Bitcoin Tops $42K, Cardano, Chainlink and Algorand Trade Higher By Up To 10%

Bitcoin in trade on Tuesday at the time of writing this copy at around 9:22 am (IST) topped $42K levels, gaining over 3%. Its price in INR as per WazirX is Rs. 32,85,133. In November 2021, the world's most popular and largest crypto token hit an all time high of close to $69,000.

Ether, the second major altcoin with respect to market cap also was trading higher by 5.8% at $3,013. Further other top assets as defined by Coindesk traded mostly with gains, with Algorand up close to 10%, Chainlink up over 7%, Cardano up over 6%, Polkadot up more than 5%, Ripple also traded with gains of over 6%.

Meanwhile, the global crypto market cap jumped by close to 4% over the previous day, even though it remained below $2 trillion mark at $1.92 trillion. The total crypto market volume also gained by a whopping 18% to $96.05 billion.

As per a report from CoinShares-digital asset manager, crypto market witnessed net outflows for the second consecutive week. In the week ended March 18, 2022, the segment saw net outflows to the tune of $47 million.

Government clarification on crypto

The centre on Monday said clarified that investors shall not be allowed to offset losses in one crypto against another. Mining infrastructure would also not be eligible to be deducted as the cost of acquisition, it said. This is probably not a good news for crypto traders, investors as tax provisions including setting off losses as well as the cost of acquisition in other assets including stocks, gold, mutual funds etc. enable investors in lowering tax incidence.