What Happened In Crypto Today: Trump Tariffs Hit India Amid Tax Notice

The global cryptocurrency market cap stands at $3.95 trillion, marking a 3.1% increase in 24 hours. Total trading volume hit $142.44 billion. Bitcoin leads with 59% dominance, followed by Ethereum at 11.9%. The number of cryptocurrencies tracked is 17,959 coins. The Polkadot and XRP Ledger ecosystems were the top-performing sectors during this period.

Major Crypto Events

Source: Forex Factory

Major Cryptocurrency Market Update of the Last 24 Hours

Bitcoin (BTC) is priced at $117,102, with a 1.9% 24-hour gain. Its market cap is $2.33 trillion, and it saw $41.52 billion in trading volume. Bitcoin maintains the highest dominance at 59%, retaining its position as the most traded and capitalised digital asset globally across all exchanges and platforms.

Top 5 Trending Coins:

The top trending cryptocurrencies are XRP, Pendle, and Ethereum. XRP rose 10.8% to $3.31 with a TV of $8.48B. Pendle surged 25.1% to $4.98 in TV $261.49M. Ethereum gained 6.7% to reach $3,899.19 with a TV of $30.85B. Bitcoin and Pump. Fun also made the list. Their high visibility reflects strong investor interest, social media buzz, and significant trading volumes.

Top 3 Crypto Gainers:

Arena-Z (A2Z) skyrocketed by 93.9%, now priced at $0.009821 with a trading volume of $131.53M. Yala (YALA) rose 84.1% to $0.3677, trading $80.67M. TOKABU gained 63.2%, priced at $0.04151 with $12.09M in volume. These altcoins saw strong upward momentum driven by active investor interest and high volume surges.

Top 3 Crypto Losers:

GXChain (GXC) fell 56.8% to $1.00, with a trading volume of $2.67M. DOWGE (DJI6930) declined 21.7% to $0.03783, logging $2.49M in volume. Mamo (MAMO) dropped 17.3% to $0.1735, trading $15.43M. These tokens saw sharp corrections due to possible sell-offs or weakened sentiment in the past 24 hours.

The stablecoin market cap reached $275.87 billion, showing a modest 0.2% rise in 24 hours. Total trading volume amounted to $105.52 billion, highlighting their crucial role in providing liquidity, enabling arbitrage, and minimizing volatility. Stablecoins remain integral to trading pairs and decentralised applications (dApps).

DeFi’s market cap is $8.73 billion, with a growing total value locked (TVL) of $152.61 billion. The sector rose 6.4% in 24 hours and holds 3.8% market dominance. Popular DeFi protocols continue attracting users for lending, staking, and swapping, solidifying their position in the decentralized ecosystem.

Fear and Greed Index Today

Source: Alternative me

As of August 8, 2025, the Crypto Fear & Greed Index is at a level of 74, which means that the market sentiment is highly Greedy. This is an improvement over 62 on the previous day, 65 in the previous week, and 66 last month. The trend is positive and upward, indicating growing investor confidence and bullishness throughout the industry.

Crypto Market Roundup 24 hours

The $200M acquisition of Ripple’s Rail , a stablecoin payments platform, is meant to increase cross-border payments and compete with the USDC dominance. The transaction will make RLUSD more virtual and automated, in line with the new U.S. crypto laws. It makes Ripple a leader of compliant international payments and can have a positive effect on the future utility of XRP.

The Income Tax Department of India has served more than 44,000 notices to crypto traders who failed to report transactions in their income tax returns and detected Rs  630 crore of undisclosed income. Authorities are cracking down with increased vigor using blockchain tracking and digital forensics, and this is an indication that the 30% tax and 1% TDS on crypto gains will be strictly enforced.

President Trump has slapped new tariffs : doubling Indian imports to 50%, adding 15% to Japanese imports, and imposing 100% on semiconductors (except Apple and Nvidia). Tariffs on pharmaceuticals can be increased to 250%. Such aggressive actions hamper trade relations and leave the world's businesses in uncertainty, particularly those in the tech and pharma industries.

Chainlink issued its $1 million LINK token Reserve , locking tokens to decrease the circulating supply and aid enterprise use. The Reserve is funded by real revenue generated by services, increasing the demand for tokens, which leads to an increase in the price and trading volume of LINK. The action is an indicator of a rising institutional uptake and a possible price explosion due to supply.

Disclaimer: Coingabbar provides informational content on cryptocurrencies, NFTs, and other decentralised assets. This is not financial advice. Users, please DYOR, understand the risks, and consult financial professionals before investing. CoinGabbar is not responsible for any financial losses. Crypto and NFTs are highly volatile—invest wisely.