Crypto markets in red, global m-cap shrinks to $1.85 trillion

Cryptocurrency markets have witnessed a downtrend in the last 24 hours. The global market cap is down by 1.73 per cent in the last 24 hours and is at $1.8 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is down by 1.45 per cent and is trading at $39,782. Ethereum fell by 2.02 per cent and is trading at $2,993.

The USDT Tether stablecoin showed no change in its value in the last 24 hours, whereas the USDC stablecoin fell by 0.04 per cent. 

The BNB token is down by 2.00 per cent.

XRP Ripple is also down by 2.09 per cent in the last 24 hours. 

The ADA token showed 2.76 per cent downtrend.

Terra LUNA was also down by 3.13 per cent in the last 24 hours. 

Solana fell by a slight 0.94 per cent. Avalanche is down by 2.13 per cent.

Overall, the trends in crypto markets are bearish. Despite favorable regulations by some governments and adoption by outlets like McDonald's, Starbucks, Walmart, etc the cryptocurrency tokens are still showing a downtrend.

Crypto trading in India has also been taking a step back because of the introduction of 30 per cent taxation on crypto gains which became applicable from April 1. Moreover, trading has also been severely impacted after liquidity providers have backed out due to negative market sentiments.