By Franklin Smith
Global cryptocurrency exchanges targeting the Indian market await more crypto regulatory clarity to make investment decisions and entry even after the tax regime announcement by the government in the Budget.
The crypto markets traded higher today after lucrative news from Russia, targeting to regulate the assets rather than banning them. Meanwhile, Russian Authorities unveiled a document on Tuesday highlighting cryptocurrency regulation.
Moreover, the central bank, which had suggested a crypto trading and mining ban, supported the plan by the Russian government. Also, the news emerged not long after the Indian government made a step to cryptocurrency legalization with assets taxation.
Excluding the dollar-tied USDC, Solana, and Terra, seven of the top ten crypto tokens trade with impressive upticks on Thursday. ETH led the pack with its 4% surge, while SHIB added 3% to its value.
Meanwhile, the global crypto market capitalization registered a nearly 2% jump, again exploring the $2.01 trillion zone. However, the total market volume lost 25% to $76.92 billion.
The Indian Market
Global cryptocurrency exchanges targeting the Indian marketplace await clarity of regulation to draw investment decisions before joining the market. That comes even after authorities declared crypto taxation in the Budget.
Nevertheless, the government examines the GST (goods & services tax) applicability on several crypto undertakings, including mining.
Experts Outlook
The Russian government announced its goals to regulate the cryptocurrency sector. CoinDCX Research Team stated that the somewhat 180 reversal from Russia’s original plan to prohibit crypto means a positive sentiment for the industry.
It added that the regulatory clarity allows institutions like family offices, pension, and endowment exposure to cryptocurrency seamlessly, potentially opening the gates for mainstream crypto adoption in Russia.
Tech View
Kadena is among the scalable layer1 network that allows developers to build products. It utilizes the Proof-of-Work mechanism operation on the ‘smart’ contract language Pact. KDA is the platform’s native coin, and it witnessed an impressive surge last year, multiplying its price by almost 87, from $0.32 to $28. However, today’s significant retracement has the alt trading at $10.
Meanwhile, KDA eyes an upward move towards massive resistance at $10.6, then $12.1. As Bitcoin consolidates, the alt can achieve such goas; nevertheless, bearishness emergence will mean a down move to support at $8.9, then $8.