New Delhi: The cryptocurrency market was trading in the red, thanks to lower volumes which impacted liquidity for traders. Barring the dollar-pegged USD Coin and Polkadot, eight out of the top 10 digital tokens were trading lower at 8.30 am IST. Bitcoin extended its cuts, whereas Binance Coin, Cardano and Terra dropped 4 per cent each.
The global crypto market cap was down over a per cent $2.21 trillion mark compared to the last day. The total crypto market volume dropped more than 2 per cent to $$88.42 billion.
Bitcoin, which turned 13 today, is celebrating its birthday on a dull note as the cryptocurrency has dropped about 8 per cent in the last one week.
What’s cooking in India?
Cryptocurrency platforms that are facing increased scrutiny from tax authorities for Goods and Services Tax (GST) evasion are unclear about “applicable provisions” under the country’s indirect tax regime amid regulatory uncertainty, industry executives said.
After the Goods and Services Department, which slapped a ₹40 crore GST demand on crypto exchange WazirX last month, the Directorate General of Goods and Services Tax Intelligence (DGGI) – under the ministry of finance – is scrutinizing multiple crypto firms including Buyucoin and Unocoin.
Even as the indirect tax department initiated investigations against several crypto exchanges for escaping Good and Services Tax (GST) liability, it may have also set a precedent around the categorisation of crypto assets for taxation.
Expert’s Take
A choppy trading session for Bitcoin and major altcoins with low volumes witnessed across centralised exchanges. The start of 2022 has been relatively lacklustre, adding on to the poor showing, said CoinDCX Research Team.
“With no clear direction, price action has been range-bound at best, with overall market sentiment leaning towards a slight bearish bias. Though if history were to repeat itself, it will not be long before We start seeing funds flows back into crypto,” it added.
Global Updates
A growing number of Indians are investing in cryptocurrencies despite extreme volatility and lack of regulation. But the trend is not just due to the prospect of high returns. Some took to crypto to bet on blockchain technology.
CryptoWire, the global crypto app which is a special business unit of TickerPlant, on Monday said it has launched India’s first index of cryptocurrencies, named IC15.
NFT Buzz
The value of NFT space is being increasingly acknowledged by people from the entertainment industry, with the latest purchase made by one of the most popular rappers, Eminem. He bought ‘Bored Ape Yacht Club’ for $450,000 and people have discovered that he owns 166 other NFTs.
Back home, Indian cryptocurrency exchanges seem to have taken a shine to non-fungible tokens (NFTs). At least half a dozen crypto platforms are foraying into the NFT space, assuming that it would not be outlawed as NFTs hold an underlying asset that is traded in digital form.
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