Bitcoin, Ether debut in 2022 on the up, while Altcoins have mixed trading days

Bitcoin had a positive first day of trading in 2022, but things haven’t really looked that way since then. After one of the worst months since the May 2021 crash, bitcoin has not been able to maintain the festive highs after Christmas, with its value exceeding $52,000 (about Rs 38.6 lakh) for the first time in three weeks. 

Bitcoin’s valuation is down 0.28 percent over the past 24 hours and is priced at $50,429 (approximately Rs 37.5 lakh) on the Indian exchange CoinSwitch Kuber, while the most popular cryptocurrency on global exchanges like CoinMarketCap has seen a 0.32 percent drop, worth $46,939 (34.92 lakh approx). 

Unlike bitcoin, ether has received a much-needed boost at the start of the year. The world’s second most valuable cryptocurrency is up nearly 2% in the past 24 hours after trading a few days over the weekend. At the time of publication, Ether is valued at $4,083 (approximately Rs 3.03 lakh) on Coinswitch Kuber, while the second-largest crypto by market cap is priced at $3,796 (approximately Rs 2.82 lakh) on the global exchanges where the coin is traded. last 24 hours. Similarly, an increase of 1.9 percent has been observed. Ether’s performance has improved marginally from the decline, but the price is still down 6.8 percent over the past week.

Gadgets 360’s cryptocurrency price tracker reveals mixed trading days for most popular altcoins. Tether, Ripple, Cardano and Polygon all saw price drops, while Uniswap, Litecoin, ChainLink and Polkadot were the biggest losers of the day.

Meme Coins didn’t have a good weekend, but 2022 has a slightly better start despite less investor interest. Dogecoin is up 0.5 percent in 24 hours and is priced at $0.18 (approximately Rs 13.78). Meanwhile, the Shiba Inu is up 0.7 percent at $0.000036 (around Rs.0.002705). The value of SHIB is down 11.5 percent over the past week, while Dogecoin is down 9.4 percent. 

According to CoinGecko, the value of bitcoin has fallen by more than 7% over the past week, even though the cryptocurrency is up more than 46.8 percent year-on-year. 

Elsewhere, the Eastern Commissionerate of GST Mumbai has detected GST evasion of Rs. 40.5 crore and recovery of Rs. 49.20 crore cash related to GST evasion, interest and penalty from cryptocurrency exchange WazirX.

According to a press release from the commissionerate, the discovery was made during an investigation into the business activities of the exchange, which is managed by Zanmai Labs and the cryptocurrency WRX is owned by Binance Investments, Seychelles. As per the release, this exchange offers the trader the option to transact in Rupee or WRX. WRX will have to be purchased from the WazirX platform. It states that the taxpayer is charging a commission on each transaction from both the buyer and seller in cryptocurrency.

Following the evasion of GST by cryptocurrency service provider WazirX, the Directorate General of GST Intelligence has reportedly taken a massive crackdown on cryptocurrency exchanges operating in the country. “Around half a dozen offices of cryptocurrency service providers have been searched and large scale Goods and Services Tax (GST) evasion has been uncovered,” ANI quoted sources as saying.