Cryptocurrencies traded in the green early on April 20. The total crypto market volume over the last 24 hours is $ 79.78 billion, which makes a 17.10 percent decrease.
The total volume in DeFi is currently $ 9.75 billion, 12.22 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $ 66.18 billion, which is 82.95 percent of the total crypto market 24-hour volume.
Bitcoin’s price is currently Rs 32.82 lakh, with a dominance of 41.02 percent. This was a 0.01 percent decrease over the day, as per CoinMarketCap data.
Finance Minister Nirmala Sitharaman earlier said that the biggest risk of cryptocurrency could be money laundering and its use for financing terror.
“I think regulation using technology is the only answer. Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on top of it. And that’s not possible if any one country thinks that it can handle it. It has to be across the board,” the minister said.
Sitharaman underscored India’s digital performance and the Centre’s efforts to build the digital infrastructure framework over the last decade, highlighting the increase of the digital adoption rate during the pandemic.
In the markets, a fledgling class of crypto that feasts on risk is outshining a wider market paralyzed by war and inflation. Coins backed by gold are newer variants of “stablecoins”, which are typically pegged to the dollar to tame volatility.
The largest, Pax Gold or PAXG, has jumped 7.4 percent in 2022, while main rival Tether Gold has leapt 8.5 percent. By contrast, bitcoin has lost over 13 percent and ether is down 20 percent.
The reach for gold, a traditional hedge against geopolitical upheaval and inflation, is unsurprising. The demand for gold-backed cryptocurrencies, though, is new. Gold-backed coins are still a niche novelty in the crypto market at present.
Closer home, there was one recurring theme that cut across multiple Web3 meet-ups held in Bengaluru, New Delhi and Mumbai in the last month, it was Dubai.
A city that has almost become an emotion and a panacea for entrepreneurs building on the Web3 platform—the so-called next version of the Internet, which will be decentralised and run on blockchain—even as they grapple with an uncertain regulatory landscape and hefty taxes in India.
Every second founder we met at these meet-ups has either moved to Dubai or is in transition. This was also visible at the Web3 events held in Dubai in March, the biggest ones being Binance Week and ETHDubai, where Indians made up the majority of attendees, with pictures being flooded on Twitter and Web3 WhatsApp groups.
As off 8.35 am on April 20, these are the prices of largest cryptocurrencies (data from WazirX):
Find more blockchain, business and market related stories here
Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes