Bitcoin, Ethereum witness sharp drop in last 24 hours
Bitcoin and Ethereum, two of the biggest cryptocurrencies in the world have witnessed a significant dip in value. As of writing this article, the price of one bitcoin is $27,547.19 and the price of 1 ether is $1,463.15, according to Coingecko. Also Read – Epic Games CEO warns against Fortnite cryptocurrency scam: Here’s what he said
While Bitcoin has witnessed a dip of 6.1 percent in the past 24 hours, Ethereum has reported a significant drop of 12.7 percent. In the past seven days, Bitcoin has dropped by 7.8 percent and Ethereum is down by 18.9 percent. Also Read – India ready with consultation paper on cryptocurrencies: Economic Affairs Secretary
In line with the dip of the two biggest cryptocurrencies, the overall market cap is also down substantially. The global cryptocurrency market cap today is $1.15 trillion. There is a dip of 7.8 percent in the last 24 hours alone. Also Read – Cryptocurrencies are worth nothing and should be regulated to protect people: European Central Bank Chief
Total cryptocurrency trading volume in the last day is at $82.2 Billion. Bitcoin dominance is at 45.6% and Ethereum dominance is at 15.4%.
The crypto market has been moving sideways since early this year and Bitcoin recently fell below the Rs 30,000 mark. The Indian govt, during the budget this year, announced new ways in which the crypto ecosystem will be tracked and taxed. One such method is by charging a 1 percent TDS (Tax deducted at Source).
Recently, there was an error in the Income Tax Department’s website which updated the tax deductible at source on virtual digital assets remains at 0.1 percent instead of 1 percent. The income tax department later provided clarification regarding the same claiming that the TDS rate for virtual digital assets remain the same at 0.1.
An official clarification provided by the company said, “Some media reports have come to the notice of CBDT claiming that the rate of TDS on Virtual Digital Assets (VDA) has been reduced to 0.1 percent. It is hereby clarified that there is no change in the rate of TDS on VDA, which continues to be 1 percent.”