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1 cryptocurrency by market capitalization spiraling toward $40,000 from about $48,000.

But as markets in Asia open, it remains uncertain whether the recovery will last since bitcoin’s spot trading volume across major centralized exchanges on Sunday was thin, according to data compiled by CoinDesk.

“The minutes confirmed a strong hawkish bias with markets now pricing in a 90% chance of a Fed [rate] hike in March,” Singapore-based crypto quant trading firm QCP Capital wrote in its Telegram channel on Sunday.

Ben McMillan, CIO of IDX Digital Assets, shared his view on the crypto markets and the impact of macro factors.

India’s Central Bank Creates Fintech Department as Challenges Posed by Crypto, CBDC Grow: According to an internal document viewed by CoinDesk, the upgrading of the unit into its own department is aimed at promoting innovation in the sector.

Industry Body for Indian Startups Seeks Crypto Rules in Coming Budget Session of Parliament: The development comes a few days after news broke that tax agencies “inspected” offices of five major cryptocurrency exchanges in the country and “recovered” over Rs 84 crore ($11 million).

Bitcoin Falls Toward $40K, Racks Up Longest Losing Streak Since 2018: Cryptocurrency analysts had warned of the possibility of a steeper sell-off, and now traders are wondering when and where the market shakeout might end.

JPMorgan Sees More Crypto Adoption in 2022, Debates Bitcoin’s Status as Store of Value: The investment bank also continues to rate crypto exchange Coinbase as a buy.

The Inside Story of How India’s Crypto Exchanges Were ‘Inspected’ by Tax Agencies: Two agencies, five months, five crypto exchanges, 100-plus officers, more than Rs 700 million in tax recovery, and yet the scale of the misdemeanor, excused by “ambiguity,” remains unknown.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis

Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups