Cryptocurrency Update: Many savvy investors in India still find cryptocurrency to be a mysterious topic. A sizable number of people still want to invest in cryptocurrencies but are unable to closely follow breaking and developing news in the space, which will help them take note of price movements, major sell-offs, and announcements of new blockchain-based developments. This is true even though cryptos are gradually gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender.
Why the Market is down?
Over the past few days, cryptocurrency values have been falling precipitously. So much so that, according to data from CoinMarketCap, the total market value of all cryptocurrencies fell from $1.03 trillion on November 7 to $821.02 billion on November 10 over the course of four days. Top coins like Bitcoin (BTC) and Ethereum (ETH) saw a decline as a result, falling from about $21,000 and $1,600 to $16,000 and $1,100, respectively. What, therefore, is behind the precipitous collapse in cryptocurrency prices? What should investors remember during the current bear trends, perhaps even more importantly?
Follow this live blog to stay up to date with all the latest developments in the world of cryptocurrency, from significant market losses to noteworthy declarations.
Cryptocurrency Update: Other data from CoinMarketCap
While there are many different cryptocurrencies to investigate, Bitcoin (BTC) is the most well-known because it is the oldest and most valuable cryptocurrency in existence. According to data from CoinMarketCap as of November 11th, the price of one bitcoin was $17,041.42. The market capitalization of all cryptocurrencies was $858.06 billion at the time of writing, up 3.76 percent over the previous day.
While unregulated in India, cryptocurrencies are included in the category of virtual digital assets (VDAs). The new tax system, which went into effect on April 1, 2022, taxes gains from VDAs at a rate of 30%. On top of that, a TDS of 1% is added.
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