The crypto market exhibited lower prices on Monday. That followed geopolitical tensions from Ukraine and Russia and investors’ concerns about the continuing inflationary pressure. Russian military proceedings suggest an imminent invasion. The Crypto market saw trading volumes halving because of high volatility.
Besides Dogecoin and Shiba Inu, top digital assets traded low on Monday. DOGE and SHIB recorded marginal increases, while Solana and XRP lost up to 5%.
As BTC had its price meandering within the past few days, the dominant crypto by market cap has recorded modest under-radar recoveries from the wintertime collapse. Meanwhile, the recent downswing had the global cryptocurrency market capitalization declining by around 7%, hitting the $1.77 trillion regions. Contrarily, the cryptocurrency market volume saw a slight increase to $69.70 billion.
The authorities will analyze allowing a limited set-off of 1-year’s losses from crypto trade against returns generated in that financial year. The government will permit the set-offs in unlisted and listed stock transactions. Moreover, the law allows carrying losses forward by 4-8 years, depending on the trade.
The crypto community appealed to the authorities to examine the proposal to introduce TDS (tax deducted at source) on digital coin transactions, stating that complying with the law will be challenging.
The overall crypto sector remains uncertain at the moment. That came as White House reports, warning Americans to vacate Ukraine increases tensions between Ukraine and Russia. That is according to updates from WazirX Trade Desk.
EU’s executive branch, the European Commission, plans to propose a virtual euro bill next year (2023). The bill will approve the European Central Bank’s CBDC experimentation.
OpenSea, a renowned non-fungible tokens marketplace, plans to launch an investment branch. That is after the platform raised $300 million at a $13.3 billion valuation in 2022 January.
The network that sold Jack Dorsey’s initial tweet NFT for $2.9 million halted transactions as individuals sold content that didn’t belong to them. The platform’s founder termed it as a fundamental issue.
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