April has apparently started off on a high note for crypto investors, with the majority cryptocurrencies maintaining their profits. On Monday, April 4, Bitcoin opened with gains of 0.15%. Its current trading value is $47,543 (roughly Rs. 36 lakh) according to Indian exchange CoinSwitch Kuber. BTC has seen very small, almost negligible, losses on international exchanges. On Binance and CoinMarketCap for example, Bitcoin fell around 0.25%. Currently, the international trade value of Bitcoin stands at nearly $45,897 (roughly Rs. 35 lakh).
Ether started the week opening with a gain of 1.07%. Its trade value, according to crypto price tracker Gadgets 360, is $3,625 (roughly Rs.2.75 lakh).
Unlike Bitcoin, ETH has also managed to chain gains globally. According to Coinbase, for example, ETH made a profit of 0.74%. The international trade value of Ether is around $3,498 (roughly Rs. 2.65 lakh) at the time of writing.
Binance Coin, Ripple, Cardano, Polkadot and Cosmos recorded small gains.
Memecoins Shiba Inu and Dogecoin both recorded small profits.
There were also a few popular cryptocurrencies that did not see gains today.
Avalanche, Binance USD, Tether and USD Coin recorded losses.
Prices for Solana, Terra, Polygon and Uniswap also fell.
Although the losses incurred by these altcoins are very small, they have certainly brought the reds back into the price charts.
The crypto industry as a whole is moving towards regulatory frameworks in several parts of the world.
Analysts have predicted that the more countries regulate the crypto sector, the less its volatility will manifest.
India’s crypto tax laws came into effect on April 1.
Indonesia is preparing to impose value added taxes and income tax on crypto assets from May.
The European Union (EU), which is also in the process of formulating crypto laws, has voted in favor of requiring crypto exchanges to verify the identities of the owners of the non-hosted wallets they transact with prior to a transaction. .
Discussions on cryptocurrencies have also opened up in smaller countries like Kyrgyzstan, where parliamentarians have made the case for cryptocurrencies.
The total market capitalization of the crypto industry currently stands at $2.15 trillion (roughly Rs. 1,63,03,113 crore) according to CoinMarketCap. The same figure was $2.14 trillion (about Rs. 1,62,77,490 crore) on March 31.
Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.