Cryptocurrency prices: Bitcoin, Ether among others see rise in rates
Day after Finance Minister of India Nirmala Sitharaman presented the Union Budget 2022, the crypto prices increased on Wednesday as the assets remained in the green due to the high demand of investors. However, the volumes remained thin-low due to holidays in many Asian markets.
Except for the USD Coin, which was pegged in US dollar, all of the top ten digital tokens were trading higher. Terra and Solana prices increased by 7 percent, followed by Ethereum which has also become expensive.
Also Read :‘Crypto tax’: India imposes 30% tax on income from digital assets
The global crypto market cap increased by $1.78 trillion. However, the total crypto market volume dropped by 3 percent to $65.48 billion.
India's situation
Finance Minister Nirmala Sitharaman, while presenting Union Budget 2022, the government announced a tax rate of 30 percent on transactions of cryptocurrencies at a time when most of the portfolios are already dealing losses, Thus, there has been a panic among the Indian Crypto Investors.
People across worldwide are showing their keen interest in Crypto or digital currencies. Soon, India will have its own version of digital currency.
Also Read: Plenty of opportunities for India: PM Narendra Modi ahead of Budget Session 2022
The experts believe that India is moving closer to legalizing cryptocurrency. The move is an endorsement as India has accepted crypto and it is here to stay, said an expert.
-PTC News
