Most of the popular cryptocurrencies opened profitable trading on Wednesday, February 1, the same day India is set to receive the Union Budget for the fiscal year 2023-2024. Bitcoin, with a small gain of 1.36%, is currently priced at $23,129 (about Rs 18.9 lakh). The oldest cryptocurrency also maintains similar prices on international exchanges like Binance and Coinbase. It is noteworthy that Bitcoin has kept its value above the $23,000 mark (about Rs 18) for the second consecutive week.
ether increased in value by 1.01 percent as it entered the trade zone on Wednesday. The price of the crypto asset is at $1,583 (approximately Rs 1.29) at the time of writing, indicating Cryptocurrency price tracker by Gadgets 360.
“BTC has barely made a profit in the past seven days. ETH has recovered from the previous low and its next resistance will be at the price of $1600 (1.30 lakh). Both of these top cryptocurrencies, for now, continue to trade in tight ranges as investors await the decision of the US Federal Reserve and India’s Union Budget,” said Edul Patel, CEO and Co-Founder of crypto investment platform Mudrex told Gadgets 360.
Meanwhile, a very small number of altcoins suffered losses on Wednesday.
Overall, the global crypto market capitalization has increased by 1.01% in the past 24 hours. According to the CoinMarketCapthe crypto sector valuation is currently at $1.05 trillion (approximately Rs 86,10,932).
Despite the volatility factor associated with crypto experimentation, people from all over the world are being attracted to this digital asset as an investment tool.
Industry experts have repeatedly said that as more countries introduce legislation to regulate the crypto sector, its volatile nature will lessen and crypto assets will become safer to invest in. into the.
India, which taxes 30% of all profits from trading cryptocurrencies, is entering the crypto world step by step.
Industry insiders have urge The Indian Ministry of Finance reduces the tax bracket around cryptocurrencies and makes it easy for people to establish a crypto-related ecosystem in the country.
“Last year, government tax regulations effectively protected investors’ funds and exchanges. The crypto industry in India is now expecting a more progressive tax system in the upcoming Union Budget. Classifying cryptocurrencies as an asset class, similar to other assets, and allowing profit versus loss to be offset will encourage more institutional and retail involvement. The current 1% TDS on every transaction may discourage crypto adoption. It could be a great move for the government to address these issues,” noted Patel from Mudrex.
Cryptocurrency is an unregulated digital currency that is not legal tender and subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.