ETH POW fork CRASHES 75%
In today’s newsletter
Bitcoin and Ethereum values decline amid losses in global markets
Centre starts working on indirect tax regime on crypto assets.
Bitcoin and Ethereum values decline amid losses in global markets:
Major cryptocurrencies continued to experience losses.
Bitcoin fell below $19,000 and Ethereum fell below $1,400 amid largely negative trends in global markets.
The market capitalization of all cryptocurrencies was $933.26 billion, with a volume of $65.56 billion over the previous day.
Bitcoin fell 5.4 percent to $18,934.8. Its market value stood at $373 billion. The trade volume was at $31.6 billion. The token has slumped 11.5 percent in the last seven days.
Ethererum slid 10 percent to $1,307.2 with a market capitalization of $164.2 billion. The trade volume of Ethereum was $16.3 billion in the last 24 hours. Ether has plunged as much as 23.7 percent in the last seven days.
Meme-based virtual currency Dogecoin was 8.3 percent down with a market capitalisation of $7.7 billion. Shiba Inu was trading 9.7 percent lower while Solana fell 8.3 percent to $30.8 billion.
New PoW Ethereum Fork Plunges 75%
ETHPoW, the Proof-of-Work Ethereum fork aimed at miners, lost three-quarters of its value within its first 24 hours. The network was launched around eight hours after the Merge. Users had trouble accessing the network as its Chain ID was already being used by another project. Daily issuance of ETHPoW tokens is worth around 0.8% of the value generated each day under PoW Ethereum. Miners are having trouble staying profitable.
Centre starts working on indirect tax regime on crypto assets.
In order to prevent any income loss to the exchequer as a result of the uncertainty around the true nature of digital assets, the government has begun work on a complete indirect tax regime for crypto assets.
The finance ministry intends to clarify the features of cryptocurrencies, their usage, and how they fit into the current legal system. Once its legal nature is decided on, the appropriate GST rate will be decided, said two persons aware of discussions in the government.
They said, on condition of anonymity, "The proper GST rate would be chosen after its legal nature is determined." They noted that it might possibly be a new GST bracket between 18% and 28%.
“We are still discussing the applicability of GST in case of crypto assets…right now, it is levied on services… so we need to see if crypto assets are declared as a good or service. We can have a special rate for it. It may not necessarily be 18% or 28%. Maybe somewhere between that. We have had a few discussions on it and will arrive at a decision soon," said one of the two people quoted above.