The Bloomberg Galaxy Crypto Index has declined 47.1 per cent over the past year and 75.6 per cent from its peak on November 9, 2021. Bitcoin, which had touched a peak of $ 67,734 on November 9, is currently trading at around $21,483, about 68.3 per cent lower.
As cryptocurrencies reel under the global downturn, Chinese state-run newspaper Economic Daily has warned investors that the price of leading cryptocurrency Bitcoin is “heading to zero”. The warning came as the cryptocurrency market continued to face meltdown with Bitcoin hovering around $21,000 per digital coin on Saturday — a substantial drop from its record high…
The world of crypto isn’t just suffering from a market malaise that has seen the price of Bitcoin drop from $69,000 to around $20,000 today — it also faces a troubling number of security risks. There have been dozens of breaches in the past few years showing that cybercriminals are gravitating toward the world of…
Crypto broker Voyager Digital Ltd has lowered its daily withdrawal limits to $10,000 from $25,000, according to an update on the company’s website. The change comes after the company on Wednesday said its subsidiary may issue a default notice to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its loan. Voyager…
Transactions to paper trail: CBDT clears the air on TDS levy on cryptos The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. Read More…
The income tax department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. From July 1, tax deducted at source (TDS) of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies…
The income tax department on Wednesday said the 1 per cent TDS on transfer of virtual digital assets would be levied on net transaction value and the onus of deducting the tax would primarily be on the exchanges. The Central Board of Direct Taxes (CBDT) issued an FAQ on the TDS provisions on virtual digital…
The Goods and Services Tax (GST) Council is unlikely to take a call on taxing virtual digital assets (VDA) or crypto assets in its upcoming meeting and may ask two states, Haryana and Karnataka, to study the nature and taxability of various activities in the crypto ecosystem. The Council is set to meet on June…
FalconX, a digital asset trading platform and brokerage for institutional investors, has doubled its valuation to $8 billion, despite a major market downturn for crypto. The San Mateo, California-based startup said Wednesday that it had raised $150 million in a Series D funding from investors led by GIC and B Capital, a previous investor. Thoma…
Job postings for cryptocurrency, blockchain, NFTs have grown 804 per cent between April 2020 to April 2022, according to a report. The report by global job portal Indeed also revealed an acceleration in the market’s demand. In 2022, the increase was 315 per cent. Job postings in April 2022 were 15 times more than in…
