In anticipation of Federal Reserve Chair Jerome Powell’s statement before Congress, investors chose to place safer bets, and Bitcoin’s downward trend continued. It was weak near the $22,500 mark.

It is important to note that investors are paying close attention to Powell’s comments because any sign of a more hawkish attitude on interest rates could increase market volatility, especially in the space of cryptocurrencies.

The sustained losses in the cryptocurrency market, however, started following the publication of a number of encouraging US economic indicators, showing that the economy is strengthening and that the nation no longer needs government assistance in the form of low interest rates.

As a result, traders and buyers became concerned about inflation and the potential for interest rate increases.

Worries about rising inflation and a bearish crypto market

The value of the worldwide cryptocurrency market has been declining this week; as of early Tuesday, it had fallen from $1.11 trillion last week to $1.03 trillion. Bitcoin (BTC), the first and most well-known cryptocurrency, has been unable to arrest its decline and has fallen considerably below the $23,000 mark.

Future Data and the US Currency

The bullish US dollar has also been putting weight on the cryptocurrency market. The US dollar has been generally strengthening, with gains seen on Tuesday ahead of Federal Reserve Chair Jerome Powell’s forthcoming testimony before Lawmakers.

It is crucial to note that market participants will be carefully monitoring Powell for any meaningful cues that he might change his mind about only a few more rate hikes this year and that he is concerned about the recent uptick in US economic activity and inflation.

Bitcoin Price

The 24-hour selling volume is $16 billion, and the price of one bitcoin is currently $22,400. In the last day, Bitcoin has decreased by 0.25%. With a $432 billion live market cap, Bitcoin is currently the market winner.

According to technical analysis, the BTC/USD pair is currently consolidating, with trading taking place in a constrained band between $22,000 and $22,500. If this range is broken, whether to the upside or downside, there could be a major price change in the Bitcoin market.

A bullish breakout that pushes the price of bitcoin towards the $22,800 or $23,250 levels may occur if the BTC/USD pair surpasses the $22,500 level. On the other hand, a recovery might occur if the support levels at $22,000 or $21,750 are maintained.

According to data from BTC.com, Bitcoin’s mining difficulty decreased by 0.5% in the two weeks leading up to Sunday after reaching a record high in the previous adjustment. The difficulty, which fluctuates about every two weeks, is an indicator of how much computer power is required to mine bitcoin blocks in order to receive Bitcoin rewards.

Quick Facts

Following a 4.68% increase in the prior adjustment on January 29, the mining difficulty reading for the most recent biweekly adjustment on Sunday came in at 39.16 trillion at block height 776,160.

The most recent reading for the difficulty of mining bitcoins was 46.7% higher than the previous reading from February 4 of last year, which was 26.69 trillion.

Bitcoin’s hashrate, a measure of computational power used by miners, was at around 315.9 exahashes per second on Sunday, slightly up from 311 exahashes on Jan. 29, BTC.com data showed.

According to data from CoinMarketCap, the price of Bitcoin dropped 0.3% over the previous day to trade at US$21,744 at 10:40 a.m. in Hong Kong, representing a loss of 5.34% over the previous seven days. Over the previous month, the greatest cryptocurrency by market capitalization increased 9.2%.

According to BitInfoCharts statistics, the profitability rate of Bitcoin mining was US$0.0729 per terahash per second in the last 24 hours, down from US$0.184 from a year ago.

On Friday, the cryptocurrency market was trading much lower due to new worries about regulatory oversight. According to rumours, the famous cryptocurrency exchange Kraken is being looked at by the US Securities and Exchange Commission (SEC) for allegedly breaking securities rules. The majority of other cryptocurrencies were consistently down during the day.

During the early hours, the biggest cryptocurrency, Bitcoin, lost another 3% and fell below the $22,000 level. Ethereum, its biggest rival, too fell by nearly 5% and breached the crucial $1,600 psychological threshold. Altcoin was suffering more.

The cryptocurrencies naturally booked a little bit more profit than Bitcoin. According to Edul Patel, co-founder and CEO of Mudrex, the increase in trading volumes made it abundantly evident that market players intended to lock in profits before the weekend.

“The total market capitalization of all cryptoassets is the key figure to pay attention to during the next days.

All of the biggest crypto tokens were trading much down on Friday, with the exception of Polygon and stablecoins tied to the US dollar. Avalanche lost roughly 8% of its value, while Solana lost 7%. Dogecoin and Memetokens Shiba Inu both had a 6% decline.

The market capitalization of all cryptocurrencies was trading lower at $1.02 trillion, falling more than 3% in the previous day. However, the overall trade volume increased by almost 29% and reached around $76.83 billion.

The Federal Reserve has hinted that interest rates could be increased later this year, which has some people worried about the market experiencing significant inflation.

Crypto updates

The Securities and Exchange Commission (SEC) said that cryptocurrency exchange Kraken will “immediately” stop offering its staking-as-a-service platform to US users and pay $30 million to resolve allegations that it marketed unregistered securities.

