Cryptocurrency Financial News

Cryptocurrencies traded in the red early on February 22 amid the impact of the Russia-Ukraine crisis. Russia's continued aggression towards Ukraine has prompted the United States and Europe to vow sanctions, further casting shadow over global markets.

Cryptocurrencies traded in the red early on February 22. The global crypto market capitalisation is $1.68 trillion, a 5.57 percent decrease over the last day. The total crypto market volume over the last 24 hours is $100.86 billion, a 43.65 percent increase.

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Russia's finance ministry on Monday said it would take proposals on cryptocurrencies from the country's central bank into account so long as they do not contradict its own approach, paving the way for legislation governing digital assets.

Investors welcome tax on cryptocurrency profits

Russia’s Ministry of Finance says it has formally submitted its draft bill on crypto regulation to the government – a move that could finally put an end to the political in-fighting that has dogged politicians in their bid to police the industry.

Mumbai: Cryptocurrencies crashed as the threat of Russia invading Ukraine escalated amid border skirmishes, resulting in the crypto investor community offloading their risky digital assets to protect portfolios against further price drops. On Friday, US President Joe Biden said that Russian President Vladimir Putin had decided to invade Ukraine, and that a military strike could happen in days. On Saturday and Sunday, there were reports of shelling and multiple explosions in Donetsk, eastern Ukraine, further driving fear into the crypto markets.

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Russian finance ministry's draft legislation aims to create a legal market for digital currencies.

investments, crypto platforms are introducing new products. They are looking to earn interest on their crypto deposits or draw loans against cryptocurrencies, without attracting the new tax. The Budget proposed a 30% tax on returns from digital currencies and a 1% Tax Deducted at Source (TDS) on digital assets. The government has not used the term «cryptocurrency» in the budget, but rather «virtual digital assets». This means there will not be any tax on crypto-based products, investors said. «The way the regulations are today, investors who invest in crypto-based products should not be covered either under the 1% TDS, or 30% tax on income. However, we have sought clarity on this from the government and will be approaching them in this regard,» said Darshan Bathija, cofounder of Vauld, a Singapore-based cryptocurrency exchange. Crypto platform executives say if there is no tax incidence on crypto-based products, it could lead to greater demand from investors. «It (tax) will increase our operations as people will prefer to take out a loan on their crypto holding, instead of selling it to avoid the tax implications,» said Kumar Gaurav, founder and CEO of Cashaa.

The global cryptocurrency market capitalisation rose 12.73 percent over the last 24 hours to $2.02 trillion while trading volume was up about 48.54 percent to $81.32 billion.

The number of arrests in a Rs 40 crore cryptocurrency fraud in Nagpur in which over 2,000 investors were duped reached 11 on Sunday, a day after the main accused, his wife, and two associates were held from Lonavala in Pune, police said.

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The global cryptocurrency market capitalisation fell 1.01 percent over the last 24 hours to $1.81 trillion while trading volumes were down about 25.85 percent to $53.91 billion.

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crypto traders turned defensive as tensions between Russia and Ukraine intensified. Following this, the appetite for riskier assets, including the digital token, dropped sharply. Investors now looked for safe heaven bets like gold, dampening the sentiments further. Barring the dollar-pegged Tether, all other top digital tokens were trading in deep red on Friday. Avalanche and Terra dropped 9 per cent each followed by Bitcoin and Ethereum, each losing over 7 per cent.

The global cryptocurrency market-capitalisation fell 1.47 percent over the last 24 hours to $1.83 trillion while trading volumes were down about 16.75 percent to $72.95 billion.

The rest of the world may be talking about the imminent threat of war between Russia and Ukraine, backed by Western allies, but in Moscow, the talk of the political town is...crypto.

In the United States, a spot bitcoin ETF is yet to be approved. (Representational)