Top altcoins witness gains as Bitcoin crosses $23000 mark
In this newsletter :
What the Indian cryptocurrency sector wants from the Budget 2023
The 2 major demands are:
The 1% tax deducted at source (TDS) on transactions involving the sale of cryptoassets ought to be eliminated. This fee deters potential investors from investing in this market and causes investors to lose money with every trade, which reduces the amount of money invested in crypto assets.
The current tax architecture should be changed to allow for set-off and carry forward of losses in VDAs similar to equity shares/derivatives. The 30% threshold was set in response to comparisons of digital assets with highly speculative avenues such as gambling, betting, and so on. However, VDAs are similar to securities trading and should, therefore, be treated similarly with respect to taxation and setoff benefits.
Cryptocurrency prices today: Top altcoins witness gains as Bitcoin crosses $23,000 mark
On Monday, major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), experienced losses, sending the price of cryptocurrencies around the world into the red. .The market for cryptocurrencies fell 1.71 percent to $1.05 trillion.The overall trading volume rose by 34.02 per cent to $56.29 billion.
BTC decreased by 1.67% to $23,096.18. The value of BTC trades increased by 32.33 percent to $27.4 billion. BTC was initially rising but started falling at 2:30 pm, which caused it to enter the red zone. At the moment, BTC holds a 42.5% market share.
Similar to BTC's momentum, ETH was losing money while trading in the red. 1.580.15 was less by 2.22 percent. Its cost ranged from $1,620 to $1,582. Trade volume increased by 27.68% to $9.24 billion.
Popular meme coins registered growth in their values. While Elon Musk’s favourite, Dogecoin, was up by 0.60 percent to $0.08925, another canine-based meme coin, Shiba Inu, increased by 0.68 percent and is currently trading at $0.00001204.