Most of the popular cryptocurrencies opened trading with gains on Wednesday, February 1st, the same day that India is scheduled to receive its union budget for fiscal year 2023-2024. Bitcoin, with a small gain of 1.36 percent, is currently priced at $23,129 (about 18.9 lakh). The oldest cryptocurrency also maintained a similar price on international exchanges like Binance and Coinbase. It is noteworthy that Bitcoin has held its value above the $23,000 (roughly 18 lakh) mark for the second week in a row.
ether rose 1.01 percent in value as it entered the trading zone on Wednesday. The price of the crypto asset was $1,583 (roughly 1.29 lakh) at the time of writing. Crypto price tracker by Gadgets 360.
“BTC has barely made any gains in the past seven days. ETH recovered from its earlier lows and its next resistance would be the $1,600 (1.30 lakh) price point. These two top cryptocurrencies continue to trade in a tight range today as investors await the Fed’s decision and the Indian Union budget,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex, told Gadgets 360.
Cardano, polygon, Speckleand Litecoin raked-in profits alongside meme coins Shiba Inu and Dogecoins.
Small gains also contributed to the prices of avalanche, Uniswap, cosmos, Lion, Moneroand bitcoin cash.
Meanwhile, a very small number of altcoins saw losses on Wednesday.
These include Binance coin, Solana, Tron, chain link, Stellarand Near the log.
Overall, the global crypto market cap increased by 1.01 percent in the last 24 hours. acc CoinMarketCapThe crypto sector is currently valued at $1.05 trillion (roughly Rs. 86,10,932 crore).
Despite the volatility associated with crypto experimentation, people from all over the world are drawn to this class of digital assets as investment vehicles.
Industry experts have consistently said that as more and more nations enact laws to regulate the crypto sector, its volatile nature will subside and it will become safer to invest in crypto assets.
India, which taxes all profits from crypto trading at 30 percent, is taking gradual steps into the cryptosphere.
have industry insiders pushed India’s Ministry of Finance to lower the tax bracket around crypto and create favorable conditions for people to establish crypto-related ecosystems in the nation.
“Last year the government’s tax norms effectively protected investors’ funds and stock markets. The crypto industry in India is now looking forward to a more progressive tax regime in the upcoming Union budget. Classifying cryptocurrencies as an asset class, similar to other assets, and allowing them to offset gains with losses would encourage greater retail and institutional participation. The current TDS of 1 percent on each transaction could discourage cryptocurrency adoption. It could be a big step for the government to address these issues,” noted Mudrex’s Patel.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss arising from any investment made based on an accepted recommendation, forecast or other information contained in this article.
