Cryptocurrencies traded in the red early today on May 10. The global crypto market cap is $1.41 trillion, a 9.78 percent decrease over the last day. The total crypto market volume over the last 24 hours is $181.93 billion, which makes a 82.97 percent increase.
The total volume in DeFi is currently $20.85 billion, 11.46 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $163.00 billion, which is 89.60 percent of the total crypto market 24-hour volume.
Bitcoin’s price is currently Rs 25.44 lakh, with a dominance of 41.79 percent. This was a 0.34 percent increase over the day, according to data from CoinMarketCap.
Bitcoin, the world’s biggest cryptocurrency, has tumbled 28 percent this year so far. As per analysts and watchers, the Russia-Ukraine war and changing economic policies impacted the cryptocurrency market as investors flee to more stable havens.
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Bitcoin hit an all-time high of $67,549.74 on November 09, 2021. The swing has been wild, with the range from May 2021 to May 2022 being a steep $68,789.63 at the highest to $28,893.62 at its lowest.
Over the month so far, highs and lows have ranged from $43,376.38 to $33,714.43. For stakeholders, this is uncomfortably close to its last year’s low of $31,594.66 — recorded on June 26, 2021.
In policy news, the GST Council is considering levying 28 percent tax on cryptocurrencies and related services, sources told CNBC-TV18. The proposal is likely to be tabled in the next GST Council meeting.
According to the sources, the government’s view is to keep cryptos on par with lottery, casinos, betting and race courses. The law committee’s view will be tabled before the Council for a formal nod. The date for the next GST Council meeting is yet to be decided.
Further, the guidelines making it mandatory for aggregators to redress consumer complaints in a stipulated timeframe are also being worked upon. The proposal to levy highest GST slab of 28 percent will expand the indirect tax net on cryptocurrency related services.
As of 7.53 am on May 10, these are the prices of largest cryptocurrencies (data from WazirX):
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NAME
PRICE (INR)
24H %
Bitcoin
25,44,099
-7.52%
Ethereum
1,89,229
-6.48%
Tether
81.85
1.03%
Cardano
51
-12.97%
Binance Coin
25,416.28
-11.79%
XRP
40.9996
-10.64%
Polkadot
913.91
-14.86%
Dogecoin
8.7412
-12.76%
