Ether Leads Early Week Altcoin Rally While Bitcoin Moves Beyond $43,000

The global crypto market remained bullish through the first day of the week and looks bullish still as most cryptocurrencies, including Bitcoin see a strong surge in price. The world's most popular cryptocurrency has seen a considerable jump in value over the past 24 hours after a sluggish past two days. Monday saw BTC price rise by 0.24 percent while at the time of writing, Bitcoin stands at a 3.68 percent rise in value at $43,934 (roughly Rs. 33.5 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin has moved up closer to the $43,000 (roughly Rs. 33 lakh) mark — at $42,977 (roughly Rs. 32.5 lakh) — moving up by a considerable 4.67 percent over the past 24 hours. As per CoinGecko data, Bitcoin has already begun the week on a high, up by 8.8 percent week-on-week.

Ether, the world's second-largest cryptocurrency is once again showing strength over its bigger competitor Bitcoin. At the time of publishing, Ether is valued at $3,088 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $3,039 (roughly Rs. 2.5 lakh), where the coin has seen a fairly positive 24-hour run, gaining 5.36 percent over the past 24 hours and moving past a key resistance level of $3,000 (roughly Rs. 2.5 lakh).

The recent price rally for Ether comes on the back of a strong fundamental buildup taking place. The merge between the Ethereum “execution” layer and the “consensus” layer has been talked-about topic of late with some key developments recently.

CoinGecko data reveals that the cryptocurrency's value has moved up by 16.8 percent over the past week and a strong 9.3 percent in value over the past month.

Gadgets 360's cryptocurrency price tracker reveals a strong showing for the overall market — the global crypto market cap moving up by a whopping 5.11 percent over the past 24 hours. While Binance Coin, Cardano, Solana, Polkadot, and Ripple all marked gains, it was some of the cryptos lower down the market cap pecking order that landed the biggest gains on the day. EOS, Zcash, and Bitcoin Cash topped the gainers chart while Avalanche, and Terra dropped off in value.

Although not by much, meme coins Shiba Inu and Dogecoin have also picked up in value. Dogecoin is currently valued at $0.12 (roughly Rs. 10) after rising by 0.84 percent over the last 24 hours, while, Shiba Inu is valued at $0.000024 (roughly Rs. 0.0018), up by 1.66 percent over the past day.

As the subject of crypto regulation across nations begins gathering more steam, Australia has joined the fray and stated that the country's government is working on crypto regulations as there is a growing acceptance for its use.

Closer home, infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary said on Monday.

In a written reply to the Lok Sabha, Chaudhary said the government will come out with a definition of virtual digital assets (VDA) with a view to levying 30 percent tax on income from the transfer of such assets.

The 2022-23 Budget has brought in clarity concerning the levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges, will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.

As mentioend above, the minister said while computing the income from transfer of VDA that no deduction in respect of any expenditure (other than the cost of acquisition) or allowance is allowed.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.