Cryptocurrency news: Polkadot gains by 18.4%; Solana increases by 14.2%

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Eight of the ten cryptocurrencies were trading in green on Thursday, with Polkadot surging over 18% to $32.36. Solana advanced 14.28% to $148.37, Cardano added 11.19% and Dogecoin jumped 10.44%. Bitcoin, the oldest and the biggest cryptocurrency in the world, rose 4.60% to $44,101.03. Ethereum, the second largest token climbed by 8.22% to $3,104.76. In terms of top-ten ranking, Cardano came back to its third position and Polkadot moved up from the ninth position to the eight position.

Cryptocurrency prices

Finance Ministry to examine scope for taxing cryptos

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.

US slaps sanctions on cryptocurrency exchange

Cryptocurrency exchange SUEX has been imposed with sanctions by the United States, owing its alleged ties with ransomware attackers.

The move comes after ransomware attacks hit various sectors, with hacks and data breaches targeting a major US oil pipeline, meatpacking company and Microsoft Exchange email system.

The US Treasury Department did not implicate SUEX in any of these incidents, but added that 40% of the exchange’s transactions have been linked with illicit actors.

Due to these sanctions, assets of these platforms under US jurisdiction have been blocked and Americans have been barred from SUEX.

According to the Department of Homeland Security, around $350 million was paid to malicious cyber players. A rise of 300% from 2019.