BTC, ETH Alongside Stablecoins Bag Small Gains, Losses Strike Few

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

Ether bagged slightly bigger gains than Bitcoin. ETH price rose by 1.09 percent to trade at $1,213 (roughly Rs. 1 lakh), the crypto price tracker by Gadgets 360 showed.

Stablecoins such as Tether, USD Coin, Ripple, and Binance USD — opened with small profits.

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

Dogecoin and Shiba Inu also outgrew their respective loss-spells to spike with minor gains.

The overall crypto market valuation grew by 0.94 percent in the last 24 hours.

As per CoinMarketCap, the market cap of the crypto sector stands at $806 billion (roughly Rs. 66,69,448 crore).

In the backdrop the crypto market showing small signs of recoveries, LEO, Monero, Zcash, and Braintrust witnessed price drops.

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

This year of 2023 is projected to see more nations formulate laws around cryptocurrencies and virtual digital assets (VDAs) to add a layer of safety for investors.

Italy, on December 2, officially decided to impose a 26 percent capital tax on profits exceeding $2,060 (roughly Rs.1.7 lakh) generated out of crypto trading.

On the other hand, UK, that is looking to establish itself as a global crypto hub, has decided revoke tax slabs for foreigners who are using local British crypto exchanges for buying cryptocurrencies.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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