cryptocurrency prices today: Top cryptocurrency prices today: Terra, Bitcoin, Dogecoin, Shiba Inu gain up to 6%

New Delhi: Crypto markets made a quick recovery on Tuesday as peace talks between Russia and Ukraine supported the sentiment. Traders awaited the US Fed’s upcoming monetary policy meeting, which kicks off today. Many are wary of a deeper selloff if Fed gives a clear path for interest rate hikes.

Barring the dollar-pegged stable coins, all of the top digital tokens were trading higher. Terra gained more than 6 per cent, followed by a 3 per cent rise in Bitcoin. Avalanche and Dogecoin added 2 per cent each.

The global cryptocurrency market cap today dropped lower to $1.73 trillion, jumping about 2 per cent in the last 24 hours. Total cryptocurrency trading volume zoomed as much as 20 per cent to $74.69 billion.

Global investors are scooping up stakes in cryptocurrency funds and companies as they seek exposure to a sector many believe could withstand the fallout from the Russia-Ukraine conflict.

What’s cooking in India

• High-value crypto transactions of about 700 investors have come under the scanner of the income tax department, which is now proposing to issue notices to them. These individuals or entities could face 30 per cent tax, penalty and interest.

• The crypto industry has reached out to the finance ministry, seeking to either reduce or eliminate the 1 per cent tax deducted at source (TDS) proposed on the proceeds of all crypto transactions. The Finance Bill will be approved in the Parliament session that commenced Monday. Top crypto players are taking up the demand with the ministry through the Blockchain and Crypto Assets Council (BACC).

• Cryptocurrency startups have begun offering investors an option to earn interest on virtual assets to battle volatility even as the industry awaits regulatory and legal clarity on the issue. Crypto startups are offering fixed returns on one’s holdings.

Expert take
Bitcoin and Ethereum picked up a little trading momentum, said Edul Patel, Co-founder and CEO, Mudrex. “If buyers could hold above the support…