Bitcoin, Ether, Shiba Inu, Solana Gain; Dogecoin Falls

Major cryptocurrencies were trading mix on Tuesday, as bond yields and oil prices fell amid hopes of possible peace talks over Russia-Ukraine war. Bitcoin, which is the world’s largest cryptocurrency in terms of market capitalisation, was trading nearly 1 percent up at $47,400 at 8:50 am, according to CoinDesk. Bitcoin market capitalisation increased to $900.23 billion, while the trade volume was at $1.32 billion in the past 24 hours.

Bitcoin has witnessed volatile trades in the past one year. The cryptocurrency has hit a high of $69,000 and a low of near $28,000 in this period.

Second largest virtual currency Ether also gained 1.8 percent to trade at $3,374. Meme crypto Dogecoin, however, shed over 3 percent at $0.144, while Shiba Inu gained more than 3 percent to trade at $0.000027. Solana, which witnessed substantial interest from the crypto traders last year, jumped nearly 2 percent to trade at $109.

“Bitcoin and other major altcoins have been able to hold their gains despite the global geopolitical worries as the regulation proceedings are supporting the market sentiments, which are overall improving. Some market metrics are signaling some fresh positive signals. Absence of any major negatives is empowering the bulls in the crypto space,” said Kunal Jagdale, Founder, BitsAir Exchange.

Crypto tax will be applicable from April 1. All forms of virtual digital assets (VDA) or crypto assets that are sold at a profit will attract a tax of 30 percent. The announcement was made by Finance Minister Nirmala Sitharaman in her Union Budget speech this year.

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Meanwhile, the government on Monday recovered Rs 95.86 crore from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases. Others were Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay) and Discidium Internet Labs, according to the finance ministry.

In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 11 cases of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations. Evasion of Rs 81.54 crore was detected and Rs 95.86 crore was recovered (including interest and penalty), he said. As per the reply, Rs 49.18 crore was recovered from Zanmai Labs (WAZIRX), Rs 17.1 crore from Coin DCX, and Rs 16.07 crore from CoinSwitch Kuber.

(Edited by : Bivekananda Biswas)

First Published: IST

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