Cryptocurrency Prices Today: Bitcoin, Ethereum down

Bitcoin's price is currently Rs 33 lakh and its dominance of the crypto market over the last 24 hours is 40.19 percent.

Cryptocurrencies traded in the red early on January 17. The global cryptocurrency market cap is $2.07 trillion, a 0.29 percent increase over the last day. The total crypto market volume over the last 24 hours is $64.37 billion, a 3.98 percent increase.

The total volume in DeFi is currently $10.53 billion, 16.35 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now $49.43 billion, which is 76.79 percent of the total cryptocurrency market 24-hour volume.

Bitcoin's price is currently above Rs 34 lakh, and its dominance over other cryptocurrencies over the past 24 hours is 39.35 percent. This is a decrease of 0.15 percent over the day

The government could consider in the upcoming Union Budget 2022 levying TDS/TCS on sale and purchase of cryptocurrencies above a certain threshold and such transactions should be brought within the ambit of specified transaction for the purpose of reporting to income tax authorities, Nangia Andersen LLP tax leader Aravind Srivatsan said.

He said considering the size of the market, the amount involved, and the risk coupled with cryptocurrencies, certain changes may be brought in the taxation of cryptocurrencies like bringing them under the provisions of tax deducted at source (TDS) and tax collected at source (TCS) above a threshold limit which will help the government get the "footprints of the investors".

Meanwhile, globally, skeptics argue that cryptocurrencies and related assets such as NFTs are digital Ponzi schemes, with prices artificially inflated beyond their true value. Some question whether cryptocurrencies and the blockchain have any long-term utility.

Nowhere has there been more unhappiness than in the games community, where clashes over crypto have increasingly erupted between users and major game studios. In many of the encounters, the gamers have prevailed — at least for now, found the NYT.

As of 9.25 am on January 17, these are the prices of largest cryptocurrencies (data from WazirX):

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