The price of Ether was up by about 3.45 percent at around $3,232. Apart from this, the prices of Cardano, Tron, Polkadot, Chainlink, Near Protocol, Polygon, Litecoin and Stellar have increased. In the last one day Crypto ‘s market capitalization was up by approximately 0.44 percent at around $2.42 lakh.
Rajagopal Menon, Vice President of WazirX, told Gadgets360, “Ether’s price has recovered. Its next resistance is at $3,612. Despite the strength in the employment market in the US, crypto-related people are cautious about investing in this market. A meeting is going to be held in Washington regarding the regulation of the crypto market. This will be an important issue for both parties in the US elections.” Edul Patel, CEO of crypto app Mudrex, said, “There is less movement in the price of Bitcoin. Its support is at $64,825. Its next resistance is at $66,978.”
The central government’s tough stance on crypto in the country may continue. Nirmala Sitharaman is again included as Finance Minister in the new cabinet. Sitharaman took charge of the Finance Ministry for the first time in 2019. The community associated with the crypto segment has a mixed reaction to Sitharaman’s reappointment as Finance Minister. There has been a 30 percent tax on the profit from crypto transactions for about two years. Tax is applicable. Apart from this, one percent tax deducted at source (TDS) is levied on the transfer of virtual digital assets (VDA). Crypto stakeholders were waiting for Sitharaman to amend the tax laws for this segment. However, earlier this year, Sitharaman did not announce any tax exemption for this segment in the interim budget. With Sitharaman becoming the Finance Minister again, the crypto community fears that there will be no tax reforms for digital assets.