Economic Affairs Secretary; Bitcoin Up

Economic Affairs Secretary Ajay Seth has said that the government is ready with its consultation paper on cryptocurrencies. He was speaking to reporters on the sidelines of an event on Monday, Reuters reported. He further said that inflation in India should moderate in the coming months.

Seth said that a worldwide consensus on cryptocurrencies was required and that India would study the legislation in place in other nations before choosing its own.

The government had announced in the annual Budget that gains from cryptocurrency investments would be taxed at 30 per cent, but the proposal has yet to be given legal status.

In another news, Sportzchain, a Blockchain-based fan-engagement ecosystem has launched the phygital non-fungible token (NFT) of Tamil Thalaivas, a pro kabaddi team, whose captain Surjeet Singh was auctioned within 24 hours of listing. Praveen Ramasamy, an avid fan of Tamil Thalaivas digital collectables, was present at the occasion.

According to the press release, the memorabilia consists of the matchday jersey signed by Surjeet Singh, and a plaque commemorating his achievement of becoming the first cover defender in the history of the Kabaddi League to score 300 tackle points. It also has a QR code representing the smart code that can be used to access the validation of the NFT ownership details.

Vinayak Yannam, co-founder and CBO, Sportzchain, says: “Being the first to launch a physical memorabilia in the sports segment, we had to make it memorable. So, we decided to give this moment a personal touch and personally deliver it to the buyer. Meeting Praveen was a great experience. We had so much to talk about as we are both NFT and sports fans. He shared his views on NFT collections and expectations from the Tamil Thalaivas team during the upcoming season. As we gear up to launch the NFT collections of more sports partners, we are becoming increasingly curious and excited about connecting with like-minded fans and enthusiasts.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 5.13 per cent in the last 24 hours, and it was trading at $30,622.56 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.01 per cent, up by 0.13 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,895.89, up by 5.74 per cent, while Binance Coin (BNB) increased by 4.65 per cent during the same time period and was trading at $316.04. Solana (SOL) was up by 6.10 per cent to $46.06, while Cardano (ADA) was up by 11.23 per cent to $0.5204.

Meme Coin

Dogecoin was trading at $0.08503 on Coinmarketcap.com at 4:45 p.m. IST, up by 4.21 per cent. Its rival, Shiba Inu, was up by 9.83 per cent, and was trading at $0.00001184. Samoyedcoin was up by 5.56 per cent, and it was trading at $0.005417, while Dogelon Mars was up by 5.82 per cent, and it was trading at $0.0000004734.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.27 trillion, an increase of 4.62 per cent in the last 24 hours, while the total crypto market volume was $68.86 billion, an increase of 38.25 per cent.

Cloudname (CNAME) was the biggest gainer, gaining 1,393.78 per cent. It was trading at $0.00887 at 4:40 pm IST, according to Coinmarketcap. In contrast, FUTUREXCRYPTO (FXC) witnessed the maximum loss and fell by 71.96 per cent. It was trading at $0.4182.