The global cryptocurrency market capitalization dipped 4.04 percent over the last 24 hours to $1.70 trillion, while the trading volumes were up 7.54 percent to $68.72 billion.

While decentralized finance (DeFi) accounted for 16.55 percent of the 24-hour cryptocurrency trading volume at $11.37 billion, stablecoins constituted 76.59 percent at $52.63 billion. Bitcoin’s market dominance rose 0.00 percent to 41.14 percent and the currency was trading at $36,918.30 in the morning on February 3.

While Bitcoin was down by 4.07 percent to USD 36,969.10, Ethereum reported a slide of 3.62 percent at USD 2,666.27.

Other cryptocurrencies such as XRP was down by 3.62 percent, Solana by 10.38 percent, Terra by 7.04 percent, Cardano by 5.03 percent, Polkadot by 8.79 percent, Stellar by 5.03 percent, Dogecoin by 3.22 percent, Chainlink by 9.12 percent, Polygon by 6.66 percent, Shiba Inu by 4.63 percent, Uniswap by 6.65 percent, and Wrapped Bitcoin by 4.02 percent.

Revenue Secretary Tarun Bajaj said on Wednesday that income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, according to a PTI report.

The government will from April 1 charge a 30 percent tax plus cess and surcharges, on any income from the transfer of any virtual digital asset. The gift of the virtual digital assets will also be taxed in the hands of the recipient.

Loss from the transfer of virtual digital assets cannot be set off against any other income. To capture the transaction details, Tax Deducted at Source (TDS) will be provided on payment made in relation to the transfer of virtual digital assets at the rate of 1 percent.

Dogecoin price also plunged nearly 4 percent to $0.13 whereas Shiba Inu was trading more than 5 percent lower at $0.000021 The performance of other cryptos also plummeted as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, prices were trading with cuts in the range of 4-9 percent over the last 24 hours.

In another, news India’s Finance Secretary on Wednesday said that cryptos will never become a legal tender, only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender. “Digital rupee will be backed by RBI which will never default. Rest all are not legal tender, will not, will never become legal tender. Bitcoin, Ethereum, or any picture of Actor become NFT will never become a legal tender,” he said.

Facebook cited stagnant user growth in its earnings report as it took its eye off of flagship products and pivoted to creating a metaverse—an internet where people use digital avatars to interact, often with virtual and augmented reality headsets.

Also, Wormhole, a protocol that allows users to move their tokens and NFTs between Solana and Ethereum, has confirmed that it suffered an exploit of 120,000 Wrapped Ethereum, worth over $320 million—higher than the $250 million originally suspected. 

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