New Delhi, India: Even as investors dumped the largest digital token, Bitcoin, the cryptocurrency market edged upward on Thursday. In the meanwhile, investors remained cautious ahead of critical economic data.
With the exception of Bitcoin and Polkadot, all of the top ten digital tokens were trading higher around 9.30 IST. Terra increased by 11%, while Binance Coin increased by 5%.
In comparison to the previous day, the worldwide crypto market cap increased by less than 1% to $2.36 trillion. The total crypto market volume, on the other hand, fell by nearly 6% to $102.17 billion.
The proposed Cryptocurrency Bill is intended to impose a blanket prohibition on exchange-to-exchange transfers in the country, as well as impose restrictions on certain forms of identity-masked wallets.
This will put an end to the usage of Google Chrome extensions that allow users to trade in over 4,000 different cryptocurrencies. New Delhi will also be able to monitor an exchange’s ledger for foreign exchange transfers under the legislation.
Whales are continuing to accumulate as the market recovers from the week’s sell-off, with the number of addresses holding 10 BTC reaching a four-month high of 148,736 addresses, according to the CoinDCX Research Team.
“Circle, FTX, Bitfury, Paxos, Stellar, and Coinbase will meet with US regulators in a wide-ranging hearing on digital assets and stablecoins,” it added.
Giottus Cryptocurrency Exchange’s tech perspective
Polkadot is a unique perspective on a smart blockchain network that addresses a vital market need. It joins separate blockchains to establish a unified network that may share and trade information.
Polkadot is a multi-chain architecture that was launched in 2017 and already supports numerous active blockchains, Decentralized Autonomous Organizations (DAOs), and security token platforms. Its token, DOT, has risen roughly 400% since its low point in July of this year.