On January 5, cryptocurrencies were traded in green. Global crypto market capitalization is $2.23 trillion. This represents a 0.98% increase over the previous day. The cryptocurrency market volume for the last 24 hours has reached $103.68 billion. This is a 17.29% increase.
DeFi’s total volume is $31.04 billion at the moment, which represents 29.94% of total crypto market 24-hour volumes. The total volume of all stablecoins stands at $69.37 billion. This is 66.91% of the total crypto market 24-hour volume.
Bitcoin currently holds the dominance at 39.34 percent. This is a decrease by 0.25 percent from the previous day.
Experts in India believe that cryptocurrency exchanges required clarity about whether they should pay Goods and Services Tax on earnings from the non-monetary route. This means that earnings are not limited to Indian Rupees (INR), but also from cryptocurrencies. This is after the recent Income Tax raid on WazirX, one of India’s largest crypto exchanges. According to exchanges, there is also confusion about how crypto assets should be classified and taxed for different business models.
CryptoWire launched India’s first index for cryptocurrency earlier. This index, called IC15 and tracks the performance of the 15 most liquid and traded cryptocurrencies.