Highly Anticipated Crypto Tax FAQs To Be Out By July 1; CoinDCX Starts Crypto Earning Program

CoinDCX has started letting users in for the crypto passive earning program by intimating them over email. Meanwhile the entire crypto market was down in today’s morning trade.

Outlook Money Team

Updated on: 9 June 2022 9:38 am

Highly Anticipated Crypto Tax FAQs To Be Out By July 1

Sangeeta Singh, chairperson, Central Board of Direct Taxes (CBDT), said at an event hosted by the Income Tax Department in Delhi that in the next 22 days, crypto tax FAQs (frequently asked questions) will be published by them. “We are working on the FAQs for clarity on cryptos, and we will release it before July 1,” she was quoted as saying by various media sources.

Meanwhile, CoinDCX, which started an early invite program called “EARN” for some of its users, has started accepting users into it. This program lets users pledge their crypto assets to earn some notional yield income. As of 8.34 am, the interest yield on Bitcoin (BTC) was 4.75 per cent per annum, 6.1 per cent per annum on Ethereum (ETH) and 3 per cent per annum on Shiba Inu (SHIB).

The global crypto market capitalisation went down by 1.86 per cent to $1.24 trillion as of 8.50 am. The global crypto volume was down by 20.9 per cent to $66.44 billion, as per Coinmarketcap data.

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CoinDCX, which started an early invite program called “EARN” for some of its users, has started accepting users into it.

Cryptocurrency Prices

Bitcoin was trading at $30,218.30, lower by 2.51 per cent in the last 24 hours. Ethereum was down by 1.31 per cent to $1,794.27.

"Bitcoin continues to trade flatly, hovering around $30,000 at the moment. Ether and other major altcoins are following a similar pattern. The crypto market continues to struggle, not only because of Terra's downfall, but with rising regulatory uncertainties with a number of other protocols," says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 1.13 per cent at $0.6365; Algorand (ALGO) was trading with a loss of 1.32 per cent at $0.4117, Solana (SOL) was trading with a loss of 2.29 per cent at $39.02, Polkadot (DOT) was down by 2.39 per cent at $9.03, and Binance Coin (BNB) fell 0.79 per cent at $288.16.

Today’s top gainer was Tenset (10SET), which was up by 250.92 per cent at $0.359. The top loser was Petsneaker (PSC), which was down by 72.45 per cent at $0.001472.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 1.55 per cent at $0.07961. Its volume to market cap ratio stands at 0.02669. Rival Shiba Inu (SHIB) was down by 1.75 per cent at $0.00001058.

Dogelon Mars (ELON) lost 2.68 per cent to trade at $0.0000004256, Floki Inu (FLOKI) lost 2 per cent at $0.000008124, and Samoyed Coin (SAMO) was up by 0.05 per cent at $0.005949.

In the DeFi segment, YFI (yearn.finance) was down by 3.13 per cent at $7,417.57, and Terra Classic (LUNC) was trading with a gain of 4.49 per cent at $0.00006393. Avalanche (AVAX) was down by 2.65 per cent at $23.96, Uniswap (UNI) was trading with a loss of 2.11 per cent at $5.11, and Aave (AAVE) fell by 3.74 per cent at $96.17.