Cryptocurrency Market Cap Drops, Losing Nearly $800 Billion Last Month

Reuters. According to data site CoinMarketCap, the cryptocurrency market lost nearly $800 billion last month. On Tuesday, it came down to a low of 1.1.4 lakh crores. This is also because the tendency to invest in riskier assets has declined since the end of the easy monetary policy. Investors have chosen to avoid it. Bitcoin, […]
 


Cryptocurrency Market Cap Drops, Losing Nearly $800 Billion Last Month

Reuters. According to data site CoinMarketCap, the cryptocurrency market lost nearly $800 billion last month. On Tuesday, it came down to a low of 1.1.4 lakh crores. This is also because the tendency to invest in riskier assets has declined since the end of the easy monetary policy. Investors have chosen to avoid it. Bitcoin, which accounts for nearly 40% of the cryptocurrency market, hit a 10-month low on Tuesday. It returned to $31,450 six days after touching 40,000. It was down 54% from an all-time high of $69,000 on November 10.

Stock markets are falling on fears of a sharp increase in interest rates around the world to meet decades of high inflation. At the same time, cryptocurrency prices have plummeted. According to CoinMarketCap, the total cryptocurrency market cap stood at $2.2 trillion on April 2, down from its all-time high of $2.9 trillion in early November. “Bitcoin has a lot to do with macro-economic conditions, which suggests that the road ahead may unfortunately be rocky, at least for the time being,” blockchain data provider Glassnode said in a note.

Cryptocurrency may attract additional 28% GST in India!

News agency ANI recently reported that the Goods and Services Tax (GST) Council may consider imposing 28 per cent GST on cryptocurrencies in its next meeting. This 28 percent GST will be in addition to the 30 percent income tax levied on income from transactions in crypto assets. However, the date of the meeting has not been decided yet. Significantly, in the budget of 2022-23, Finance Minister Nirmala Sitharaman had announced a 30 percent tax on income from virtual digital assets, which came into effect from April 1.