Indian Crypto Firms May Knock On SC Doors On Taxation; Bitcoin Sees A Price Rise  

Indian crypto industry is thinking of approaching the Supreme Court as it has little or no hope that the Indian government will change its stance on crypto taxation, Coindesk reported. The government had announced 30 per cent capital gains tax and 1 per cent tax deductible at source (TDS) on income from cryptocurrencies, NFTs and other virtual digital assets. The crypto industry may challenge all the taxes, which they consider to be too high, in the Supreme Court.​

In the meanwhile, Sportzchain, a blockchain-based fan-engagement ecosystem, has launched exclusive non-fungible tokens (NFTs) of Tamil Thalaivas, an Indian Pro-Kabaddi team. “These exclusive NFTs are now available on Sportzchain’s NFT-page hosted on NgageN,” the company said in a Press statement. Speaking about the launch, Vinayak Yannam, co-founder and chief business officer, Sportzchain, said, “We are keen to develop the sports NFT market in India. We are thrilled to be the first in the ecosystem to launch the phygital collectibles of a Kabaddi team. Previously, fans had no medium to buy such memorabilia, especially ones that honour a team’s achievements. We are changing that.” 

The Japan Virtual and Crypto Assets Exchange Association, a group of 31 exchanges, plans to release a 'green list' of 18 popular cryptocurrencies in late March. Members previously had to go through the association's screening process to list any currency, but those on the green list will no longer be subject to screening. 

In the cryptocurrency market, the price of Bitcoin (BTC) was up by 3.64 per cent in the last 24 hours, while it was trading at $42,834.69 at 4:30 pm IST. Its dominance in the crypto market is currently at 42.04 per cent, down by 0.21 per cent in the last 24 hours, according to Coinmarketcap.com. 

In the last 24 hours, Ethereum (ETH) was trading at $3,018.05, with a rise of 3.73 per cent, while Binance Coin (BNB) rose 2.86 per cent over the same period and was trading at $406.25. Solana (SOL) was up by 1.06 per cent to $91.46 and Cardano (ADA) was up by 5.51 per cent to $0.9468. 

Meme Coins  

Among meme coins, Dogecoin was up by 3.11 per cent and was trading at $0.1241 at 4:30 pm on Coinmarketcap.com. Rival Shiba Inu was up by 2.61 per cent in the last 24 hours and was trading at $0.00002377. Dogelon Mars was up 1.98 per cent and trading at $0.0000007272, while Samoyedcoin was down 0.20 per cent in the last 24 hours and trading at $0.01693. 

Overall Scenario  

The global crypto market cap was at $1.93 trillion, registering an increase of 3.06 per cent in the last 24 hours, while the total crypto market volume was $108.64 billion, up by 26.02 per cent, as per Coinmarketcap.com.  
Teddy Doge (TEDDY) became the biggest gainer, recording a rise of 359.05 per cent. It was trading at $0.0006836 at 4:30 pm, as per Coinmarketcap data. In contrast, the xxxnifty (NSFW) witnessed the maximum loss, falling 98.62 per cent. It was trading at $0.000002415, according to Coinmarketcap data.