Crypto Market Rises After Tax Announcement In India Budget 2022; Bitcoin Up Over 4%

There has been a considerable growth in the crypto market, after the government of India announced taxation of crypto transactions. Meanwhile, Bitcoin rose 4.41 per cent in the last 24 hours.

Outlook Money Team

Updated on: 1 February 2022 7:33 pm

cryptocurrency

Amid major announcement of taxation on cryptocurrencies by Indian government, world crypto market is in green from the last 24 hours, data of coinmarketcap.com showed.

The price of Bitcoin was up by 4.41 per cent and was trading at $38,623.40 at 6:30 pm, while its dominance in the crypto market is currently at 42.00 per cent, up by 0.21 per cent in the last 24 hours.

Ethereum (ETH) was trading at $2,775.80, with a rise of 9.99 per cent in the last 24 hours, while Binance Coin (BNB) was up by 3.56 per cent over the same period and was trading at $384.62. Solana (SOL) down by 17.60 per cent to $107.06 and Cardano (ADA) was up by 4.27 per cent to $1.06.

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Meme Coins

All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have witnessed a rise in the last 24 hours.

Dogecoin was up by 3.16 per cent while trading at $0.143 at 6:30 pm. Rival Shiba Inu was up by 4.29 per cent and was trading at $0.0000217, Dogelon Mars rose by 3.94 per cent and was trading at $0.0000008767, while Samoyedcoin was trading at $0.02396 and recorded a rise of 2.61 per cent.

Overall Scenario

The global crypto market cap was at $1.68 trillion, registering an increase of 0.11 per cent in the last 24 hours, while the total crypto market volume was $83.05 billion, up by 41.18 per cent.

Wall Street capital (WSC) became the biggest gainer, recording a rise of 1590.38 per cent; it was trading at $0.0005654 at 6:30 pm. On the other hand, Crypto Rocket Launch Plus (RKT) witnessed maximum loss, falling 98.00 per cent; it was trading at $0.0000000004405.

Latest Update

Ethereum founder Vitalik Buterin is getting back a portion of Shiba Inu coins that he had donated to an Indian COVID-19 relief fund in 2021 named India Crypto Relief Fund, also known as CryptoRelief, NDTV reported.

Moreover, the crypto ecosystem has welcomed Finance Minister Nirmala Sitharaman's proposal for a 30 per cent tax on digital assets for legitimising bets on the assets considered as very risky by the RBI, even though a law on regulating such activity is still awaited.