New Delhi: The cryptocurrency market was trading higher on Thursday following positive news outflow from Russia, which is eyeing to regulate digital assets, instead of banning them.
The Russian government released a document on its official website late Tuesday setting principles for crypto regulation, which supported the top deck of crypto assets.
The Russian government’s plan received support from its central bank, which had called for a ban on crypto mining and trading. The development also came not long after India took a step towards crypto legalization with a tax on digital asset transfers.
Barring the dollar-pegged USD Coin Terra and Solana, all other seven out of top-10 digital tokens were trading with decent gains on Tuesday. Ethereum led the gainers with a 4 per cent rise while Shiba Inu added 3 per cent.
The global crypto market cap gained almost 2 per cent to once again scale the $2.01 trillion mark. The total crypto market volume, however, dropped 25 per cent to $76.92 billion.
What’s Cooking in India Global crypto exchanges looking at the Indian market are awaiting more clarity on crypto regulations to make entry and investment decisions even after the government announced a tax regime in the Budget.
The government is examining the applicability of goods and services tax (GST) on various cryptocurrency transactions including mining of these digital assets.
Experts Take The Russian government made known its plans to regulate the crypto industry. In what was a complete 180 reversal from their original stance to ban crypto, the ‘unexpected’ move can be viewed as a positive for the industry, said CoinDCX Research Team.
“With the presence of regulatory clarity, institutions such as pensions, endowments and family offices can now take exposure to cryptos with greater ease, essentially opening the floodgates for mainstream adoption in Russia,” it added.
Global updates
Global investment company KKR is in talks to join Animoca Brands’ latest financing effort, taking its funding from the round to about $500 million, according to a report by Bloomberg.
Compute North, provider of sustainable infrastructure for cryptocurrency mining, has closed a $385 million round that includes a Series C fundraise and debt financing.
Hayvn, an Abu Dhabi-based crypto trading firm, is courting investors for a Series B round with a view to eventually list, Reuters reported.
Streamlining NFTs An online auction of digital art to raise money towards WikiLeaks founder Julian Assange’s legal defence saw bids reach more than $50 million.
Tech view by Giottus Crypto Exchange Like many other blockchain networks competing with Ethereum, Kadena is a scalable layer-1 platform for developers to build products on. It is based on a PoW consensus model running on Pact – a smart contract language.
KDA, its native token, saw phenomenal gains in 2021 going from a low of $0.32 to over $28 – a multiple of 87. Today, after significant corrections, it trades around the $10 mark.
After a correction along a parallel channel and a subsequent breakout, KDA is now looking upwards towards strong resistance levels at $10.6 and $12.1. With Bitcoin consolidating, attaining such targets should be achievable. However, should bearishness make a return to the market, traders may want to look at local support at $8.9 and $8.
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KDA may retest levels at $9.1 before a bounce, where a resistance trendline from all the way back in November (from which it has rejected several times) gives confluence with the .382 Fibonacci retracement of its recent drop. However, if KDA maintains these levels into this week, $12.6 and above should be achievable.
Major levels Support: $9.1, $8.9, $8.0
Resistance: $10.6, $12.1, $12.6
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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