Bitcoin, Ether, Dogecoin, among others saw minor declines. crypto prices today

Additionally, the second largest cryptocurrency by market capitalization Ethereum also saw a decline of -3.1% at $3,438. Meanwhile, Dogecoin price declined by more than 7% to $0.138296, while the Shiba Inu was also trading -2.1% lower at $0.0000025.

This comes at a time when the performance of other digital tokens with Solana, Polygon, Litecoin, Stellar, Cardano trading in the last 24 hours also seemed to be sloping down. Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization was above the $2 trillion mark even though it reached $2.18 trillion, a change of over 3% in the past 24 hours.

The global cryptocurrency market cap today stands at $2.24 trillion, a change of -1.2% over the past 24 hours. The total cryptocurrency trading volume on the last day is $125 billion. The dominance of Bitcoin is 39% and that of Ethereum is at 18.5%.

In a related development, when the Indian government unveiled plans to tax crypto assets in February, it was the 30% rate on income from digital-asset investments that made headlines. But it is a separate levy with industry warnings of a potentially destabilizing liquidity crisis.

Along with capital gains charges, the finance ministry announced 1% tax deduction at source or TDS on all digital-asset transfers above a certain size with effect from July 1. No other country imposes such a tax on crypto, according to Anush Bhasin, founder of crypto asset tax advisory firm Quagmire Consulting.

Crypto-exchange executives, lawyers and tax analysts have warned that TDS will suck liquidity out of the market by forcing high-frequency traders to dramatically scale down their trading. This, along with the government’s decision not to allow trading losses in digital assets, threatens to accelerate the exodus of crypto companies and workers from India, he says.

(with inputs from agencies)