Early on January 17, cryptocurrencies were trading in the red. The worldwide cryptocurrency market capitalization is now $2.07 trillion, up 0.29 percent from the previous day. The global crypto market volume increased by 3.98 percent in the last 24 hours to $64.37 billion.
Except for Solana and Polkadot, all of the top ten digital tokens were trading positively in early trade on Monday.
On the other hand, Cardano soared over 12% to become the fifth-largest coin by market capitalization.
Compared to the previous day, the global crypto market cap remained nearly steady at $2.07 trillion. The overall crypto market volume, on the other hand, climbed by 5% to $64.30 billion.
What’s going on in India?
Bitcoin’s price is currently above Rs 34 lakh. It has had a 39.35 percent domination over other cryptocurrencies in the last 24 hours. This represents a 0.15 percent decline from the previous day.
According to Nangia Andersen LLP tax leader Aravind Srivatsan, the government could consider levying TDS/TCS on the sale and purchase of cryptocurrencies above a certain threshold in the upcoming Union Budget 2022, and such transactions should be brought within the ambit of specified transactions to report to income tax authorities.
Given the size of the market, the amount at stake, and the risk associated with cryptocurrencies, he believes that specific changes in the taxation of cryptocurrencies, such as bringing them under the provisions of tax deducted at source (TDS) and tax collected at source (TCS) above a threshold limit, could help the government track down the “footprints of investors.”
Global updates on Cryptocurrency
Skeptics argue that cryptocurrencies and associated assets like NFTs are digital Ponzi schemes, with values artificially inflated above their genuine value. Some people are skeptical about the long-term utility of cryptocurrencies and blockchain technology.
NFTs, a cryptocurrency-based asset, have exploded in popularity.
One of Twitter’s founders Jack Dorsey’s firm, Block, was recently renamed the blockchain, the distributed ledger system that supports the digital currency. Melania Trump sold her own NFTs at an auction.
However, some believe that the crypto frenzy has gone too far and too quickly. According to skeptics, cryptocurrencies and associated assets like NFTs are digital Ponzi schemes, with values artificially inflated above their genuine value.