All crypto tokens bleeded early on Friday. Shiba Inu plummeted by more than 10%, while Terra, Dogecoin, Avalanche and Cardano each plummeted by 7%. Bitcoin and Ethereum each decreased by 5%.
The global cryptocurrency market capitalization has plummeted to $ 2.04 trillion, down 6% in the last 24 hours. Total cryptocurrency trading volume surged 18% to $ 132.87 billion.
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Private investors and crypto exchanges are preparing for a slowdown in growth as a new tax system for managing virtual digital assets (VDAs) comes into force today.
Individual investors have also squared their positions to offset any losses they may have suffered during the previous fiscal year, according to industry executives.
Edul Patel, CEO and co-founder of Mudrex, said Bitcoin, Ethereum, and other major cryptocurrencies have fallen due to high inflation rates after the European Union voted on cryptocurrencies.
“Bitcoin sellers reached resistance at $ 48,000, resulting in a pullback,” he added. “Support to keep buyers active is currently held at $ 43,000. BTC may continue to win in a row again.”
Kunal Jagdale, founder of BitsAirExchange, said he recently reached short-term support levels with the sharp profit recording of key tokens.
“The rise in energy prices due to the conflict between Russia and Ukraine has received a great deal of attention from lawmakers around the world. Inflation is a concern and is seriously damaging the higher risk asset class,” he added. ..
- European Union lawmakers were set up Thursday to support stricter safeguards for the transfer of Bitcoin and other cryptocurrencies, with the latest signs that regulators are strengthening the bohemian sector. rice field.
- The developers of the popular memetic cryptocurrency Shiba Inu (SHIB) have announced details of the virtual reality project “SHIB: The Metaverse” and announced 100,595 land plots. Some of them remain private.