Cryptocurrency news today: Markets in red after Bitcoin, Ethereum fall

New Delhi: Cryptocurrencies are trading in the red today. The global cryptocurrency market capitalization is amounted to $2.07 trillion, undergoing an increase of 0.29% over the last 24 hours. The total crypto market volume surged 3.98% to stand at $64.37 billion.

Currently, the total volume in DeFi is $10.53 billion with 16.35% of the total crypto market 24-hour volume. Stablecoins made up 76.79%, amounting to $49.43 billion of the total cryptocurrency market 24-hour volume.

Currently, Bitcoin is trading over Rs 34 lakh with the dominance of 39.35% over the last 24 hours. The world’s largest cryptocurrency is suffering a decrease of 0.15% over the day.

The government in the upcoming Union Budget 2022 would consider levying TDS/TCS on sale and purchase of cryptocurrency on a certain threshold and transactions like these have to be brought within the arena of specified transactions for reporting to income tax authorities, said Nangia Andersen LLP tax leader Aravind Srivatsan.

He further added, based on the size of the market, the amount involved, and the risk associated with cryptocurrency, specific changes may be brought in the taxation of cryptocurrencies such as bringing them under the provision of tax deducted at source (TDS) and tax collected at source (TCS) above a threshold limit which will enable the government gets the “footprints of the investors.”

Globally, skeptics argue that cryptocurrency and other related assets such as NFTs are considered as digital Ponzi schemes, with prices artificially inflated beyond their true value. Some questions hover around the fact that whether cryptocurrency and blockchain have any long-term utility.

Moreover, in the game community, clashes over crypto have increased between users and major game studios. Besides, in most of the clashes, the gamers have prevailed finding the NYT as of now.