Cryptocurrencies were trading in the green Early on Wednesday,  January 5. The worldwide crypto market capitalization is now USD2.23 trillion, up 0.98 percent from the previous day. The overall cryptocurrency market volume over the last 24 hours has increased by 17.29 percent to USD103.68 billion.

The entire volume in DeFi is currently USD31.04 billion, accounting for 29.94 percent of the total 24-hour volume in the crypto market. The overall volume of all stablecoins is now USD69.37 billion, accounting for 66.91 percent of the total 24-hour volume of the cryptocurrency market. Bitcoin's market share is at 39.34percent, down 0.25 percent from the previous day.

Experts in India said cryptocurrency exchanges sought clarity on whether they should pay GST on earnings from non-monetary sources, such as cryptocurrencies, rather than just Indian Rupees (INR), which has now been resolved. This follows the recent income tax raid on WazirX, one of India's top cryptocurrency exchanges. There is also a lack of clarity on how crypto assets are classified and how alternative business models should be taxed, according to exchanges.

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