Bitcoin Surges 2.20% to $59,161.70: Crypto Market Trends and Regulatory Challenges in India
Bitcoin, the largest cryptocurrency by market value, rose about 2.20%. Its price has reached the level of $59,161.70. Its price has increased by about $1,240 in the last one day.
Bitcoin made an all-time high of around $68,000 two years ago.
The price of Ether, the second-largest cryptocurrency, has also increased, trading at around $2,348. Its price has increased by about $28 in the last one day.
Apart from this, USD Coin, Ripple, Tron, Cronos, Monero, and Polkadot have also made gains. In the past day, the market capitalization of the crypto rose by about 1.90% to $2.16 trillion.
According to Gadgets360, Rajagopal Menon, vice president of Indian crypto exchange WazirX, told that “Bitcoin has seen a lot of growth. This is mainly due to Bitfinex traders buying about $123 million worth of bitcoins.”
ALSO READ: Anchal Tiwari Death: Panchayat 2 Actress Got Angry After Seeing the News of Her Death
Adol Patel, CEO of crypto app Mudrex, said, “Ether has been bullish for the last six days. It has gained 42% this month. The resistance for it is at $3,500. It may reach this resistance level soon.”
According to Gadgets360, growth is being affected due to high taxes on the crypto segment in India. Ahead of the budget presented earlier this month, the crypto industry had requested the central government to reduce taxes on the sector. However, Finance Minister Nirmala Sitharaman made no mention of this segment in the interim budget.
This disappointed the stakeholders involved in the crypto market. The Indian central government imposed a 1% TDS on every crypto transaction about a year and a half ago. Along with this, a 30% tax was imposed on profits from crypto. This has led to a decline in crypto trading activity.
Regulators in some countries have warned about this segment. Recently, the Reserve Bank of India (RBI) reiterated its warning of risk to emerging markets regarding cryptocurrencies. The RBI said that despite the approval of the segment in some countries, there has been no change in its stance on it.
