Cryptocurrency prices today: Bitcoin, Ethereum down after Facebook report – India Today

Cryptocurrency prices today: Bitcoin, Ethereum down after Facebook report – India Today

While Bitcoin was down by 4.07 per cent to USD 36,969.10, Ethereum reported a slide of 3.62 per cent at USD 2,666.27.

Cryptocurrencies. (Photo: Reuters)

Prices of popular cryptocurrencies such as Bitcoin, Ethereum and others have fallen sharply, according to data on coindesk. The plunge in prices came after Facebook had stated that its virtual or augmented division reported a loss of USD 10 Billion in 2021.

While Bitcoin was down by 4.07 per cent to USD 36,969.10, Ethereum reported a slide of 3.62 per cent at USD 2,666.27.

Other cryptocurrencies such as XRP was down by 3.62 per cent, Solana by 10.38 per cent, Terra by 7.04 per cent, Cardano by 5.03 per cent, Polkadot by 8.79 per cent, Stellar by 5.03 per cent, Dodgecoin by 3.22 per cent, Chainlink by 9.12 per cent, Polygon by 6.66 per cent, Shiba Inu by 4.63 per cent, Uniswap by 6.65 per cent, and Wrapped Bitcoin by 4.02 per cent.

Revenue Secretary Tarun Bajaj said on Wednesday that income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, according to a PTI report.

The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on any income from transfer of any virtual digital asset. Gift of virtual digital asset will also be taxed in the hands of the recipient.

Loss from transfer of virtual digital asset cannot be set off against any other income. To capture the transaction details, Tax Deducted at Source (TDS) will be provided on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent.

ALSO READ | How cryptocurrencies are taxed around the globe

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Source: https://www.indiatoday.in/business/story/cryptocurrency-prices-today-bitcoin-ethereum-down-after-facebook-report-1908123-2022-02-03