Today’s session saw Bitcoin surging slightly amid volatile markets following continued Russia-Ukraine tension. The world’s dominant crypto gained 1.03% within the previous 24 hours to change hands near $44,410.32 at this publication (Coinmarketcap data). Remember, BTC gained more than 6% over the past seven days.
Ethereum, the 2nd-largest crypto, dropped by 0.85% within a day to $3,105.38. The leading alt stayed over 5.40% up over the previous week.
Meanwhile, India passed the 2020 Finance Bill on Thursday, proposing to tax cryptocurrencies. The new policies will start operating on 1 April. The monetary ministry proposes to review the section associated with the setting off losses from crypto gains and eliminate the term ‘other.’
That means users cannot offset the loss from VDA (virtual digital asset) transfer against money from a different VDA transaction. The 2022-2023 Budget has clarified concerns about cryptocurrency taxes. From 1 April, such transactions will attract a 30% I-T plus surcharges and cess, similar to returns from horse racing and other hypothetical transactions.
WazirX CEO and founder Nischal Shetty commented, stating that the 30% tax on digital coins will be harmful to the investor growth that India has witnessed. He added that day traders could fail to save on taxes. Prohibiting investors from using crypto gains to offset losses incurred from different pairs will curb industry growth by discouraging crypto participation.
Top 10 Crypto Prices by Market Value (Coinmarketcap data as of 26 March 2022)
Bitcoin $44,410.31 – 1.03% gain in the past 24 hours
Ethereum $3,105.37 – 0.85% loss in the past 24 hours
Tether $1.00 – 0.01% loss in the past 24 hours
BNB $410.39 – 1.00% loss in the past 24 hours
USD Coin $0.9999 – 0.01% gain in the past 24 hours
XRP $0.8261 – 1.73% loss in the past 24 hours
Cardano $1.11 – 4.67% gain in the past 24 hours
Solana $98.86 – 4.64% loss in the past 24 hours
Terra $89.57 – 4.18% loss in the past 24 hours
Avalanche $83.73 – 3.31% loss in the past 24 hours