Cryptocurrency industry s representatives urge the authorities to reduce the 1 percent tax levied on VDA transactions and 30% capital gains tax. They also insist that a regulatory framework with regards to digital currencies is the need of the hour
Cryptocurrency markets were trading in the red on Tuesday after Bitcoin, the world s largest crypto token, fell below $40,000 for the first time since the launch of 11 spot Bitcoin exchange-traded fund (ETF) on January 11.
Bitcoin was trading 0.2% lower at $42,757 at 11:33 am, while the second most popular token, Ethereum, was down 1.3% at $2,529. At the same time, the global cryptocurrency market cap declined by 0.63% in the last 24 hours to approximately $1.68 trillion
Investors have priced in a near 80% chance of Fed rate cut in March and expect the central bank to cut the rate in nearly each of the successive meetings this year.
Bitcoin s dominance is currently 51.33%, according to CoinMarketCap. BTC volume in the last 24 hours surged 33.11% to $51.02 billion. BTC has a strong support around $39k on the downside, $48k still holds as a major resistance that BTC is yet to breach, said CoinSwitch.