Cryptos Show Strength; Cosmos Outperforms, Tether, Cardano Weak

As per Coinmarketcap.com, the global crypto market capitalisation has once again reclaimed $2 trillion level, gaining over 2 percent over the last 24 hours. The total volume in the market though has declined by a steep 35.27% to $50.66 billion.

Cryptos Show Strength; Cosmos Outperforms, Tether, Cardano Weak

As of writing this copy at around 11:15 pm (IST), bitcoin-the oldest and largest digital asset by market cap was up by over 2.5% at $43,119.8. Ethereum too was trading with gains of over 3 percent at $3236. Likewise, of the 20 top assets as compiled by Coindesk, most traded in the green, with Cosmos (ATOM) outperforming with gains of over 12%. On the other hand, Tether, Cardano and Ethereum Classic traded with marginal losses.

The policymakers in the US have been deliberating on energy and environmental issues concerning crypto-mining. The Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce is today conducting a hearing titled, "Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains."

Back in India, ahead of the Budget 2022, cryptocurrency stakeholders expect the Budget to offer clarity on cryptocurrency classification as well as taxation in the country. Nevertheless, they do not expect it to be the legal tender.

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