Bitcoin, Ethereum Extend Gains Amid Positive Trend In Global Equities

Most cryptocurrencies on Friday extended gains, after registering a short fall in the previous session.

World’s most popular and largest cryptocurrency Bitcoin was trading 3.3 percent up at $21,049.2 at 7:28 am. Bitcoin’s market capitalisation grew 3.9 percent over the last 24 hours and was up at $402.4 billion, while the trade volume was around $42 billion in the past 24 hours.

A WazirX analyst underlined, “Large investors continued to make most of this bear market with Giga-whales (entities with over 100,000 Bitcoins) accumulating an additional 16 percent of BTC.”

They added: “The hourly trend for Bitcoin continues to move within the newly formed ascending channel pattern. An immediate resistance is expected at the $32,300 level and a key is expected at $14,000.”

Second-largest virtual currency Ether was around six percent up at $1,151.6 with market capitalisation of $139.9 billion. Trade volume of Ethereum was around $14.4 billion in the last 24 hours, down from $15.4 in the last session.

The analyst said, “The daily chart for ETH-BTC is traversing within an ascending triangle pattern. The next key support for ETH-BTC is expected at 0.046 level and next resistance is expected at 0.076.”

Source: WazirX

Meme crypto Dogecoin climbed 3.8 percent with a trade volume of $452.2 million in 24 hours. Shiba Inu was trading 2.4 percent higher at $0.0000103 while Solana was up by 8.4 percent to trade at $38.1 billion.

GST council on crypto

The officers’ committee on goods and services tax (GST) has suggested that the GST Council defer a decision on the cryptocurrency and other virtual digital assets tax.

In its report to the GST Council, the committee of officers from the Centre and states, referred to as the Fitment Committee, suggested that a law on cryptocurrency regulation is awaited. Identifying all relevant supplies associated with the crypto-ecosystem would be essential, besides classifying whether they are goods or services.

The committee felt that a deeper study was needed on the issues involved in the crypto ecosystem.

Global stock markets were in green on Friday. Indian headline indices opened higher amid mixed trends in Asian equities.