Synopsis

Barring the US dollar-pegged USD Coin, all of the other nine out of the top-10 digital tokens were trading lower during the trade on Thursday. Terra and Solana plunged 9 per cent each while Cardano dropped 6 per cent.

Agencies

New Delhi: The cryptocurrency market saw some profit booking on Thursday, ending the two-day winning streak, with the selling pressure being more intense in altcoins.

Poor earnings from Meta, formerly known as Facebook, also spoiled the market mood. Weaker guidance for the ongoing quarter added to the woes. Meanwhile, wormhole hole network being down for maintenance impacted the DeFi space. The trading volumes too remained thin.

Barring the US dollar-pegged USD Coin, all of the other nine out of the top-10 digital tokens were trading lower during the trade on Thursday. Terra and Solana plunged 9 per cent each while Cardano dropped 6 per cent and Shiba Inu 4 per cent.

The global crypto market cap dropped more than 4 per cent to $1.70 trillion. However, the total crypto market volume gained more than 5 per cent to $68.31 billion.

What’s Cooking in India

The tax regime for virtual assets was proposed in the FY23 budget to address the lack of clarity on how income from such transactions is to be taxed and it doesn’t necessarily confer legitimacy on the products, revenue secretary Tarun Bajaj said.

User sign-ups on crypto platforms jumped 30-50 per cent on budget day when the finance minister announced a proposal to tax digital assets.

India’s central bank may consider other “centralised” technology models apart from blockchain — the popular digital transaction ledger — to host its proposed digital currency, officials and industry experts in the know of the matter.

Global updates

  • One of the most popular cross-blockchain bridges may have been the victim of a hack worth over $326 million. The funding will support the development of projects across television, movies and video games.


  • Institutions make up 50 per cent of Coinbase’s business, up from 10 per cent three years ago, the head of Coinbase Institutional said during MicroStrategy’s Bitcoin for Corporations conference.


Streamlining NFTs

Crypto exchange Binance has launched a new advertisement push ahead of the Super Bowl featuring NBA star Jimmy Butler. The message: Trust yourself and your own research, not celebrities, when it comes to investing in cryptocurrency.

Meanwhile, NFT development platform Pixel Vault has closed a $100 million funding round, the startup announced.

Tech View by Giottus Crypto Exchange

Solana, one of the most popular ‘Ethereum killer’, is a blockchain platform that runs DeFi, NFT and other crypto applications. Its token – SOL – had a great 2021 – rallying 10x from $25 around $260.

However, after getting rejected from its all-time high in November, SOL has experienced severe corrections and is currently trading at around the $100 support in a parallel channel it has been forming since January. It has also come up against a trendline resistance from December and experienced rejection again.

Chart-SOLET CONTRIBUTORS

Its next immediate support at $95 is likely to be tested and broken, with Bitcoin indicating bearish movements this month as well. However, in an optimistic scenario, it is possible that the golden pocket support of the most recent rise – located at $91 – acts as a support for a strong bounce. In the near term, however, buyers may want to wait for a test of the $80 support before taking fresh positions, while any highs of around the $104 or $112 may be good short opportunities.

Major levels

Support: $95, $80

Resistance: $104, $112

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