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.

Early on Friday morning, leading coins all fell into the red, causing a massacre in the cryptocurrency market. The oldest cryptocurrency in the world, Bitcoin (BTC), fell below the $22,000 threshold, falling 3.38 percent in a single day. Other well-known altcoins, including as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), saw significant declines. Render Token (RNDR) suffered the most loss out of the group, with a drop of more than 13% in just one day. For the second straight day, Rocket Pool (RPL) maintained its dominance as the top gainer thanks to a 24-hour increase of more than 7 percent.

At the time of writing, the market capitalization of all cryptocurrencies was $1.02 trillion, down 3.48 percent over the previous 24 hours.

Bitcoin price today
According to CoinMarketCap, the price of one bitcoin was $21,829.82, a decrease of 3.35 percent over the previous day. The price of Bitcoin was Rs 18.70 lakhs, according to Indian exchange WazirX.

Ethereum price today
At the time of writing, the price of ETH was $1,543.94, reflecting a 4.95 percent 24-hour decline. According to WazirX, the price of ethereum in India was Rs. 1.35 lakhs.

Dogecoin price today
According to data from CoinMarketCap, the 24-hour loss for DOGE, which is presently trading at $0.08185, was 6.11 percent. Dogecoin’s pricing in India was Rs 7.30, according to WazirX.

Litecoin price today
In the past day, Litecoin fell by 4.15 percent. It was now selling at $92.25 at the time of writing. The cost of LTC in India was Rs 7,930.07.

Ripple price today
The price of XRP was $0.3852, down 1.78 percent over the previous 24 hours. The price of ripple was Rs 33.10, according to WazirX.

Solana price today
Solana price was $20.83, down 7.25 percent over the previous 24 hours. WazirX said that SOL cost Rs 1,965 in India.

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.

The oldest cryptocurrency in the world, Bitcoin (BTC), was able to recover from a two-day slide as US Federal Reserve Chair Jerome Powell declared on Tuesday that inflation is beginning to decline. The majority of other well-known altcoins, like as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC), managed to finish in the green. The Graph (GRT) token emerged as the top gainer with a noteworthy 24-hour increase of more than 46%.

At the time of writing, the market capitalization of all cryptocurrencies was $1.09 trillion, up 2.41 percent over the previous day.

Bitcoin price today
According to CoinMarketCap, the price of one bitcoin was $23,274.10, an increase of 1.67 percent over the previous day. The price of Bitcoin was Rs 19.52 lakhs, according to Indian exchange WazirX.

Ethereum price today
At the time of writing, the price of ETH was $1,680.79, up 2.88 percent over the previous day. According to WazirX, the price of ethereum in India was Rs. 1.41 lakhs.

Dogecoin price today
According to data from CoinMarketCap, the 24-hour growth rate for DOGE, which is presently trading at $0.09255, was 1.90 percent. Dogecoin’s price in India was Rs 7.88, according to WazirX.

Litecoin price today
Litecoin gained 2.26 percent over the course of a day. It was worth $101.39 at the time of writing. The price of LTC was Rs 8,390.87 in India.

Ripple price today
The price of XRP was $0.4008, up 1.91 percent over the previous day. The price of ripple was Rs 33.35, according to WazirX.

Solana price today
The price of solana was $23.91, up 3.55 percent over the previous day. According to WazirX, the cost of SOL in India was Rs 2,086.99.

On Tuesday, cryptocurrency prices were mixed. The global crypto market cap was $1.05 trillion, with $49.8 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, dropped 0.2 percent to $22,836.6. Its market capitalization was $440.1 billion. The total value of trade was $24 billion.

“Despite a minor dip, BTC has stayed within the range it has been trading in over the past few weeks, close to its all-time high. Bitcoin’s value has risen this year as investor confidence has increased.

Ethererum
The second largest virtual currency, rose 0.1 percent to $1,624.6, with a market capitalisation of $198.7 billion. In the last 24 hours, Ethereum’s trade volume was $6.9 billion.

Dogecoin
Dogecoin, a meme-based virtual currency, fell 0.9 percent on Tuesday. Its market value was close to $12 billion. The total trade volume was $484.4 million.

Shiba Inu
Shiba Inu fell 0.4 percent to $7.8 billion in market capitalisation. In the last 24 hours, the trade volume was $569.4 million.

Solana
With a market capitalisation of $8.5 billion, Solana fell 1.6 percent to $22.9. Solana’s trade volume in the last 24 hours was $465.7 million.

Polygon
Polygon market capitalisation increased by 1.5 percent to $10.6 billion. In the last 24 hours, the trade volume was $448.5 million.

The price of Bitcoin, the world’s largest cryptocurrency, was hovering around Rs 19.57 lakh, with its dominance at 41.54 percent, a 0.03 percent increase over the day.

Major cryptocurrencies were trading in the red early on February 6, with the global crypto market cap falling 1.60 percent to $1.60 trillion in the previous day. Over the last 24 hours, the total crypto market volume has increased by 26.61 percent to $48.38 billion.

The total volume in DeFi is currently $5.32 billion, accounting for 11% of the total 24-hour volume in the crypto market. The total volume of all stable coins is now $41.93B, accounting for 86.65% 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 19.43 lakh, with its dominance at 41.54 percent, an increase of 0.03 percent over the day.

In other news, the pandemic and a volatile crypto market have fueled a digital currency trading frenzy. And now, luxury rehab centres promising to treat “crypto addiction” are springing up all over the world.

• Bitcoin Price 19,43,500 -0.08%
• Ethereum Price 1,38,000.0 -0.1%
• Tether Price 85.03 0.9%
• Cardano Price 33.8998 1.95%
• Binance Coin Price 27,454.60 0.56%
• Ripple Price 33.5500 1.32%
• Polkadot Price 565.10 -1.62%
• Dogecoin Price 7.8150 -1.07%

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.

On Tuesday, most cryptocurrencies extended their losses. The global crypto market cap was $1.04 trillion, with $56.7 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, dropped 3.5 percent to $22,846.2. Its market capitalization was $440.2 billion. The total value of trade was nearly $27.02 billion.

“Bitcoin was seen being traded at $22,800. BTC is down three percent after reaching a high of $24,000 on Sunday.

Ethererum
The second largest virtual currency, fell 3.9 percent to $1,574.2 at the last count, with a market capitalisation of nearly $192 billion. In the last 24 hours, the trade volume of Ethereum was nearly $9.1 billion.

Dogecoin
Dogecoin, a meme-based virtual currency, increased 0.7 percent to $0.1. Its market capitalization was $11.9 billion. The total value of trade was nearly $837.4 billion.

Solana
Solana fell 6% to $24.2, with a $8.9 billion market capitalisation. Solana’s trade volume in the last 24 hours was $1 billion.

Shiba Inu
With a market capitalisation of nearly $6.4 billion, Shiba Inu fell 2.2 percent. In the last 24 hours, the trade volume was nearly $306.8 million.

Polygon
Polygon market capitalisation fell 5.6 percent to $9.5 billion. In the last 24 hours, the trade volume was $588.7 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.