Bitcoin in green, trading above Rs 32.10 lakh
Cryptocurrencies traded in the green early on April 16. The global crypto market cap is $1.89 trillion, a 1.14 percent increase over the last day. The total crypto market volume over the last 24 hours stood at $62.15 billion, which makes a 19.60 percent decrease. The total volume in DeFi reached $6.89 billion, 11.09 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $49.12 billion, which is 79.04 percent of the total crypto market 24-hour volume. Bitcoin's price is currently Rs 32.10 lakh, with a dominance of 40.88 percent. This was a 0.12 percent increase over the day. Read full hereBig Story
Amazon CEO says not adding cryptocurrency as payment option anytime soon
Amazon.com Inc Chief Executive Officer Andy Jassy said the e-commerce giant is not close to adding cryptocurrency as a payment option to its retail business. He also said it might be possible to sell non-fungible tokens (NFTs) on its e-commerce platform and expects NFTs to continue to grow "significantly." Jassy said cryptocurrencies will become bigger in the longer term, but added he himself does not own any bitcoin. A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream. Read details hereInvest
A look at how people are adopting cryptocurrency (Slideshow)
Over the years cryptocurrency ownership has increased around the world. A report released by crypto exchange firm Gemini looked at how people are adopting cryptocurrency - based on country, age and gender metrics. It found that Indians own 20 percent of the world's cryptocurrencies - tying with the United States for the 10th spot. Indonesian and Brazil topped the list with 41 percent ownership each. In terms of demographics distribution 38 percent of the crypto holders in India are women; while 25-34 years age group holds majority with 33 percent crypto buyers. Take a lookAnalysis
Nuts and bolts of how cryptos and digital assets will be taxed this year, and the challenges
There has been a spike in dealings related to virtual digital assets (VDAs) in recent times. Further, a market is emerging where payment for the transfer of a VDA can be made through another such asset. Hence, tax authorities have introduced a new scheme for the taxability of such transfers. Aside from the flat tax rate, the government has also imposed a 1 percent withholding tax. But when the buyer and seller of virtual digital assets on exchanges are unknown to one another, deducting the TDS will be a challenge. Such amendments will help the government by tapping into the growing market of digital assets and increase the tax revenue base. Read more here
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