Major cryptos in trade on March 21, 2022 traded mixed at the time of writing this copy at around 4:00 pm (IST). Bitcoin, the largest and most popular digital asset traded lower by 0.87%, just holding $41373. Meanwhile, other altcoins such as Ethereum was also down, while Ripple, Solana, Terra, Avalanche, Stellar all traded higher. Dogecoin was also down in trade by close to 0.7% at $0.120264.
The mixed trend is seen even as the Federal Reserve hiked interest rate for the first time to combat a 4-decade high inflation. Also, Russia's attack on Ukraine continues to rage.
As per Coinmarketcap.com,the global crypto market cap is placed at $1.88 trillion, a 0.09% decline over the previous day. The total crypto market volume over the last 24 hours is $86.15B, which makes a 3.75% increase. The total volume in DeFi is currently $13.28B, 15.41% of the total crypto market 24-hour volume. The volume of all stable coins is now $72.60B, which is 84.27% of the total crypto market 24-hour volume.
Bitcoin's dominance is currently 41.83%, a decrease of 0.29% over the day. On a year to date basis, the crypto has lost over 11%. Likewise, Ethereum, associated with Ethereum blockchain has also tumbled over 22% since the beginning of 2022.
Cryptocurrency: Development In India context
Back in India, the centre is mulling over a proposal to bring cryptocurrency within the ambit of GST and classify crypto as goods or services such that tax can be imposed on the full transaction value. In the present regime, 18% GST is charged for services rendered by the crypto exchanges and is classified as financial services.
As per a PTI copy, GST officers sees cryptos to be similar to lottery, casinos, betting, gambling, horse racing and these attract 28% GST on the total transaction value.