Cryptocurrency update: On Friday, March 26, Bitcoin rose slightly amid volatile markets as tensions between Russia and Ukraine continued for more than a month. The world’s largest cryptocurrency by market capitalization is up 1.03 percent in the past 24 hours to $444,410.31 at the time of writing, according to global crypto-tracking website CoinMarketCap. It should be noted that Bitcoin has gained more than 6 percent in the past seven days.
Ether, the second most popular Cryptocurrency It fell 0.85 percent in one day to $3,105.37, according to CoinMarketCap. On a weekly basis, Ether is up more than 5.40 percent.
Back in India, during the budget session on Thursday, Lok Sabha passed the Finance Bill, 2022, which proposed taxing virtual digital assets, or cryptocurrencies. The new rules are set to come into effect from April 1 Finance Bill, 2022The Ministry of Finance is proposing to remove the word “other” from the section on offsetting losses from gains in virtual digital assets.
This means that the loss resulting from the transfer of a Virtual Digital Asset (VDA) will not be allowed to be offset against the income from another VDA transfer. It has clarified the 2022-23 budget regarding income tax on crypto assets. Effective April 1, a 30 percent IT tax, plus surcharges and surcharges, will be levied on such transactions in the same way as winnings from horse racing or other speculative transactions. Also, while calculating income from VDA transfer, no deduction will be allowed in respect of any expenses (other than purchase cost) or provisions.
“The proposed tax of 30 percent, regardless of whether crypto assets are capital assets or not, would be detrimental to the growth of investors that the industry has seen thus far. The move would make day traders unable to save on taxes even if they were not in the income tax brackets. Moreover, not allowing investors to offset losses from one crypto-trading pair with gains of another kind will further deter crypto-sharing and stifle the growth of the industry, said WazirX founder and CEO Nischal Shetty.
Here are the top 10 cryptocurrencies and their prices on March 26, 2022 (data from coinmarketcap.com at the time of this article)
Bitcoin $44,410.31 or 1.03% increase in the past 24 hours
Ethereum $3,105.37 or 0.85 percent loss in the last 24 hours
Assess a loss of $1.00 or 0.01 percent in the last 24 hours
BNB $410.39 or a loss of 1.00 percent in the past 24 hours
USD Coin $0.9999 or 0.01 percent gain in the last 24 hours
XRP $0.8261 or 1.73 percent loss over the past 24 hours
Cardano $1.11 or 4.67 percent gain in the last 24 hours
Solana $98.86, or 4.64 percent loss in the past 24 hours
Terra $89.57 or 4.18 percent loss over the past 24 hours
The avalanche is $83.73 or 3.31 percent loss in the past 24 hours