Bitcoin, the largest cryptocurrency by market value, was up 0.82 percent on Tuesday. Its price was trading at $42,802. It has increased by $344 in the last one day. Market analysts say that the long and short ratio for Bitcoin is indicating positive sentiment, especially for investors in the futures market.
Second largest cryptocurrency Ethereum There was an increase of 0.91 percent. Its price was around $2,312. Its price has increased by about $22 in the last one day. Apart from this, there was a rise in Ripple, USD Coin, Chainlink, Tron, Wrapped Bitcoin and Litecoin. The market capitalization of crypto increased by about 0.25 percent in the last one day to about $ 1.64 trillion.
Shivam Thakral, CEO of crypto exchange BuyUcoin, told Gadgets360, “The pressure created by Grayscale’s sale of 1,41,000 Bitcoins was mitigated by the purchase of approximately 1,75,000 Bitcoins through the ETF. The total volume of the Spot Bitcoin ETF is $30 billion. This is indicating more demand. For the last few weeks, Bitcoin has been trying to break the level of $ 44,000 but low trading volume is hindering it. Due to high taxes on this segment in India, growth is being affected. Before the budget presented earlier this month, the crypto industry had requested the central government to reduce taxes on this segment. However, Finance Minister Nirmala Sitharaman did not make any mention of the crypto segment in the interim budget. Stakeholders associated with this industry are disappointed by this.
The crypto industry hopes that some changes can be made for this segment in the budget presented by the new government after the Lok Sabha elections. About one and a half years ago, the government crypto TDS of one percent was imposed on the transaction. Along with this, 30 percent tax was imposed on profits from crypto. Stakeholders associated with the crypto segment say that this has led to a decrease in crypto trading activities. Regulators in some countries have warned about this segment.