New Delhi: As India has taken a back door entry in the crypto market by announcing its own digital coin on Tuesday, the global cryptocurrency market has slipped by 5.66 percent to 1.65 trillion within 24 hours.
However, the trading volume has witnessed an increase by 29.45 percent to 82.63 billion dollar. While Decentralized Finance accounted for 14.47 percent of 24-hour cryptocurrency trading volume at $11.96 billion, stablecoins were up 69.03 percent at $83.54 billion.
On the morning of February 2, the market dominance of Bitcoin increased by 0.43 percent to 41.96 percent and the price was trading at $38,584.91.
According to market reports, Bitcoin in India was trading 1.26 per cent higher at Rs 30,74,481, while Ethereum gained 3.31 per cent to Rs 2,20,994.5. Cardano gained 4.07 per cent to Rs 86.79. Polkadot gained 4.63 per cent to Rs 1,597.27 and Litecoin 4.9 per cent higher at Rs 9,080.6 in the last 24 hours.
Tether too rose 0.52 per cent to Rs 79.9 while Memecoin SHIB rose 2.25 per cent, and Dogecoin was trading up 1.26 per cent at Rs 11.38. Apart from these coins, Terra (LUNA) rose 1.69 per cent to Rs 4,187.77.
Meanwhile, the government has decided to levy 30 per cent tax on online sale and purchase of virtual digital assets. The Union Finance Minister Nirmala Sitharaman also specified that an additional 1 percent TDS would also be levied on such crypto transactions that exceed a certain threshold, thereby establishing a trail of details. The latter amount or virtual digital asset will be taxable in the hands of the gift recipient.
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