Lagatar24 Desk
Mumbai, Feb 2: After days of losses, the crypto price chart finally showed some signs of recovery on Wednesday, February 2.
On the Indian platform CoinSwitch Kuber, Bitcoin opened trading at $41,297 (approximately Rs. 30.85 lakh), up 0.18 percent.
While Bitcoin’s condition appears to be improving in India, its standing on international exchanges remains precarious.
Bitcoin prices dipped 0.29 percent and 0.11 percent, respectively, on Binance and CoinMarketCap. The most valuable cryptocurrency is now trading at $38,396. (roughly Rs. 28.7 lakh)
After a string of losses, Ether followed Bitcoin up the price ladder. The altcoin is currently selling at $2,976 (approximately Rs. 2.2 lakh), up 1.66 percent.
The price charts returned back to show greens a day after India slapped a 30% tax on profits related from transactions in “virtual digital assets.” According to industry insiders, this taxes has indirectly legitimised the cryptocurrency market in India.
Along with Solana and Ripple, Tether, Binance Coin, USD Coin, and Cardano were added to the gainers risk.
Interestingly, after struggling with losses throughout the year, meme-based Dogecoin managed to witness a surge. DOGE is currently selling at $0.15 (approximately Rs. 11.5), up 0.18 percent.
However, the price of Shiba Inu, a Dogecoin competitor, has remained unchanged. With a 0.46 percent drop, the meme-coin is now trading at $0.000023 (about Rs. 0.001735).
Terra, Polygon, Chainlink, and Uniswap, to name a few cryptocurrencies, all suffered slight losses.
After weeks of laying low this year, the crypto market has seen a significant improvement.
Meanwhile, India has announced intentions to launch a blockchain-backed digital rupee, the name of which would be announced later.
Despite the fact that India imposes a 30% tax on crypto asset transactions, Thailand is apparently considering repealing the 15% tax it imposed on crypto revenues due to widespread opposition, particularly among the country’s youth.
According to CoinMarketCap, the crypto market cap is at $1.770 trillion (about Rs. 1,32,48,250 crore).
