Crypto Prices Range Bound, Industry Seeks Full Clarity On Its Classification, Taxation

As per Coinmarketcap.com, the global crypto market cap currently has gone down below $2 trillion and stands at $1.99 trillion, which is a 1 percent increase over the last 24 hours. At the same time, the volume within the space has receded by as much as 0.6% during the same period to $78.35 billion.

Crypto Prices Range Bound, Industry Seeks Full Clarity On Its Classification, Taxation

Bitcoin, the largest digital token by market cap which is also the most popular as of writing this copy at around 11:30 pm (IST) traded higher by over 1 percent at $42,117.7. Ethereum is also up by 1.71 percent and is quoting at $3146.87. Other top assets as compiled by Coindesk.com are trading mixed with only few in the green, while the rest of the tokens traded in the red, with the highest cut seen on the Internet Computer token of over 3 percent.

For some time now, cryptocurrencies have been trading in a range. This in particular has been more so from the time when the Federal Reserve has come up with a hawkish stance and there looms earlier than anticipated interest rate hike by the US Federal Reserve to tackle inflationary woes.

In India context, as we are less than a fortnight away from the mega Budget event, the cryptocurrency industry in India and the various stakeholders have been demanding full clarity on crypto classification as well as its tax treatment and expect it to be treated as an asset category.

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