Crypto markets show growth; Bitcoin close to $42,000

Cryptocurrency markets have gone up in the last 24 hours. The global market cap rose by 3.16  per cent in the last 24 hours and is at $1.90 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is up by 2.87 per cent and is trading at $41,976. Ethereum is up by 4.43 per cent and is trading at $2,968.

Stablecoins showed a slight downtrend. The USDT Tether stablecoin is down by 0.01 per cent in the last 24 hours.  The USDC stablecoin is also down by 0.01 per cent. 

The BNB token has also risen with all the top tokens and is currently up by 3.80 per cent.

XRP Ripple showed a significant rally and is now up by 7.21 per cent.

Terra LUNA is up by 2.31 per cent in the last 24 hours. 

The ADA token is up by 6.55 per cent. Solana and Avalanche are up by 3.74 per cent and 5.59 per cent respectively.

It is noteworthy to mention that on Monday the government of India clarified some doubts related to the taxation of cryptocurrencies in India. Pankaj Chaudhary, Minister of State, Ministry of Finance clarified that no set offs or deductions can be availed when it comes to filing taxes on crypto or virtual digital asset transfers.