Taxing Times
Cryptocurrencies are going through tough times.
- Feb 11, 2022,
- Updated Feb 11, 2022 6:52 PM IST
Cryptocurrencies are going through tough times. Bitcoin has fallen more than 40 per cent to $38,572 after touching its record high of $69,000 in November. The primary reason for this is the expected increase in interest rates by the US Fed and fears of a Russian attack on Ukraine. Add to that the Union Budget’s 30 per cent tax on digital assets (along with 1 per cent tax deducted at source) and it seems like tough times for the crypto market for now.
Cryptocurrencies are going through tough times. Bitcoin has fallen more than 40 per cent to $38,572 after touching its record high of $69,000 in November. The primary reason for this is the expected increase in interest rates by the US Fed and fears of a Russian attack on Ukraine. Add to that the Union Budget’s 30 per cent tax on digital assets (along with 1 per cent tax deducted at source) and it seems like tough times for the crypto market for now.