Crypto Market in Red, Bitcoin Price less than USD 66,000

There has been volatility in the crypto market for the last few days. The reasons behind this are macroeconomic reasons and political tensions in some countries. Bitcoin fell by 1.93 percent on Wednesday. Its price on international exchanges was around $ 65,866. On Indian exchanges like BuyUCoin, Bitcoin had a loss of more than two percent and was trading at around $ 66,040.

Ether had a loss of 0.44 percent. It was around $3,440 on international exchanges and $3,452 on Indian exchanges. Apart from this, the prices of Binance Coin, Solana, Polkadot and Chainlink have decreased. In the last one day Crypto Market capitalization of was down 1.43 percent to around $2.39 trillion.

The markets desk of crypto app CoinSwitch told Gadgets360, “The main reason for the fall in bitcoin is that creditors of the bankrupt exchange Mt. Gox have started receiving bitcoins through Kraken. After waiting for nine years, many creditors have received bitcoins. Their total amount is about nine billion dollars.” This segment in the country is struggling with high tax burden. Crypto-related firms have suffered a setback due to no tax relief in this year’s budget.

Finance Minister Nirmala Sitharaman has announced reforms for some sectors in the budget presented on Tuesday. However, there was no mention of the crypto segment or blockchain technology. Crypto firms had requested the central government to reduce the tax deducted at source (TDS) on crypto transactions by one percent. Bharat Web3 Association told Gadgets360, “We had submitted an analysis on the reduction in user trading and transactions. Along with this, it was also told how the government’s revenue could be increased by changing the taxation structure. We will continue to press for balanced taxation. This includes reducing TDS to 0.01 percent, allowing setoff of losses on VDA transactions and amending the 30 percent tax on capital gains.” The breach of a multi-signature wallet of crypto exchange WazirX last week could be one of the reasons for not including crypto-related reforms in the budget.