Cryptocurrencies today: Bitcoin, Ether, Shiba Inu, Solana gain; Dogecoin falls

On Tuesday, major cryptocurrencies traded mixed as oil prices and bond yields fell in anticipation of possible peace negotiations over the Russia-Ukraine conflict. According to CoinDesk, Bitcoin, the largest cryptocurrency by market capitalisation in the world, was trading at nearly 1 percent higher at $47,000. The Bitcoin market capitalization has risen to $900.23 Billion, and the trade volume has been at $1.32 Billion in the last 24 hours.

In the last year, Bitcoin has seen volatile trades. In the past year, Bitcoin has seen volatile trades. It reached a peak of $69,000 and a minimum of $28,000.

The second largest virtual currency Ether gained 1.8 percent, trading at $3,374. Meme crypto Dogecoin lost over 3 percent to $0.144, but Shiba Inu gained greater than 3 percent and traded at $0.000027. Solana, which saw significant interest from crypto traders last year rose nearly 2 percent to trade for $109.

From April 1, crypto tax will become effective. Any form of virtual assets (VDA) and crypto assets that are sold for profit will be subject to a 30% tax. This announcement was made this year by Nirmala Sitharaman, Finance Minister.

The government has recovered Rs 95.86 Crore from 11 cryptocurrency exchanges to evade Goods and Services Tax. The penalty and interest are added to the total.

Zanmai Labs, Coin DCX and CoinSwitch Kuber were some of the exchanges involved in GST evasion. According to the finance ministry, others included Zeb IT Services and Secure Bitcoin Traders.

Pankaj Chaudhary, Minister of State for Finance, stated that 11 cases of GST evasion by cryptocurrency exchanges were detected by Central GST formations in a written response to Lok Sabha. He stated that Rs 81.54 cr was evaded and Rs 95.86 cr was recovered (incl. interest and penalty). According to the reply, Rs 49.18 Crore was found at Zanmai Labs, (WAZIRX), Rs 17.1crore from Coin DCX and Rs 16.07crore from CoinSwitch Kuber.

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