Top cryptocurrency prices today: Bitcoin nears $44k mark; Solana, Cardano gain up to 8%

Synopsis

Terra fell 2.05 per cent to $93.29. Solana jumped 8 per cent while Polkadot inched 0.09 per cent higher. Avalanche advanced 1.82 per cent. Dogecoin fell 1.1 per cent and Shibu Inu fell 0.3 per cent.

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New Delhi: Top cryptocurrencies were trading mostly higher in Friday’s trade, with Bitcoin nearing the $44,000 mark and Solana and Cardano rising up to 8 per cent in the last 24 hours.

Bitcoin, the largest crypto by market value, was trading 2.45 per cent higher at $43,931.35. It is up 8.3 per cent in the last seven sessions. Ethereum added 2.79 per cent to $3,118. The second largest cryptocurrency by market value has risen 12.11 per cent in the last one week.

BNB advanced 1.09 per cent, USD Coin edged 0.02 per cent lower while XRP fell 0.12 per cent. Cardano gained 3.47 per cent, taking its seven day gains to 37 per cent.
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Terra fell 2.05 per cent to $93.29. Solana jumped 8 per cent while Polkadot inched 0.09 per cent higher. Avalanche advanced 1.82 per cent. Dogecoin fell 1.1 per cent and Shibu Inu fell 0.3 per cent.

The global cryptocurrency market cap rose to $1.99 trillion mark, up 2.18 per cent in the last 24 hours. Total cryptocurrency trading volumes rose 6.85 per cent to $104.7 billion, as per Coinmarketcap.

What’s cooking in India?
Individuals who had provided services to clients outside India and were paid in cryptocurrencies are rushing to their tax advisors seeking clarity over applicability of the GST. While the direct tax rules are simple and 30% tax will be applicable on these, a new complication in the form of GST has emerged, say tax experts. How much GST is applicable on these transactions or for that matter whether these transactions can be considered above board is still unclear.

As part of the amendments to the Finance Bill, the Centre has proposed further tightening of tax proposals around crypto assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word ‘other’ from section relating to set off of losses from gains in virtual digital assets.

Global updates
Bank Leumi will become the first Israeli bank to enable cryptocurrency trading, its digital platform Pepper Invest said on Thursday after partnering with U.S. blockchain firm Paxos. It said the new service will allow Pepper Invest customers to buy, hold and sell cryptocurrencies — limited to Bitcoin and Ethereum, for now — in transactions worth at least 50 shekels ($15.49).

The Bank of England on Thursday urged global authorities to increase oversight of the cryptocurrency sector to prevent it becoming a risk to financial stability. The British central bank’s Financial Policy Committee (FPC), which is tasked with safeguarding the financial system, revealed the conclusion in a key report on the volatile industry.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 9.00 hours, IST on March 25, 2022)

Bitcoin: $43,931.35, up 2.45%
Ethereum: $3,119.91, up 2.96%
Tether: $1.00, up 0.02%
BNB: $413.25, up 1.03%
USD Coin: $0.99, flat
XRP: $0.8398, up 0.03%
Cardano: $1.13, up 3.67%
Terra: $93.38, down 1.76%
Solana: $103.18, up 8.24%
Avalanche: $86.29, up 1.95%
Polkadot: $21.06, up 0.16%
Dogecoin: $0.1359, down 1.03%
Shibu Inu: $0.0000245, down 0.69%

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Updated: 03/25/2022 — 01:00