Imposition of goods and services tax (GST) may take some time. The committee of officers from the centre and states who are often referred to as the ‘Fitment Committee’ has suggested that since a law on cryptocurrency is awaited, they would need to identify all relevant supplies associated with cryptos and then classify whether cryptos are goods or services. They feel that further study is required on cryptos to solve the pending issues regarding taxation, as per various media sources.
In other news Binance, the world’s largest crypto exchange by volume has struck up an exclusive partnership with Cristiano Ronaldo, the famous Portuguese footballer who currently plays a forward position in Manchester United, for a multi-year non-fungible token (NFT) deal. The first NFT series from this partnership will be released later this year and Ronaldo will collaborate for its design.
The global crypto market capitalisation went up by 4.51 per cent to $938.67 billion as of 8.50 am. However, the global crypto volume was down by 6.77 per cent to $62.81 billion, as per Coinmarketcap data.
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $21,193.84, higher by 4.46 per cent in the last 24 hours. Ethereum (ETH) was up by 6.67 per cent to $1,154.25.
Among other significant coins, Cardano (ADA) was up by 5.55 per cent at $0.4948, Algorand (ALGO) was trading with a gain of 9.04 per cent at $0.3484, Solana (SOL) was trading with a gain of 12.08 per cent at $39.14, Polkadot (DOT) was up by 6.71 per cent at $8.04, and Binance Coin (BNB) was up by 7.11 per cent at $233.22.
Today’s top gainer was MetaversePay (MVP), which was up by 1853.22 per cent at $0.000003038. The top loser was PAPPAY (PAPPAY), which was down by 88.89 per cent at $0.00000009993.
Dogecoin (DOGE) was up by 4.02 per cent at $0.06566 Its volume to market cap ratio stands at 0.05308. Rival Shiba Inu (SHIB) was up by 4.01 per cent at $0.00001037.
Dogelon Mars (ELON) gain 8.5 per cent to trade at $0.0000002803, Floki Inu (FLOKI) gained 9.18 per cent at $0.000006498, and Samoyed Coin (SAMO) gained 14.93 per cent at $0.005548.
In the DeFi segment, YFI (yearn.finance) was up by 7.66 per cent at $5,511.40, and Terra Classic (LUNC) was trading with a gain of 1.81 per cent at $0.00005806. Avalanche (AVAX) was up by 18.46 per cent at $19.66, Uniswap (UNI) was trading with a gain of 7.46 per cent at $5.65, and Aave (AAVE) rose by 4.92 per cent at $69.03.
