Cryptocurrency update: On Friday, March 26, Bitcoin edged higher in volatile markets as tensions between Russia and Ukraine continued for over a month. The world’s largest cryptocurrency by market value is up 1.03% in the past 24 hours to $44,410.31 at the time of writing, according to global crypto tracking website CoinMarketCap . It should be noted that Bitcoin has gained more than 6% over the past seven days.
Ether, the second most popular cryptocurrency, fell 0.85% in one day to $3,105.37, according to CoinMarketCap. On a weekly basis, Ether gained over 5.40%.
Back in India, the Lok Sabha in Thursday’s budget session passed the Finance Bill 2022, which proposed taxing virtual digital assets, or cryptocurrencies. The new rules are expected to come into effect on April 1. In line with amendments to the Finance Bill 2022, the Ministry of Finance proposes to remove the word “other” from the section relating to compensation for losses of gains on virtual digital assets.
This would mean that the loss resulting from the transfer of virtual digital assets (VDAs) cannot be compensated by the income resulting from the transfer of another VDA. The 2022-23 budget provided clarifications regarding the levy of income tax on crypto-assets. From April 1, a 30% tax, plus tax and surcharges, will be levied on such transactions in the same way it treats winnings from horse racing or other speculative transactions. In addition, when calculating ARV transfer income, no deduction for any expense (other than acquisition cost) or allowance will be allowed.
“The proposed 30% tax, whether or not the crypto-assets are fixed assets, will be detrimental to the investor growth the industry has seen so far. This decision will make day-traders unable to save on taxes, even if they are not currently in income tax brackets. Additionally, not allowing investors to offset the losses of one crypto trading pair with the gains of another kind will further discourage crypto participation and stunt industry growth,” said WazirX Founder and CEO. , Nischal Shetty.
Here are the top 10 cryptocurrencies and their prices as of March 18, 2022 (data from coinmarketcap.com at the time of publication of this article)
Bitcoin $44,410.31 or 1.03% gain in the last 24 hours
Ethereum $3,105.37 or 0.85% loss in the last 24 hours
Tether $1.00 or 0.01% loss in the last 24 hours
BNB $410.39 or 1.00% loss in the last 24 hours
USD Coin $0.9999 or 0.01% gain in the last 24 hours
XRP $0.8261 or 1.73% loss in the last 24 hours
Cardano $1.11 or 4.67% gain in the last 24 hours
Solana $98.86 or 4.64% loss in the last 24 hours
Terra $89.57 or 4.18% loss in the last 24 hours
Avalanche $83.73 or 3.31% loss in the last 24 hours
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