|Global Crypto Market Cap||$933.85|
|Rise/Fall in Crypto Market Cap||-6.33%|
|Total Crypto Market Volume||$66.02 billion|
|Total DeFi Volume||$5.03 billion|
The above chart illustrates the 24-hour price performance of the top 15 cryptos as per the market cap. The majority of the cryptos have plummeted hard with the top 2 cryptos, Bitcoin & Ethereum contributing more than 50% of the entire market cap slashed by more than 7% each. Tron witnessed a massive fall of more than 12% which was fueled by the bearish market sentiments hovering around the latest drop in the HT prices due to some abnormality.
Some days ago, Bitcoin price recorded the largest single-day jump of over $1500 and presently, a similar event occurred but in an opposite direction. Multiple reasons fueled this plunge of Bitcoin & majority of the altcoins, some of which are mentioned below.
A year after the Indian government released the tax laws on crypto, on March 9, 2023, the USA moved in and proposed a 30% tax on electricity used for mining. The main intention behind this move is to reduce the mining activity within the state. The tax regime includes taxes to be imposed in phases over the next 3 years of 10% each year. The electricity used from both on and off-grid resources will be considered for paying taxes.
A day after the Silvergate bank collapse, yet another tech-focused bank of the Silicon Valley’s stocks plunged hard. Concerns have been raised over the financial stability of the bank as it offered crypto-friendly services. The collapse accounted for a drop of 60% whipping out $80 billion value.
In a fresh update, Kucoin faced regulatory heat as an Attorney General, Letitia James sued the platform. She was unable to buy or sell the cryptos on the platform as it was not registered in New York. Interestingly, Ethereum was also called an ‘unregistered security’ in the same lawsuit.
Read More: Bitcoin Price Prediction
Read On: Ethereum Price Prediction
What more is to be witnessed in the coming days? Keep an eye out for Crypto News on CoinDCX blog.