One of the biggest decentralised finance (DeFi) platforms, MakerDAO, has integrated Chainlink Labs’ smart contract automation into its Keeper system, which upholds the integrity of Maker’s DAI stablecoin, the blockchain data provider stated.

One of the companies that creates the lending protocol, Aave Companies, has deployed its native stablecoin GHO on Ethereum’s Goerli testnet. Aave is one of the biggest decentralised financing (DeFi) protocols in the cryptocurrency space.

On early Saturday morning, Bitcoin (BTC) and Ethereum (ETH), two of the most valuable crypto coins, managed to stay above the $23,000 and $1,600 marks, respectively. Other popular altcoins, such as Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC), landed in the greens, as overall prices rose marginally. The Shiba Inu (SHIB) token was the biggest gainer, rising 14.76 percent in a 24-hour period. EthereumPoW (ETHW), on the other hand, was the biggest loser.

At the time of writing, the global crypto market cap was $1.08 trillion, up 0.25 percent in 24 hours.

Bitcoin price today
According to CoinMarketCap, the price of bitcoin was $23,355.67 after a 0.83 percent loss in the previous 24 hours. BTC was trading at Rs 19.48 lakhs on the Indian exchange WazirX.

Ethereum price today
At the time of writing, the price of ETH was $1,654.20, representing a 0.64 percent gain in the previous 24 hours. According to WazirX, the price of Ethereum in India is Rs 1.37 lakhs.

Dogecoin price today
According to CoinMarketCap data, DOGE gained 2.98 percent in a 24-hour period and is now trading at $0.09415. According to WazirX, the Dogecoin price in India is Rs 7.83.

Litecoin price today
Litecoin experienced a 0.00 percent 24-hour change. It was trading at $98.99 at the time of writing. In India, the price of LTC was Rs 8,259.74.

Ripple price today
The price of XRP was $0.4086 after a 0.63 percent loss in 24 hours. According to WazirX, the current price of Ripple is Rs 33.67.

Solana price today
Solana was trading at $24.48, up 0.55 percent in 24 hours. According to WazirX, the SOL price in India was Rs 2,093.99.

On Friday, cryptocurrency prices were mixed. The global crypto market cap was $1.07 trillion, with $61.2 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, was down 1.8 percent at $23,439.2 on the last count. Its market capitalization was $454.2 billion. The total value of trade was $29.5 billion. In the last seven days, the token has increased by 3.6 percent.

Ethererum
The second largest virtual currency, fell 2% to $1,635.6, with a market capitalisation of $201.5 billion. In the last 24 hours, the trade volume of Ethereum was $9.4 billion. In the last week, the token has increased by nearly 5%.

Dogecoin
Dogecoin, a meme-based virtual currency, fell 3.7 percent to $0.1. Its market value was nearly $12.1 billion. The total trade volume was $697.4 million.

Solana
With a market capitalisation of $9 billion, Solana fell 4.3 percent to $24.2. Solana’s trade volume in the last 24 hours was $906 million.

Shiba Inu
Shiba Inu market capitalisation increased by 0.8 percent to $6.7 billion. In the last 24 hours, the trade volume was $524.4 million.

Polygon
Polygon fell 3.4 percent to $1.2, with a market cap of $10.4 billion. In the last 24 hours, the trade volume was $707.6 million.

On Wednesday, most cryptocurrencies extended their gains. The global crypto market cap was $1.05 trillion, with $46.7 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, increased by nearly 1% to $23,103.2. Its market capitalization was $445.7 billion. The total value of trade was $22.8 billion.

Ethererum
The second largest virtual currency, rose 0.9 percent to nearly $1,585.2, with a market capitalisation of nearly $194 billion. In the last 24 hours, Ethereum’s trade volume was $6.5 billion.

Dogecoin
Dogecoin, a meme-based virtual currency, increased 2.5 percent on Wednesday. Its market capitalization was $12.6 billion. The total trade volume was $1.3 billion.

Solana
Solana fell 0.9 percent to $23.8, with a $8.9 billion market capitalisation. Solana’s trade volume in the last 24 hours was $585.2 million.

Shiba Inu
Shiba Inu market capitalisation increased by 0.7 percent to $6.5 billion. In the last 24 hours, the trade volume was $268.4 million.

Polygon
Polygon gained 1.4 percent to $1.1, valuing the company at $9.6 billion. In the last 24 hours, the trade volume was $420.2 million.

The cryptocurrency industry has high hopes for the upcoming Union Budget of 2023. The industry is hoping that FM Nirmala Sitraman will implement a number of changes, particularly in the classification and taxation of Virtual Digital Assets (VDAs). The two most important requirements are:-

1. The 1% tax deducted at source (TDS) on Crypto asset sales transactions should be eliminated. This tax causes investors to lose money with each trade and discourages new investors from entering the market, resulting in a loss of capital investment in crypto assets.

2. The current tax structure should be changed to allow for the set-off and carry-forward of losses in VDAs in the same way that equity shares and derivatives do. The 30% threshold was established in response to comparisons of digital assets with highly speculative avenues such as gambling and betting. However, because VDAs are similar to securities trading, they should be treated similarly in terms of taxation and setoff benefits.

