Crypto markets recover, global m-cap rise 1.97%

Cryptocurrency markets have slightly recovered in the last 24 hours. The global market cap is up by 1.97 per cent in the last 24 hours and is at $1.86 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is up by 0.99 per cent and is trading at $39,792. Ethereum rose by 2.04 per cent and is trading at $3,021.

The USDT Tether stablecoin showed 0.00 per cent change in its value in the last 24 hours, whereas the USDC stablecoin rose by 0.02 per cent. 

The BNB token has gone up by 5.03 per cent.

XRP Ripple is up by 2.32 per cent. The ADA token showed 2.02 per cent uptrend.

Terra LUNA is up by 1.88 per cent in the last 24 hours. 

Solana rose by 2.86 per cent. Avalanche is up by 2.71 per cent.

Overall, all top tokens have recovered slightly after tanking on Tuesday. 

In India, the latest crypto tax regime has negatively impacted crypto trading. Exchanges are reporting steep decline in trading volumes and liquidity providers have also backed out making trading even more difficult on KYC compliant crypto exchanges operating in India.

Furthermore, payments service provider MobiKwik has suspended its services across all crypto exchanges operating in India. 

Users were also unable to deposit INR onto CoinSwitch Kuber exchange via any medium, be it net banking, UPI or any other mode of deposit.