- The market capitalisation of cryptocurrencies fell 1.35% to $1.72 trillion and the trading volumes jumped 19.71% to 81.67 billion over the last 24 hours.
- The government has imposed a 30% fixed tax rate on all income that is generated through cryptocurrencies, virtual assets and non-fungible tokens.
- The Ukrainian government had announced on Saturday that it will be accepting donations in cryptocurrencies.
The market capitalisation of cryptocurrencies fell 1.35% over the last 24 hours to $1.72 trillion. The trading volumes jumped 19.71% to 81.67 billion during the same period.
Decentralised finance (Defi) constitutes about 15.42% of the 24-hour cryptocurrency trading volume and its volume stood at $12.59 billion. The trading volume of stable coins stood at $66.78 billion, which was 81.77% of the 24-hour trading volume.
Budget 2022
The government has imposed a 30% fixed tax rate on all income that is generated through cryptocurrencies, virtual assets and non-fungible tokens. Further, any loss that is encountered during the trading of these assets can not be set off with other income sources and it will be carried on to subsequent years. Recipients will be liable to 30% tax when they receive gifts in the form of cryptocurrencies. Further, all cryptocurrency transactions above a certain threshold will be liable for a 1% TDS deduction.
Many people have seen this as the Government’s acceptance of digital currencies. A few people feel that this move is only to disallow private crypto as a legal tender while providing citizens with the digital rupee, a fiat alternative to the same.
Ukraine is accepting donations in cryptocurrencies
About $11 million worth of cryptocurrency donations have been sent to Ukraine’s Government and NGOs since Russia invaded it, according to blockchain analytics firm Elliptic.
On Saturday, the Ukrainian government had announced that it will be accepting donations in cryptocurrencies. It wrote on Twitter, “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.” They managed to raise funds by advertising their Bitcoin wallet addresses online.
According to a report by BBC, over 4,000 donations have been received. An unknown donor had gifted bitcoins worth $3 million to an NGO, and the median donation is $95. It did not provide clarity on how exactly these funds would be used.
Bitcoin (BTC)
Bitcoin dominates the crypto market it is currently trading at ₹28,86,685.23. It fell by 1.02% in the last 24 hours. Its 1-year high is ₹51,64,037 and its 1-year low is ₹21,69,044 per coin.
Ethereum (ETH)
Ethereum is the most popular altcoin and is currently trading at ₹1,98,348 and is down by 4.6% since the last 24 hours. Its 1-year high is at ₹ 3,62,338 and its 1-year low is at ₹ 1,04,399.
Cardano (ADA)
Cardano is currently trading at ₹66.21, down by 1% since the last 24 hours, it is also at its one year low. It’s 1 year high is at ₹ 225.26.
Solana (SOL)
Solana is currently trading at ₹6,811.45 per coin. Its 1-year high is at ₹19,286 and its 1-year low is at ₹926.29
Polygon (MATIC)
Polygon is an Indian- founded blockchain and its coins are currently trading at ₹110.46, up by 2.4%. Its 1-year high is at ₹ 219.06 and 1-year low is at ₹ 16.54
Shiba Inu (SHIB)
Shiba Inu is currently trading at ₹0.0018 per coin, down by 3.4%. Its 1-year high is at 0.0066 and its 1-year low is at ₹0.000068.
Doge (DOGE)
Dogecoin is currently trading at ₹9.35, down by 1.8%. Its 1-year high is at ₹ 53.62 and its 1-year low is at ₹ 3.55.
