Crypto markets in red again; global market cap falls over 4.88% – Business Today

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Cryptocurrency markets are in red again after rallying in the past few days. The global market cap fell by 4.88 per cent in the last 24 hours and is at $2.05 trillion as of 8:00 AM IST, CoinMarketCap data showed.
Bitcoin is down by 5.21 per cent and is trading at $44,880. Ethereum fell by 4.91 per cent and is trading at $3,242.
The USDT Tether stablecoin showed 0.01 per cent uptrend in its value in the last 24 hours. The USDC stablecoin is down by 0.01 per cent. 
The BNB token has gone down by 6.21 per cent.
XRP Ripple is up by 5.68 per cent. The ADA token showed 6.14 per cent downtrend.
Terra LUNA is down by 6.29 per cent in the last 24 hours. 
Solana fell by a meagre 0.18 per cent. Avalanche is down by 6.53 percent.
It is noteworthy to mention that from today onwards the new crypto tax regime will be applicable. Under the new legislation, flat 30 per cent tax and 1 per cent TDS would be applicable on cryptocurrencies. Moreover, no set-off, deductions or carry forwards would be allowed.
Also Read: Maharashtra’s Gadchiroli to issue caste certificates via blockchain platform Polygon
Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins
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