The cryptocurrency prices on January 5 were high as the worldwide crypto market valuation is now $2.23 trillion, up 0.98 percent from the previous day.
The cryptocurrency market has increased by 17.29 percent to $103.68 billion in the last 24 hours.
The overall volume in DeFi is currently $31.04 billion, accounting for 29.94 per cent of the entire 24-hour volume in the crypto market. All stablecoins is now $69.37 billion, accounting for 66.91 percent of the total 24-hour volume of the cryptocurrency market.
Bitcoin’s dominance is at 39.34 percent, a 0.25 percent fall from the previous day.
Total volume in DeFi is currently $31.04 billion, 29.94 percent of the total crypto market 24-hour volume. Experts believe cryptocurrency exchanges sought clarity on whether they should pay Goods and Services Tax (GST) on earnings from the non-monetary channel, i.e., cryptocurrencies, rather than just Indian Rupees (INR), which has now been resolved.
This follows the recent income tax raid on WazirX, one of the top Indian cryptocurrency exchanges. According to exchanges, there is also a lack of clarity around how crypto assets are classified and how alternative business models should be taxed.
CryptoWire created India’s first cryptocurrency index. This index, known as the IC15, analyses the performance of the top 15 most widely traded and liquid cryptocurrencies.