Cryptocurrency prices in trade on March 30, 2022 are under pressure, with Bitcoin-the largest token by m-cap trading soft by over 0.5% at $47,240. The price of Bitcoin in INR is quoting at Rs. 36,40,351 as of writing this copy at around 8:20 am (IST) on WazirX.

Other altcoins too traded soft. Ethereum was down 0.4%, while Ripple has been hovering lower by over 2%. Of the top 20 assets as compiled by Coindesk, majority of the tokens showed weakness, with losses of over 3% as in the case of Decentraland. However, the tokens that defied trend include Terra and Solana with the former trading higher by over 4%.

Bitcoin paused its winning run that extended for seven straight sessions.

On the advancement of Ukraine-Russia ceasefire talks, there is seen a decline in volatility which in fact highlights less of fear among market participants. This hence could spur near term rally across speculative asset classes.

Cryptocurrency-India context

Lok Sabha has passed the Finance Bill with specific tax provisions for Cryptos. Ashish Singhal, Co-founder and CEO, CoinSwitch is of the view that cryptos should be taxed at par with equity markets. Further he adds that, “Despite the Finance Bill, the crypto industry sees space for reasonable changes in tax policy. Crypto assets are to public blockchains, what equities are to public companies. Taxes on crypto should therefore be at par with those in the equity markets . TDS is to provide a tax trail. A lower TDS can do so without driving users out of KYC-compliant platforms”.