Top Cryptocurrency Price Today (March 22, 2022): CryptoThe prices of all crypto tokens are in the green today (March 22, 2022), with Bitcoin topping the charts at $42,359.
Bitcoin is followed by Ethereum (ETH) at $3001, Tether ($1), Binance Coin (BNB) at $401 and USD Coin (USDC) at $1 in the list of top 5 cryptocurrencies by market capitalisation on March 22, according to CoinMarketCap data at the time of writing this report.
In the last seven days, prices of several top crypto assets have increased by over 10%.
While Bitcoin has seen a 9% jump in price in the last 7 days, the price of Avalanche (AVAX) has surged by 32% in a week. AVAX is currently ranked 10th in terms of market capitalisation.
Price of Cardano (ADA) has witnessed a 18% jump in the last seven days while prices of Solana and XRP have increased by 14% and 12% respectively.
The price of Ethereum, which is ranked second in terms of market capitalisation, has jumped 18.9% in the last 7 days, while BNB price has witnessed a 10% increase.
The biggest gainer among all cryptos was Blocks (BLOS) with 3815% jump today, according to CoinMarketCap.
|Crypto Asset||Price (March 22, 2022)|
|5||USD Coin (USDC)||$1.00|
Meanwhile, a new clarification on crypto tax in India has disappointed investors as well as the crypto industry. According to the Government, crypto traders and investors will not be allowed to set off their losses from a crypto asset against gains from anther crypto. In other words, any gain from any crypto would be taxed at the flat rate of 30% while losses would not be irrelevant while computing crypto tax.
The new crypto tax regime will kick in the new Financial Year starting April 1, 2022. The new rules also propose a 1% TDS on every crypto transaction.
“Taxes imposed by the Indian government are quite harsh for the virtual digital assets industry. Not being able to offset the losses of one virtual digital asset with another will discourage a lot of investors as it increases their risk and decreases the end reward. This would disincentivize them from trading with Indian exchanges and deal only with foreign exchanges or decentralised exchanges. The proposed tax framework on digital assets would lead to a decline of the blockchain industry in India and talent and companies would eventually move outside,” Bhagaban Behera, CEO and Co-Founder of Defy, told FE Online.
(Cryptocurrencies are unregulated assets in India. Investing in them could lead to losses as crypto market is highly volatile. You should consult your financial advisor before making any investment in crypto and other virtual digital assets).