Most of the popular cryptocurrencies started trading with gains on Wednesday, February 1, the same day India is scheduled to receive its Union Budget for the financial year 2023-2024. Bitcoin, with a small gain of 1.36 percent, is currently priced at $23,129 (roughly Rs. 18.9 lakhs). The oldest cryptocurrency maintained the same price point on international exchanges such as Binance and Coinbase. It is noteworthy that bitcoin has maintained its value above the $23,000 mark (roughly Rs. 18 lakhs) for the second week in a row.
ether Stepping into the business sector on Wednesday, the price increased by 1.01 per cent. The crypto asset was priced at $1,583 (roughly Rs. 1.29 Lakhs) at the time of writing, which reflects crypto price tracker By Gadgets 360.
“BTC has barely made profits in the last seven days. ETH bounced back from its previous lows, and its next resistance will be at the $1,600 (1.30 lakh) price level. Both these top two cryptocurrencies continue to trade in a narrow range today holds as investors await the US Federal Reserve’s decision and India’s Union Budget,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told Gadgets 360.
cardano, polygon, polka dotAnd Litecoin Reel-In Profits With Meme Coins Shiba Inu And dog coin,
Small profits also added to the price avalanche, Uniswap, cosmos, Leo, MoneroAnd bitcoin cash,
Meanwhile, a minority of altcoins suffered losses on Wednesday.
Contains binance coin, solana, tron, chain link, stellarAnd close to protocol,
Overall, the global crypto market cap increased by 1.01 percent in the last 24 hours. According to coinmarket capThe valuation of the crypto sector is currently at $1.05 trillion (roughly Rs. 86,10,932 crores).
Despite the volatility element associated with crypto experiments, people around the world are attracted to this class of digital assets as investment vehicles.
Industry experts have repeatedly stated that as more nations bring in laws to regulate the crypto sector, its volatile nature will reduce and crypto assets will become safer to invest in.
India, which taxes all profits from crypto trading at up to 30 percent, has been making slow moves in the cryptosphere.
Sector insiders have to plead India’s finance ministry to lower the tax bracket around cryptocurrencies and create favorable conditions for people to set up crypto-related ecosystems in the country.
“Last year, the government’s taxation norms effectively protected investors’ funds and exchanges. The crypto industry in India is now looking forward to a more progressive taxation system in the upcoming Union Budget. Classifying cryptocurrencies as an asset class, similar to other assets, and allowing offset gains against losses would encourage greater retail and institutional participation. The current 1 per cent TDS on every transaction may discourage the adoption of cryptocurrencies. This can be a good step for the government to address these issues,” said Patel of Madrex.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be responsible for any loss resulting from any investment based on any purported recommendation, forecast or any other information contained in the article.