Finance Bill Amendment Ensures Set-Off Of Crypto Losses Not Allowed; Crypto Market Gains

The Indian government last day proposed some changes be made in the Finance Bill 2022. As per one amendment proposed in section 115 BBH, the word ‘other’ from the provision which deals with set-off of virtual digital assets losses from gains is to be deleted. Technically, this deletion of the word would imply that losses from the transfer or sale of virtual digital assets will not be allowed to be set off against the gains arising from the transfer of another virtual digital asset. Read more about it here.

Meanwhile, Portsmouth city, New Hampshire, US, has decided to allow its residents to pay for electricity bills using Bitcoins (BTC) and other cryptocurrencies. 

The global crypto market cap increased by 2.71 per cent to $2 trillion at 8.50 am. The global crypto volume too increased by 6.93 per cent to $104.83 billion, as per Coinmarketcap data. 

“Bitcoin (BTC) and other major cryptocurrencies have been in the green for the last 24 hours. The market leader is trading above $43,000 and Ether above $3,100. BTC continues its upside momentum after breaking the resistance at $43,500 for a short while. Currently, the bullish uptrend seems to be a result of Russia's announcement that the country might accept Bitcoin from countries with which it is on good terms, as a mode of payment for oil and other resources,” says Gaurav Dahake, CEO and founder, Bitbns.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $43,967.62, higher by 2.63 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also trading higher by 3.77 per cent at $3,137.90.

Among other major coins, Cardano (ADA) was up by 5.93 per cent at $1.16, Algorand (ALGO) by 9.53 per cent at $0.9101, Binance Coin (BNB) by 1.67 per cent at $414.50, Solana (SOL) by 9.29 per cent at $103.83, and Polkadot (DOT) was also trading higher by 1.13 per cent at $21.15.

Today’s top gainer was HOQU (HQX), which was up by 498.79 per cent at $0.01088. The top loser was Genie Protocol (GNP), which was down by 98.52 per cent at $0.001535.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 0.69 per cent at $0.1359. Its volume to market cap ratio stands at 0.08393. Rival Shiba Inu (SHIB) also rose by 0.39 per cent at $0.00002464.

Dogelon Mars (ELON) was trading with a gain of 5.45 per cent at $0.0000007806, Floki Inu (FLOKI) climbed 5.82 per cent at $0.00003764, while Samoyed Coin (SAMO) gained 7.81 per cent at $0.02018.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 5.4 per cent at $21,424.90. Terra (LUNA) was, however, down by 0.94 per cent at $93.60. On the other hand, Avalanche (AVAX) gained 2.51 per cent to $86.65, Uniswap (UNI) rose 7.5 per cent to trade at $10.85, and Aave (AAVE) lost 7.14 per cent to $167.09.

Latest Updates

The crypto tax is a dampener for the industry in India. “We fear the lack of provision to offset losses will drive away users from KYC-compliant exchanges and platforms to the peer-to-peer grey market, which would defeat the purpose of the new tax,” says Ashish Singhal, co-chair of Blockchain and Crypto Assets Council (BACC) and founder-CEO of CoinSwitch Kuber, in a statement.

SportsIcon, an NFT platform, has shared its plans of introducing a sports metaverse world where fans can interact with their favourite athletes. Romelu Lukaku, a striker with English Premier League soccer club Chelsea, said, “In The sports metaverse, I’m going to coach you on how I take a penalty – one of the hardest moments in my job,” reported Coindesk.

Deaglan McEachern, Mayor, Portsmouth city, said, “There are waves of new things that are going to affect us in terms of our future that use the type of technology used in cryptocurrency. I want to make sure Portsmouth is not waiting around to see how this is going to affect us in the future because it’s already affecting us,” reported Seacoastonline.