 percent over the last day, according to data from CoinMarketCap.
Notably, Bitcoin rose 7.93 percent to $31,780.51 at 2200 GMT on May 30, up $2,334.8 from its previous close. The world's biggest and best-known cryptocurrency is up 25.1 percent from the year's low of $25,401.05 on May 12.
Ether, the coin linked to the Ethereum blockchain network, rose 9.8 percent to $1,989.38 on May 30, adding $177.54 to its previous close.
On the domestic side, Economic Affairs Secretary Ajay Seth said that the government is almost ready with its consultation paper on crypto. "Our consultation paper is fairly ready. We have gone into a deep dive into this," Seth told reporters on May 30 on the sidelines of an event.
The government has refused to make public its stance on crypto so far, with confusion even reigning over their classification: whether they are financial assets or fall in some other category, such as commodities. However, while it has been engaging with stakeholders to cement its stance, the Centre has imposed taxes on crypto.
The 2022 Budget proposed a 1 percent Tax Deducted at Source on all crypto transactions, while a 30 percent tax was imposed on profits made from crypto sales. The taxes, which came into effect on April 1, does not make crypto legal, the government has asserted, with Finance Minister Nirmala Sitharaman saying it was the government's "sovereign right" to tax crypto transactions.
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