The Biggest Moves in Bitcoin, NFTs, and Other Cryptocurrencies on January 17
Early on January 17, cryptocurrencies were trading in the red. The worldwide cryptocurrency market capitalization is now $2.07 trillion, up 0.29 per cent from the previous day. The global crypto market volume increased by 3.98 percent in the last 24 hours to $64.37 billion.
The overall volume in DeFi is currently $10.53 billion, accounting for 16.35% of the entire 24-hour volume in the crypto market. The overall volume of all stablecoins is now $49.43 billion, accounting for 76.79 percent of the total 24-hour volume of the cryptocurrency market.
Bitcoin‘s price is currently above Rs 34 lakh, and it has had a 39.35 percent domination over other cryptocurrencies in the last 24 hours. It is a 0.15 percent reduction from the previous day.
According to Nangia Andersen LLP tax leader Aravind Srivatsan, the government could consider levying TDS/TCS on the sale and purchase of cryptocurrencies above a certain threshold in the upcoming Union Budget 2022, and such transactions should be brought within the ambit of specified transactions to report to income tax authorities.
Given the size of the market, the amount at stake, and the risk associated with cryptocurrencies, he believes that certain changes in the taxation of cryptocurrencies, such as bringing them under the provisions of tax deducted at source (TDS) and tax collected at source (TCS) above a threshold limit, could help the government track down the “footprints of investors.”
Skeptics argue that cryptocurrencies and associated assets like NFTs are digital Ponzi schemes, with values artificially inflated above their genuine value. Some people are skeptical about the long-term utility of cryptocurrencies and blockchain technology.
Nowhere has there been more dissatisfaction than in the gaming world, as users and large game producers have increasingly clashed over cryptocurrency. According to the New York Times, the gamers have won many of the battles, at least for the time being.