Cryptocurrency Update – May 10, 2022

Insight Bureau: Cryptocurrency traded in the red on May 10, 2022. The global crypto market cap dropped 9.78% in a day, currently standing at $1.41 trillion. The total crypto market volume over the last 24 hours, however, rose to $181.93 billion which is a 82.97% increase.

The total volume in DeFi is presently $20.85 billion, 11.46% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, increased by 0.34%, to currently stand 41.79% as per the data from CoinMarketCap.

As of 4:08PM IST on May 10, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 25,77,621 , -4.74%
Ethereum – 1,95,251 , -0.70%
Tether – 82.14 , +0.15%
Cardano – 55.18 , +0.93%
Binance Coin – 26,412 , -3.97%
XRP – 42.63 , -2.37%
Polkadot – 966.45 , -1.09%
Dogecoin – 9.30 , -3.40%

Bitcoin has tumbled 28% this year so far. According to analysts, the Russia-Ukraine war along with changing economic policies has had a huge impact on the cryptocurrency market as investors flee to more stable havens.

In policy news, the GST Council is considering levying 28% tax on cryptocurrencies and related services. The proposal is likely to be discussed in the next GST Council meeting.
As per the sources, the government’s view is to keep cryptos at par with lottery, casinos, betting and race courses.