A Giant Bitcoin, NFT, and Other Cryptocurrencies Move in January. To get the day off to a good start, we will provide you with a daily compilation of the most fascinating articles about cryptocurrencies, such as Bitcoin, Ethereum, and Tether.
1: Market Buzz
Bitcoin trading above Rs 34 lakh
In the early hours of January 17, cryptocurrency prices fell. An increase of 0.29% over the previous day brings the total value of all cryptocurrencies to $2.07 trillion. With a gain of 3.98 percent, the total volume of the cryptocurrency market during the past 24 hours is $64.37 billion. There has been a total of $10.53 billion in DeFi trades today, making up 16.35% of the 24-hour activity in the cryptocurrency market. At present, the entire 24-hour volume of stablecoins is $49.43 billion, or 76.79% of the overall volume of the cryptocurrency market. Bitcoin has dominated the cryptocurrency market for the last 24 hours, with a price of over Rs 34 lakh and a market share of 39.35%. This indicates a decline of 0.15% from the previous day.
2: Big Story
The government may consider TDS/TCS in crypto trading reporting.
Crypto transactions exceeding a certain threshold may be subject to tax declaration and settlement (TDS/TCS) in the next budget. According to Aravind Srivatsan, tax leader at Nangia Andersen LLP, these transactions should be reported to income tax authorities as specified transactions. He suggested that, given the magnitude of the cryptocurrency market, the sums at stake, and the inherent risks of the asset class, the government should consider reclassifying cryptocurrency holdings as “footprints of the investors” and subjecting them to tax deductions and collections above a certain threshold.
3: Up in arms
Crypto enthusiasts meet their match: Angry Gamers.
Cryptomania has been going strong for over a year. Bitcoin and Ethereum, among others, have seen their values skyrocket. The value of NFTs and other crypto assets has skyrocketed. Still, many think the crypto fad has progressed too rapidly. Cryptocurrencies and similar assets say their detractors, are nothing more than digital Ponzi schemes whose valuations are way too high. Cryptocurrencies and the blockchain are abstract ideas, and some wonder if they will be helpful in the long run. Conflicts between players and big game companies have escalated over cryptocurrency, leading to widespread discontent in the gaming community. The players have won most of their battles, at least for now.
4: Growth
Global crypto funds posted sharp gains in 2024: BarclayHedge
According to BarclayHedge, a division of Backstop Solutions, global cryptocurrency funds had a banner year in 2018. The price of major digital currencies, including bitcoin and ether, surged due to increased acceptance from regulators worldwide and institutional solid interest. With data from 39 funds (or fewer than half of the firms it follows), the BarclayHedge cryptocurrency traders index showed a 138.1 percent increase for 2021. The value of Bitcoin increased by 60% in 2021, reaching a new all-time high of $69,000 in November, while the value of ether, the Ethereum blockchain’s currency, increased by around 400%.
