BTC, ETH Alongside Stablecoins Sink Small Gains, Strike Few Altcoins

Most of the crypto price chart indicated greens next to most cryptocurrencies on Tuesday, January 3. With a small gain of 0.27 percent, Bitcoin opened trading at the price of $16,668 (approximately Rs. 13.7 lakh). The oldest cryptocurrency ever maintained similar momentum on international exchanges such as Coinbase, CoinMarketCap, and Binance. In the past 24 hours, BTC grew by $98 (approximately Rs. 8,105) from the price of $16,570 (approximately Rs. 13.7 lakh) it opened with yesterday.

Ether made slightly larger gains than Bitcoin. ETH price rose 1.09 percent to trade at $1,213 (approximately Rs. 1 lakh), Gadgets 360 crypto price tracker showed.

Stablecoins like Tether, USD Coin, Ripple and Binance USD — opened with small gains.

They were further joined by other profitable altcoins, including Binance Coin, Cardano, Polygon, Litecoin, Polkadot, Tron, Solana, Uniswap, and Avalanche.

Dogecoin and Shiba Inu also outgrew their respective losing spells to soar with small gains.

The overall valuation of the crypto market has grown by 0.94 percent in the past 24 hours.

From CoinMarketCapthe market capitalization of the crypto sector stands at $806 billion (approximately Rs. 66,69,448 crore).

In the background, the crypto market showed small signs of recovery, LEO, Monero, Zcash and Braintrust witnessed price declines.

“As more people become aware of cryptocurrencies and the technology that underpins them, it is likely that the number of people and businesses using these assets will continue to grow. In general, it is important to keep in mind that the cryptocurrency sector is still relatively young and unpredictable, and it is possible that significant changes and developments will take place in the coming years,” said Amanjot Malhotra, India Head of Bitay crypto exchange, on Gadgets 360. .

This year 2023, more countries are expected to legislate around cryptocurrencies and virtual digital assets (VDAs) to add an extra layer of security for investors.

Italy officially decided on December 2 to levy a 26 percent wealth tax on profits in excess of $2,060 (approximately Rs.1.7 lakh) generated from crypto trading.

On the other hand, the United Kingdom, which wants to establish itself as a global crypto hub, has decided to withdraw tax brackets for foreigners using local UK crypto exchanges for buying cryptocurrencies.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information in the article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss resulting from an investment based on any observed recommendations, forecasts or other information contained in the article.

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