According to The Esya Centre, a Delhi-based think tank, the 30% tax and 1% TDS resulted in a total trade volume of Rs 32,000 crore shifting from Indian crypto exchanges to foreign ones between February and October 2022. According to the study, the current tax structure will result in a loss of approximately Rs 99.3 trillion in local exchange trade volume over the next four years.

Furthermore, the use of international exchanges raises concerns about data privacy because user data is stored abroad, with Indian users having less recourse. The government also loses potential tax revenue and violates current policy by attempting to improve the ease of doing business.

Optimising these taxes will level the playing field for Indian exchanges and be consistent with the government’s Atmanirbhar Bharat and Make in India policies.

For the first time, India is the G20 president, and she will lead this influential group for a year. The G20 is the only platform that brings together the world’s major developed and emerging economies. The world has taken note of India’s approach as it successfully navigated the global pandemic and the recent Ukraine crisis. PM Modi and FM Sitarman have both stated on numerous occasions that crypto regulation must be a global effort. Because what the G20 countries adopt will set the tone for the rest of the world to follow, India has a unique opportunity to set the agenda on global crypto regulation.

Bitcoin (BTC) and Ethereum (ETH), two of the most popular crypto coins, fell below $23,000 and $1,600 early Friday morning, respectively. Other popular altcoins, such as Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), also fell into the reds. With a 24-hour gain of more than 15%, the Fantom (FTM) token emerged as the biggest gainer of the bunch. Mina (MINA), on the other hand, became the top loser with a 24-hour drop of more than 12%.

At the time of writing, the global crypto market cap was $1.04 trillion, a 1.35 percent drop in a 24-hour period.

Bitcoin price today
According to CoinMarketCap, the price of bitcoin was $22,795.57 after a 1.47 percent drop in the previous 24 hours. BTC was trading at Rs 19.50 lakhs on the Indian exchange WazirX.

Ethereum price today
At the time of writing, the price of ETH was $1,566.88, representing a 2.96 percent 24-hour loss. According to WazirX, the current price of Ethereum in India is Rs 1.33 lakhs.

Dogecoin price today
DOGE fell 1.88 percent in a 24-hour period, according to CoinMarketCap data, and is now trading at $0.08477. According to WazirX, the Dogecoin price in India is Rs 7.26.

Litecoin price today
Litecoin lost 2.60 percent in a 24-hour period. It was trading at $86.89 at the time of writing. In India, the price of LTC was Rs 7,453.

Ripple price today
The price of XRP was $0.4054 after a 1.40 percent drop in the previous 24 hours. According to WazirX, the current price of Ripple is Rs 34.33.

Solana price today
Solana was trading at $23.71, down 4.15 percent in 24 hours. According to WazirX, the SOL price in India was Rs 2,075.04.

On Wednesday, cryptocurrencies extended their losses. The global crypto market cap was $1.01 trillion, with $57.1 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, dropped 2.3 percent to $22,561.9. Its market capitalization was $434.5 billion. The total value of trade was $27.5 billion.

Ethererum
The second largest virtual currency, fell 6% to $1,540.3, with a market capitalisation of $188.5 billion. In the last 24 hours, the trade volume of Ethereum was $9.1 billion.

Dogecoin
Dogecoin, a meme-based virtual currency, fell 6.6 percent to $0.1. Its market capitalization was $11.1 billion. The total trade volume was $581.8 million.

Solana
With a market capitalisation of $4.4 billion, Solana fell 0.5 percent to $12.1. Solana’s trade volume in the last 24 hours was $162 million.

Shiba Inu
Shiba Inu market capitalisation fell 7.5 percent to $6.1 billion. In the last 24 hours, the trade volume was $296.4 million.

Polygon
Polygon fell 5.2 percent to $0.9, with a $8.3 billion market capitalisation. In the last 24 hours, the trade volume was $535.9 million.

The global crypto market cap increased 0.44 percent to $1.05 trillion in the previous day, as major cryptocurrencies traded in the green early on January 24. The total crypto market volume over the last 24 hours has increased by 6.92 percent to $55.74 billion.

The total volume in DeFi is currently $4.73 billion, accounting for 8.49 percent of the total 24-hour volume in the crypto market. The total volume of all stable coins is now $48.84 billion, accounting for 87.63 percent of the total 24-hour volume of the crypto market.

According to Coinmarketcap, the price of Bitcoin, the world’s largest cryptocurrency, was hovering around Rs 19.20 lakh, with its dominance at 42.15 percent, an increase of 0.20 percent over the day.

In other news, the Federal Bureau of Investigation said on Monday that two North Korean hacker groups, the Lazarus Group and APT38, were responsible for the theft of $100 million from U.S. crypto firm Harmony’s Horizon bridge last June.

• Bitcoin Price 19,20,000 -0.72%
• Ethereum Price1,36,998.0 0.42%
• Tether Price 83.93 -0.47%
• Cardano Price 31.0210 -2.6%
• Binance Coin Price 25,785.05 -0.44%
• Ripple Price 35.4000 2.6%
• Polkadot Price 566.89 4.02%
• Dogecoin Price 7.5400 1.2%