The global cryptocurrency market cap was trading at $865.22 billion mark, dropping more than half a per cent in the last 24 hours. However, total cryptocurrency trading volume jumped almost a per cent to $40.62 billion.
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Spot trading volumes on crypto exchanges CoinDCX, WazirX and Zebpay declined by at least 70 per cent on July 3 compared with June 30 as the rule requiring deduction of tax at source on every transaction came into effect on July 1.
While crypto exchanges said that it is too early to know the actual impact of tax deducted at source (TDS) as trading volumes are typically lower on the weekend. According to some experts, trading would likely remain under pressure.
Bitcoin has been holding its ground and trading within the range of $20,000 to $19,000 while Ethereum has been trading within the range of $1,150 to $1,000, according to WazirX Trade Desk.
“This is quite unexpected as the DeFi contagion that started with LUNA has worsened,” it said. “People’s confidence might have shaken after Three Arrow Capital filed for bankruptcy,” it added.
- When MicroStrategy Inc. began buying Bitcoin in bulk in the summer of 2020, CEO Michael Saylor said that it was because inflation would make cash worthless. The crypto pile he has since accumulated was worth $3.4 billion less at the end of the second quarter than the previous one.
- Crypto hedge fund Three Arrows Capital has filed for Chapter 15 bankruptcy, a move that protects its US assets while a liquidation is carried out in the British Virgin Islands.
- Crypto broker Voyager Digital is temporarily suspending all trading, deposits, withdrawals and loyalty rewards, the company announced Friday. Even the Voyager-issued debit card will stop working for owners.
- A deal by BlockFi and FTX US will provide the embattled crypto company with a $400 million credit facility. Also, El Salvador purchased 80 more bitcoin at $19,000 each, President Nayib Bukele said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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