Will The Indian Crypto Market Pass Its Biggest Test Till Date?
— Article published, Major decline, Direction, 500 participants, Indian crypto markets, Rbi ’, Unpredictable —, Crypto companies, Tempered, Trade offline instead — 1 min read
The world’s largest cryptocurrency, Bitcoin, plunging more than 45% in less than three months and trading around $20,000 (INR 16 lakh) as of July 5, 2022. Bitcoin has seen a downward spiral of nearly 60% lower in value as compared to its value of $2,700 in April 2022. Other popular cryptocurrencies in India such as Binance Coin, XRP, Solana have witnessed a fall of up to 80% to 100%. The Indian government has announced a tax on income from the sale and transfer of virtual digital assets (VDAs) transactions of more than INR 10,000, including cryptocurrencies, has added a 30% tax rate to the taxation. India's triple-edged sword of high inflation, stringent taxation and regulatory scanner is tearing into the crypto rally in India Source