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Cryptocurrency market: Things you need to know about

Well, the cryptocurrency market

was transaction assorted on Monday. Agents were, conversely, moving back to uncertain possessions after a holiday break. Markets will await global cues for a sharp move in any direction.

6 out of the top 10 digital tokens were exchanging higher at 8.30 am IST, while the rest four were dealing less. Bitcoin, along with Solana and Terra has lost some ground, where Polkadot and Ethereum have increased up to 4 per cent.

The global cryptocurrency market capital was nearly flat to $2.24 trillion mark the comparison with the previous day. The entire crypto market volume fell more than 35% to $89.94 billion.

Bitcoin concluded the banner year with a stony finish. The principal cryptocurrency in the whole crypto market closed out in December with a 19 % drop, it is the biggest monthly damage since May.

It was also one of the worst in December since 2013. And its 60 per cent development in 2021 marked its minimum improvement for an up year since 2015 when it mounted 36 per cent.

More info about cryptocurrency.

Industry executives stated that Cryptocurrency markets that are going through improved inspection from tax authorities for GST elution are uncertain about “applicable provisions” under the country’s indirect tax rule within the regulatory uncertainty.

Later the Goods and Services Department, which hit a Rs 40 crore GST claim on crypto exchange WazirX the previous month, the Directorate General of Goods and Services Tax Intelligence (DGGI)—a law enforcement agency under the Union Ministry of Finance—is observing several crypto firms that include Buyucoin and Unocoin as well.

Here, Industry members stated that crypto markets have become unsuccessful in paying the accurate amount of GST basically due to misunderstanding over the tax applicable on several business models accepted by all these firms.

For example, exchanges like WazirX and CoinDCX simplify peer-to-peer dealings and charge a commission on every operation, as their prime source of income.

Also Read: Cryptocurrency market and investment rule for 2022

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