New Delhi: The cryptocurrency market extended its gains to Thursday, with Bitcoin leading the way and most of the altcoins following suit, boosted by US inflation data.
Barring the dollar pegged USD coin, all other nine out of top-10 digital tokens were trading higher at 8.30 am IST. Terra and Cardano zoomed 10 per cent each, followed by a 6 per cent rise in Solana.
The global crypto market cap was up by more than 3 per cent to $2.07 trillion mark compared to the last day. The total crypto market volume jumped over 14 per cent to $100.44 billion.
What’s cooking in India
The government has sought opinion from senior tax advisors on whether the income earned from trading or investing in cryptocurrencies could be treated as business income as against capital gains from this year onwards, said sources.
The move could substantially increase the tax burden of crypto investors. The government is looking to fine-tune the definition of income and gains specifically for crypto assets in the upcoming budget.
No cryptocurrency advertisement would compare cryptos with other regulated assets, claim that ‘understanding crypto products is so easy that consumers don’t have to think twice about investing,’ or feature cryptos as a solution to any ‘money problem.’
Global updates
Changpeng “CZ” Zhao, who runs the crypto exchange Binance, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $96.5 billion, according to new calculations from the Bloomberg Billionaires Index.
Zhao’s projected fortune now is just below that of Oracle founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also soared over the last two years.
In cryptocurrencies beyond Bitcoin, the Near Protocol’s NEAR token rose on Wednesday to an all-time high on signs the up-and-coming blockchain might be undervalued as it attracts more activity.
Some analysts warned that NEAR might be looking frothy on some metrics and that bullish bets on another popular blockchain token, Fantom’s FTM, have become a ‘crowded’ trade.
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