A day after Union Budget came out and announced heavy tax on crypto transactions, #ReduceCryptoTax was trending on Twitter. Meanwhile, the price of Bitcoin fell 5.04 per cent in the last 24 hours.
With the demand to reduce the crypto taxation announced in Budget 2022, that has imposed 30 per cent tax on 'Virtual Assets' like cryptos, crypto enthusiasts expressed their agitations on Twitter on Thursday. Aditya Singh, co-founder of Crypto India, a crypto-related information platform, has started a petition urging the government to reconsider and reduce the tax. #ReduceCryptoTax was trending on Twitter today.
"While taxation is a positive step, 30% tax will discourage traders. We believe that crypto-assets should be treated fairly and at par with other asset classes like equities to enable growth of the industry in the long term”, Sumit Gupta, founder and CEO of CoinDCX, a crypto exchange tweeted.
Meanwhile, in cryptocurrency market, the price of Bitcoin was down by 5.04 per cent and was trading at $36,693.40 at 6:00 pm, while its dominance in the crypto market is currently at 41.24 per cent, up by 0.13 per cent in the last 24 hours.
Ethereum (ETH) was trading at $2,592.34, with a fall of 6.77 per cent in the last 24 hours, while Binance Coin (BNB) was down by 5.33 per cent over the same period and was trading at $362.44. Solana (SOL) down by 13.64 per cent to $95.70 and Cardano (ADA) was down by 4.53 per cent to $1.02.
All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have shown a fall in the last 24 hours.
Dogecoin was down by 6.24 per cent while trading at $0.1356 at 6:00 pm. Rival Shiba Inu was down by 5.18 per cent and was trading at $0.00002037, Dogelon Mars fell by 9.69 per cent and was trading at $0.000000771, while Samoyedcoin was trading at $0.02036 and recorded a fall of 14.22 per cent.
The global crypto market cap was at $1.68 trillion, registering a decrease of 5.35 per cent in the last 24 hours, while the total crypto market volume was $74.79 billion, up by 23.08 per cent.
Silva Token (SILVA) became the biggest gainer, recording a rise of 273.6 per cent, it was trading at $0.0000000005661 at 6:00 pm. On the other hand, MetaPay (METAPAY) witnessed maximum loss, falling 73.19 per cent; it was trading at $0.0000003101.
Founder of WazirX, a cryptocurrency exchange Nischal and Omar Syed, a blockchain architect Omar Syed has announced to launch Shardeum, that will solve for scalability, decentralisation, and security, press statement reported.
‘Shardeum’ word which was originated from the technique ‘Sharding’ which is being utilised to resolve the problem of scalability. The method basically means breaking down a network into numerous pieces to accommodate more users, permitting for global-scale decentralised applications. The project will incorporate sharding and auto-scaling to provide high throughput, low latency, and immediate finality.
“The fees are typically high because of the low number of transactions. We aim to solve that, gradually with the increasing number of users, the limitations will increase but we will aim to tackle that,” says Shetty.