Eight of the ten cryptocurrencies were trading in red on Sunday, with Polkadot declining 8.18% to $28.94. Solana was down 5.91% to $131.16, while Cardano also slumped 4.74%. Dogecoin declined by 2.47%. Bitcoin, the oldest and the biggest cryptocurrency in the world, decreased by 1.01% to $42,306.52. Ethereum, the second largest token fell by 1.54% to $2,869.72. In terms of top-ten ranking, USD Coin and Polkadot moved from the 9th and 10th position to the 8th and 9th position, while Dogecoin slipped to the 10th position respectively.
|S. No||Cryptocurrency||Price (in $)||Price (in Rs)||%Change|
*All prices as of 26th September 2021, at 10:21 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.05
The Chinese Central Bank, which declared all cryptocurrencies as illegal as sparked panic sales of cryptos in India as investors rushed to square off their positions in smaller cryptos or take a safe haven in Bitcoin and Ethereum, resulting in the crumbling of the asset class on Saturday.
The Economic Times reported that the transaction volumes surged by 50% at top Indian exchanges. It also added that veteran investors were relatively calm, however newbies to the cryptocurrency market reacted to the news from Beijing.
Exchanges dealing in such assets expect the Chinese impact to be temporary, it is expected that panic selling is set to continue for the next couple of days.
The Ministry of Finance has formed a new committee to find out income made out of cryptocurrency could be taxed. This development comes at a time, when the country is awaiting the announcement of the cryptocurrency bill, which will be presented before the parliament in the upcoming winter session.
About four weeks have been given to the committee and will have to inform if the income made by trading in cryptocurrencies can be taxed as capital gains or a separate new tax category has to be created.
At present, there are no concrete laws to regulate trading of cryptocurrencies which has gained a lot of momentum in the country.
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