Top Cryptocurrencies Trade Mixed Today; Parliament Passes Stern Crypto Tax Laws

Top cryptocurrencies in trade today (March 25, 2022) at the time of writing this copy were trading mixed. Bitcoin-the largest crypto by m-cap was up by close to 1% at $44,301, while Ether also traded higher by 0.7% at $3132.

Top Cryptocurrencies Trade Mixed Today; Parliament Passes Stern Crypto Tax Laws

Of the top 20 cryptos as compiled by Coindesk which constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges traded with weakness. For instance, Cardano fell the most by over 6%, followed by Dogecoin, Chainlink and Avalanche that shed over 2% each. Similarly Solana, Ripple, Terra, Shiba Inu, Polygon, Cosmos traded witj a cut of over 1% each. Nevertheless, Algorand traded with the most gains of over 7%.

As per the Coindesk report, Bitcoin topped $44K on unconfirmed news that suggests that a foundation with focus on UST-the world's fourth leading stablecoin is accumulating bitcoin as a reserve asset.

There are reports that nonprofit Luna Foundation Guard (LFG) based out of Singapore bought bitcoin worth $125 million early during the week and delivered on its promise to accumulate Bitcoin as an additional security layer for UST-Terra's decentralized dollar-pegged stablecoin.

Parliament passed stern crypto tax laws in India

Parliament today passed a stern crypto tax law as per which capital gains tax at the rate of 30% shall be payable on crypto transactions. Other than that investors buying and selling cryptos will need to shell out 1% TDS as well as taxes on crypto gifts, with no opportunity to avail deduction against losses. The crypto taxes will come into effect on April 1, while the TDS will become applicable from July 1.

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