Crypto markets recover; Bitcoin, Ethereum, Luna see uptrend

Cryptocurrency markets have slightly recovered in the last 24 hours. The global market cap is up by 2.09 per cent in the last 24 hours and is at $1.89 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is up by 2.34 per cent and is trading at $40,729. Ethereum rose by 1.93 per cent and is trading at $3,051.

The USDT Tether and the USDC stablecoins showed 0.00 per cent change in their values in the last 24 hours. 

The BNB token has gone up by 1.72 per cent.

XRP Ripple is up by 1.10 per cent. The ADA token showed 1.57 per cent uptrend.

Terra LUNA is up by a whopping 14.92 per cent in the last 24 hours. 

Solana rose by 0.96 per cent. Avalanche is up by 1.82 per cent.

Overall, all top tokens have recovered slightly after tanking on Monday.

The events after the launch of Coinbase exchange in India have spelled trouble for all Indian exchanges. For starters, UPI has been withdrawn as an option to buy cryptocurrencies to avoid NPCI's wrath. Moreover, the other convenient mode of deposit, MobiKwik, has also suspended its services across all crypto exchanges in India.

All these factors, coupled with the recently imposed 30 per cent tax on gains from virtual digital assets, which include cryptocurrencies, have caused a steep plunge in the trading volumes of cryptocurrency exchanges in India.