Crypto Market Registers Gain, Bitcoin Price More than USD 69,000, Ether Also Increases 2 Percent

Bitcoin, the largest cryptocurrency in terms of market capitalization, was up more than three percent on Monday. Its price was at $69,535 on international exchanges like CoinMarketCap. It was trading at around $72,680 on Indian exchanges like CoinSwitch. There are signs of recovery in the crypto market after the decline of the last few days.

Ether’s price was up by about two percent at around $2,986. Apart from this, Avalanche, Solana, Polkadot, Chainlink, Near Protocol, Cronos and Polygon also rose. The decline Cryptocurrencies These included Tether, Ripple, Cardano, Tron, Litecoin, Stellar and Cartesi. The market capitalisation of crypto rose to around $2.47 trillion. Shivam Thakral, CEO of crypto exchange BuyUcoin, told Gadgets360, “There is a positive sentiment in bitcoin after former US president Donald Trump’s announcement of making bitcoin a strategic asset. This has indicated a potential role for bitcoin in the international financial sector. Investors’ confidence in this market is increasing.”

US Senator Cynthia Lummis has proposed the government buy 1 million bitcoins as a strategy to help reduce the country’s debt. She argues that bitcoin has the potential to rise in the long term and the country can benefit greatly from it. The central government’s tough stance on the crypto segment in India remains intact. Crypto firms have suffered a setback as there is no tax relief in this year’s budget. In the budget presented last week, Finance Minister Nirmala Sitharaman announced reforms for some sectors. However, there was no mention of the crypto segment or blockchain technology in it. Crypto firms had requested the central government to reduce the tax deducted at source (TDS) by one percent on crypto transactions.

Bharat Web3 Association told Gadgets360, “We have provided analysis on the decline in user trading and transactions and how changes in the taxation structure can increase government revenue. We will continue to press for balanced taxation, including reducing TDS to 0.01 per cent, allowing set-off of losses on VDA transactions, and amending the 30 per cent tax on capital gains.”