In 2022, Bitcoin’s debut was a success, but things haven’t really improved since then.
Bitcoin has not been able to keep up with the Christmas high that followed a month of the worst months since May 2021, when its value rose above $52,000 (roughly Rs. 38.6 lakh) for the first time in three weeks.
The value of Bitcoin has dropped by 0.28 percent in the last 24 hours and is valued at $50,429 (approximately Rs. 37.5 lakh) on the Indian exchange CoinSwitch Kuber.
On the other hand, global exchanges such as CoinMarketCap show a 0.32 percent drop to $46,939 (approximately Rs. 34.92 lakh.
Ether has enjoyed a much-needed boost in the first quarter of the year, whereas Bitcoin has not.
Ethereum, the second most valuable cryptocurrency in the world, is up by about 2% over the past 24 hours after a nice few days’ trades through the weekend.
Ether’s price is currently $4,083 on CoinSwitch Kuber (about Rs. 3.03 lakh), with values on global exchanges seeing the second-largest cryptocurrency by market capitalization valued lower at $3,796 (about Rs. 2.82 lakh), where it has increased 1.9% in the past 24 hours.
Ether’s price has decreased by 6.8% in the past week, and it is down 9.4 percent over the last month.
The majority of the prominent altcoins had a mixed day of trade, according to Gadgets 360‘s cryptocurrency price tracker.
Tether, Cardano, Polygon, and Ripple lost the most value on Sunday. On the other hand, Uniswap, Litecoin, Chainlink, and Polkadot are the biggest losers for the day.
The week hasn’t gone well for Meme coins, but things have begun to improve in 2022, despite a decline in investor interest.
In the last 24 hours, Dogecoin has increased by 0.5% to trade at $0.18 (about Rs. 13.78). Meanwhile, the Shiba Inu has risen 0.7 percent to $0.000036 (approximately Rs. 0.002705).
On the other hand, Dogecoin’s market capitalization has dropped by 9.4 percent in the previous seven days, and 11.5 percent in one week from Shiba Inu Bitcoin Investing.
According to CoinGecko, Bitcoin’s value has tumbled by more than 7% over the previous week, even though the cryptocurrency is up by more than 46.8 percent year-to-date.
In the meantime, the GST Mumbai East Commissionerate has discovered an Rs. 40.5 crore GST evasion and recovered Rs. 49.2 crore in cash owing to GST evaded, interest, and a penalty from cryptocurrency exchange WazirX in Mumbai East Region.
The authorities announced the find after investigating the exchange’s business practices, which are run by Zanmai Labs and cryptocurrency WRX is owned by Binance Investment, Seychelles.
This platform, according to the announcement, allows traders to exchange in rupees or WRX. The WazirX platform is where you can buy the WRX.
The taxpayer is taking a commission from both the buyer and seller on each cryptocurrency transaction, according to it.
The Directorate General of GST Intelligence has reportedly hit hard on cryptocurrency exchanges in India following the evasion of GST by WazirX, a cryptocurrency service provider.