The global crypto market capitalisation fell by 0.72 percent over the last 24 hours to $1.96 trillion, while the trading volume dipped significantly by 33.59 percent to $92.04 billion on January 9.

While decentralised finance (DeFi) accounted for 17.23 percent of the trading volume at $15.86 billion, stablecoins made up 78.95 percent at $72.67 billion. Bitcoin's market dominance rose 0.50 percent to 40.49 percent and it was trading at $41,984.69 in the morning.

Bitcoin rose 1.25 percent to trade at Rs 33,98,681 while Ethereum tumbled 0.86 percent to Rs 2,54,107.3

Cardano dipped 1.61 percent to Rs 96.31 and Avalanche tumbled 0.97 percent to Rs 6,950. Polkadot tumbled 2.53 percent to Rs 1,974.91 and Litecoin rose 1 percent to Rs 10,657.89 over the last 24 hours. Tether was up 0.67 percent to Rs 80.99

Memecoin SHIB declined 3.55 percent, while Dogecoin fell 1.54 percent to trade at Rs 12.33. Terra (LUNA) dipped around 1.83 percent to Rs5,546.44

Per CoinMarketCap, a portal that tracks various cryptocurrencies, most cryptos have had a brutal new year. Only one of the top 20 cryptocurrencies by market cap has grown in price over the past seven days, namely Chainlink, which rose 20 percent over the week. All other top coins have posted double-digit percentage losses in the new year.

IndiaTech, an industry association representing consumer internet startups and major cryptocurrency exchanges like CoinSwitch Kuber, WazirX and CoinDCX, has written to Finance Minister Nirmala Sitharaman, seeking clarity on crypto taxation in Union Budget 2022-23, reported ET.

The forum has appealed to the government to tweak existing tax laws to include crypto assets and sought clarity on the method of taxation and their disclosures.