Cryptocurrencies traded in the red early today on May 09. The global crypto market cap is $1.57 trillion, a 2.26 percent decrease over the last day. The total crypto market volume over the last 24 hours is $101.92 billion, which makes a 28.79 percent increase.
The total volume in DeFi is currently $11.81 billion, 11.59 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $95.73 billion, which is 93.93 percent of the total crypto market 24-hour volume.
Bitcoin’s price is currently Rs 27.64 lakh, with a dominance of 41.43 percent. This was a 0.20 percent decrease over the day, according to data from CoinMarketCap.
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In corporate news, Block Inc, the fintech firm led by Twitter founder Jack Dorsey, missed market estimates for first-quarter profit as demand for bitcoin softened due to a decline in cryptocurrency prices, Reuters reported.
The company’s Bitcoin revenue more than halved in the quarter to $1.73 billion, hit by a drop in interest from retail traders after a frenetic price rally last year that was fueled by rising mainstream acceptance of digital currencies.
Prices of Bitcoin – the largest cryptocurrency – have sunk this year as investors flee riskier assets due to the Russia-Ukraine conflict and a more hawkish outlook for Federal Reserve policy tightening.
Overall, Block’s revenue fell 22 percent to $3.96 billion in the three months ended March 31. The company earned an adjusted profit of 18 cents per share, falling short of analysts’ estimates of 21 cents, according to IBES data from Refinitiv.
In international news, as governments slowly shackle the crypto industry with regulations and obligations, Portugal is increasingly isolated in Europe — a place with few rules that investors describe as a crypto paradise, AFP reported.
“You don’t need to do anything else because you already have a perfect system, with zero percent tax on bitcoin. For bitcoiners, it’s heaven,” said Didi Taihuttu, a prominent crypto enthusiast who shifted his family to Portugal from the Netherlands.
Right now, Portugal is one of the last countries in Europe to regard them as currencies from a tax point of view, meaning profits from trading are not taxed.
The finance ministry told AFP it was reviewing the situation and wanted a common European framework, but pressure is building for quick action
As of 7.43 am on May 09, these are the prices of largest cryptocurrencies (data from WazirX):
NAME
PRICE (INR)
24H %
Bitcoin
27,64,095
-1.7%
Ethereum
2,02,913
-2.76%
Tether
81.05
0.18%
Cardano
60
-0.28%
Binance Coin
28,897.01
-1.47%
XRP
46.0033
-1.44%
Polkadot
1,072.28
-1.06%
Dogecoin
10.0200
-0.99%
