Cryptocurrency Prices Today March 25: Bitcoin rises, Ethereum biggest gainer
Cryptocurrencies traded in the green early on March 14. The global crypto market cap is $2.00 trillion, a 2.74 percent increase over the last day. The total crypto market volume over the last 24 hours is $106.81 billion, an increase of 8.83 percent.
The total volume in DeFi is currently $13.43 billion, 12.57 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now $88.49 billion, which is 82.84 percent of the total crypto market 24-hour volume.
Bitcoin's price is currently Rs 33.88 lakh, with a dominance of 41.89 percent. This is a 0.14 percent increase over the day, as per CoinMarketCap data.
In other news, the government on March 24 proposed to tighten the norms for taxation of cryptocurrencies by disallowing set-off of any losses against gains from other virtual digital assets.
As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from the section relating to set-off of losses against gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
According to the Finance Bill, a VDA could be a code or number or token which can be transferred, stored or traded electronically. The VDAs will include prevailing cryptocurrencies and non-fungible tokens (NFTs) which have hogged the limelight over the past couple of years.
The 2022-23 Budget had brought in clarity on the levy of income tax on crypto assets. From April 1, a 30 per cent I-T plus cess and surcharges will be levied on such transactions.
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