Bitcoin, the largest cryptocurrency in terms of market price, has been rising for the last two weeks. The main reason for this is the heavy investment in Bitcoin ETF. It was trading at $63,485, up 2.27 percent. The value of Bitcoin has increased by approximately $1,740 since last week.
The price of Ether was up by about 1.36 percent at $3,473. In the last one week it has maintained a price near $3,400. Apart from this, the prices of Binance Coin, USD Coin, Cardano, Polkadot, Near Protocol and Qtum have increased. in the last day crypto The market capitalization of India was up by about 1.55 percent at $ 2.38 trillion.
Edul Patel, CEO of crypto exchange Mudrex, told Gadgets360, “Bitcoin is up almost 45 percent in the last 30 days. 97 percent of Bitcoin addresses are in profit. The main reason for this rise is the increase in funding in spot Bitcoin ETFs. The next resistance for Bitcoin lies at $67,150. Breaking it could set new highs.” CoinDCX’s Markets Desk said, “Ether will have to break the level of around $3,500 and after that it can move towards $3,830 and $3,965.”
Recently, Prime Minister Narendra Modi had stressed the need for global cooperation to deal with emerging technologies like Artificial Intelligence (AI) and cryptocurrency. There is a boom in the crypto market after the Bitcoin Exchange Traded Fund (ETF) was approved by the Securities Regulator SEC in America. However, due to high taxes on the crypto segment in the country, 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 cryptocurrencies in the interim budget. Due to this, the stakeholders associated with this industry were disappointed. The government imposed a tax of one percent on every crypto transaction about one and a half years ago. TDS Imposed. Along with this, 30 percent tax was imposed on profits from crypto. This has led to a decrease in crypto trading activities.