The cryptocurrency market has gone into the red in the previous 24 hours, with trading volume falling by 6.43% to 128.94 billion dollars. Trading volume is the total number of shares of a security that were traded during a given period of time. It is a technical indicator because it represents the overall activity of a security or a market.
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DeFi is currently worth around $15.56 billion, accounting for nearly 12.07% of the entire crypto market volume (24-hour basis). The stable coin volume, which stands at around 96.09 billion dollars, accounts for 74.52% 24-hour volume of the crypto market.
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India has made great progress in cryptocurrency legislation, with reports indicating that the government may authorize and regulate the usage of cryptocurrencies as an asset class similar to gold, stocks, bonds, etc. Their usage as money for transactional purposes, however, may be prohibited. It is also suggested that SEBI may be entrusted with the task of regulating this new asset class.
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In line with this approach, the government is considering taxing cryptocurrency trading in India. According to reports, cryptocurrencies would be subject to a 1% GST on all crypto exchanges, which will be collected on the source. The bill’s specifics are being completed, and it is being considered for introduction in the next 2-3 weeks, during the parliament’s winter session.
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As of 12:30 pm on November 18, 2021, these are the prices of the largest cryptocurrencies (data from Coingecko):
- Top 5 cryptocurrencies
Bitcoin (BTC)
BTC is trading at Rs 4,454,513, up by 0.2% in the last 24 hours. Its total market cap is Rs 84,085,449,374,816 The 24-hour trading volume is Rs 2,777,979,631,483. The highest it touched was Rs 4,550,617 and the lowest was Rs 4,399,094 .
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Ethereum (ETH)
ETH is trading at Rs 316,551, up by 1.8% in 24 hours. It has a total market cap of Rs 37,639,868,770,210. The highest it touched was Rs 324,418 and the lowest was Rs 308,349. The 24-hour trading volume is at Rs 1,507,743,197,247.
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Binance Coin (BNB)
BNB is trading at Rs 42,718.86, up 1.3% in 24 hours. The highest it touched was Rs 44,002.88 and the lowest was Rs 41,581.77. BNB has a market cap of Rs 7,200,035,096,660. The 24-hour volume is at Rs 178,765,345,938.
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Tether (USDT)
USDT is trading at Rs 74.63, -0.1% down from the previous day. The highest it touched was Rs 75.30 and the lowest was Rs 74.00. The total market cap of USDT is Rs 5,561,412,700,125. The 24-hour trading volume is Rs 5,452,685,677,130.
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Solana (SOL)
SOL is trading at Rs 15,832.98, down by -0.4% in the last 24 hours. The highest it touched was Rs 16,543.45 and the lowest was Rs 15,720.69. SOL has a market cap of Rs 4,828,016,626,590. The 24-hour volume trading is at Rs 199,516,812,407.
