The history of Ethereum transaction fees was the topic of discussion in 2021, with the peak recorded in May 2021. Although the current ETH gas fee has decreased, compared to the peak last year, the fee remains a big issue in the crypto community. Finding a proper solution to address the issue is always a […]
The first multi-protocol decentralized financial (DeFi) platform on the fast-growing Cardano ecosystem, Ravendex, has announced the listing of $RAVE on the BitMart crypto exchange. Consequently, RAVE token users can find liquidity and trading services of the coin through the BitMart exchange. Ravendex takes pride in the fact that it is the first non-custodial decentralized exchange […]
Significant amounts of criticisms continue to pour in, barely six weeks after El Salvador President, Nayib Bukele, announced plans by the government to construct a full-fledged Bitcoin city powered by geothermal energy. The latest is a tweet by renowned US Economics professor, Steve Hanke, who yesterday, took to Twitter to radically disparage Bukele’s ‘bitcoin city’ […]
IndiaTech, an industry organization representing consumer internet businesses, has written to Finance Minister Nirmala Sitharaman requesting clarification on cryptocurrency taxes in the Union Budget 2022–23.
IndiaTech Request Government to Change the Existing Tax Rules to Include Cryptocurrency Holdings
IndiaTech has asked the government to amend current tax rules to incorporate crypto assets and has demanded clarification on taxes and their disclosures in the letter, portions of which have been accessed by ETtech. The letter comes against the backdrop of the much-delayed Cryptocurrency Bill 2021, which was supposed to be submitted at the just-finished winter session of parliament.
“The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion, IndiaTech’s president and CEO, Rameesh Kailasam, told ETtech. “Basically, the line of thinking is that we shouldn’t be waiting for a bill alone and the Budget should begin the process.”
What Is The Future of Cryptocurrency in India?
IndiaTech has requested the Finance Minister to recognize cryptocurrencies as digital assets rather than currency. Currently, there is little certainty about how cryptocurrencies will be taxed in India, owing to uncertainty over whether they should be classified as currencies, securities, or some other form of asset. Income tax rates on asset returns range from 10% to 35%, and the way cryptocurrencies are classified may potentially influence GST rates.
IndiaTech has suggested that a flat 18% GST be imposed only on the platform commissions of the exchanges (brokerage or exchange fees per trade) instead of the total amount, as is done in the case of e-commerce transactions.
For direct taxes, the industry association has advocated enabling rules to recognize and treat it as income from capital gains or income from business and profession, depending on the kind of business of the holder and the timeliness and form of holding.
Other proposals include a disclosure obligation for people owning crypto assets after the fiscal year, similar to the disclosure rules proposed by the Ministry of Corporate Affairs for firms holding crypto assets.
IndiaTech has also proposed mandating Know Your Customer (KYC) standards, Indian ownership requirements for crypto exchanges, and granting authorized dealers status to exchanges importing cryptocurrency.
Wrapping Up
India trails well behind China, the United States, Japan, Russia, and other nations in terms of technology and financial literacy. Adopting cryptocurrencies in a competent and well-regulated manner will place India ahead of many other rising markets. To accomplish, so, however, the general public and the country’s financial decision makers must better understand cryptocurrencies and digital assets.
Blockchain is a technology that we can modify to our liking and reap the advantages of. Similarly, cryptocurrencies will have a similar impact on moving the economy forward.
Johann Steynberg, the wanted CEO of Mirror Trading International was recently arrested by Brazilian law enforcement after he was caught using a fake document. The arrest, which took place in the country’s Goiás province, was carried out by the Brazilian military police. Fake IDs, Laptops, and Credit Cards Seized Johann Steynberg, the CEO of Mirror […]
The recent crypto crash was a tough one, especially going into the new year of 2022. Many crypto enthusiasts expected a rally in prices but were met with a falling market over the holidays. Many attributed this decline to several factors like profit-taking, liquidation for holidays gifts, and other reasons. On the other hand, the fundamentals of the crypto market have a different say. The Ethereum price reached a critical turning point today. Should you buy in anticipations of higher prices soon, or wait for a further drop in the market?
Ethereum Price Lost more than 20% in 2 Weeks
It is true that most cryptocurrencies lost significantly in valuations. Ether lost more than 20% since December 26th, 2021 when the crypto market started to crash.
“But how could I have known??” Well, for starters, you can join our Premium Discord. There you will receive trading ideas and professional trading support. Our Premium Discord is not just about trading. You will also find out the latest crypto trends early enough, from which you can benefit massively or at least exit the market.
On the other hand, if you are good at technical analysis, you would’ve seen the break in the uptrend of Ether. In figure 1, we can clearly see how the daily candle broke the uptrend lower. This is a clear indication of upcoming lower prices, and this is where you liquidate if you bought Ether at positions higher than a price of USD 3,000.
Fig.1 ETH/USD 1-day chart showing a trend reversal for ETH – TradingView
Ethereum Price Prediction – Should you Buy ETH Today?
If we zoom out further, we can see a repeating pattern when it comes to the Ethereum price. It seems like prices tend to go on an uptrend, then break lower into strong support areas. This specifically happened back in May, June, and September of 2021. In figure 2, we can see the yellow support levels where prices tended to take a breather before continuing higher.
Today, prices reached a previous consolidation zone, delimited by a price of USD 3,200. This is where technical traders become interested in trading.
Fig.2 ETH/USD 1-day chart showing the support levels of ETH price – TradingView
We currently have two case scenarios:
Buy at the current price and place a tight stop-loss of USD 3,050 as prices might rebound and correct upwards (30% success rate)
Wait for a further downside towards the next support level of USD 2,750
This of course depends on the general trend of the cryptocurrency market, and Bitcoin specifically.
The Crypto Market at a Glance
In the past 24 hours, the cryptocurrency market saw a slight decline in prices of around 1.4%. Its market capitalization fell below USD 2 Trillion, and most cryptos are in the red with the exception of very few. The top gainers were IC, DASH, and AAVE gaining respectively 11%, 10%, and 7%. On the other hand, the top losers were VLX, ATOM, and RVN losing 13%, 12%, and 11% respectively.
The crypto market is currently experiencing a hit, and Ethereum is among the most affected. The crypto asset has dropped by 5% in price over a 24-hour period, with a 7-day loss of close to 15%. At the time of this writing. This drop has effectively taken the price all the way down to the […]
A group of investors in Africrypt are reportedly pushing to have criminal charges pressed against directors of the now-defunct cryptocurrency investment platform. Opponents of the move have argued that this push is unlikely to succeed because many of the investors have already been reimbursed part of their funds. Mystery Investor Injects More Than $5 Million […]
During the past year, the increasing adoption of Chainlink Data Feeds was accompanied by the network’s release of new computation-based services–leading to a surge in the total number of integrations.
Johann Steynberg, the wanted CEO of Mirror Trading International was recently arrested by Brazilian law enforcement after he was caught using a fake document. The arrest, which took place in the country’s Goiás province, was carried out by the Brazilian military police. Fake IDs, Laptops, and Credit Cards Seized Johann Steynberg, the CEO of Mirror […]
A group of investors in Africrypt are reportedly pushing to have criminal charges pressed against directors of the now-defunct cryptocurrency investment platform. Opponents of the move have argued that this push is unlikely to succeed because many of the investors have already been reimbursed part of their funds. Mystery Investor Injects More Than $5 Million […]