Cryptocurrencies traded in the green early on January 5. The global crypto market cap is $2.23 trillion, a 0.98 percent increase over the last day. The total cryptocurrency market volume over the last 24 hours is $103.68 billion, which makes a 17.29 percent increase.
The total volume in DeFi is currently $31.04 billion, 29.94 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now $69.37 billion, which is 66.91 percent of the total cryptocurrency market 24-hour volume.
Bitcoin\’s dominance is currently 39.34 percent, a decrease of 0.25 percent over the day.
In India, experts say that cryptocurrency exchanges needed clarity on whether they should pay Goods and Services Tax (GST) on earnings from the non-monetary route, i.e., from cryptocurrencies and not only from Indian Rupees (INR) which has been cleared now. This comes after the recent income tax raid on one of the largest Indian crypto exchanges, WazirX. Exchanges say there is also a lack of clarity on how crypto assets are categorised and how different business models should be taxed.
CryptoWire earlier launched India\’s first index of cryptocurrencies. Called IC15, this index tracks performances of the top 15 most widely traded and liquid cryptocurrencies.
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As off 8.25 am on January 5, these are the prices of largest cryptocurrencies (data from WazirX):
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