Ether was up by about 1.35 percent. Its price was around $3,576 on international exchanges and $3,130 on Indian exchanges. Apart from this, the prices of Binance Coin, Solana, Ripple and Cardano have decreased. Bullish Cryptocurrencies These included Tron, Chainlink, Polygon, Near Protocol, Litecoin, Stellar and Cronos. The market capitalization of crypto was down 0.17 percent to around $2.38 trillion in the past day.
Crypto app CoinSwitch’s markets desk told Gadgets360, “Bitcoin price has consolidated in a very low range. Bitcoin exchange reserves have reached a three-year low. This means that there could be a supply shock as there is high demand for Bitcoin ETFs.” Rajagopal Menon, vice president of crypto exchange WazirX, said, “Ethereum-based tokens including ENS and LDO are strengthening. This suggests a possibility of a short-term rally.”
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 mixed reactions to Sitharaman’s reappointment as Finance Minister. 30 percent tax on profits from crypto transactions 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.