According to Google Trends data, if you’cryptocurrency’ You will see a huge drop in the popularity of the term in the blockchain industry in the country.
Google Trends The data shows that the words ‘cryptocurrency’ and ‘crypto’ were at an all-time high in 90 days on February 1, which was also the budget of 2022, where the reading of the term was at 100 in popularity. But that was the last glory the words saw, as interest soon became vigorous until they reached the bottom of zero.
The word ‘cryptocurrency’ on Google Trends jumped from 100 readings on 1 February to 53 on the very next day (February 2). Also, from February 3 to April 19, the reading has dropped from 40 to 10.
Last week on April 16, the reading reached 10. This week the reading was 14 on 18 April, 13 on 19 April and 0 on 20 April.
According to Google, a value of 100 is the peak popularity of a word, while a value of 50 will result in half as popular, and a score of 0 means there is not enough data for the word at this point.
Google Trends provides access to a largely unfiltered sample of actual search requests made to Google. It is unknown (no one has been identified individually), classified (determining the subject for a search query), and aggregated (grouped).
“This allows us to demonstrate interest in a particular topic from around the world or from city-level geography,” Google said in its FAQ.
Also, Google Trends data reflects the number of searches people make on Google every day, but it can also reflect irregular search activity, such as automated searches or queries that may be associated with attempts to spam our search results. .
In the last 90 days, data shows that Sikkim had the highest number of searches for the word ‘cryptocurrency’, followed by Andaman and Nicobar Islands, Chandigarh, Delhi and Daman and Diu.
Among related topics, the most searched for the term cryptocurrency – Union Budget of India (+2,450%), Ripples – Cryptocurrency (+1,400%), Taxes (+1,300%), Digital Currency (+90%), and OpenC (+1,400%) +90) In the last 90 days in India.
In the last 90 days, among the related questions under the word cryptocurrency were – ’30 Tax on Cryptocurrencies’ (Breakout), ‘Trust No One the Hunt for Crypto King’ (Breakout), ‘Budget 2022’ (+2,750%), ‘Lucky Block Price’ (+2,150%), and ‘Russia Crypto News’ (+2,100%).
According to Google, the term “breakout” instead of percentage means that the search term has increased by more than 5000%.
Furthermore, the word ‘crypto’ which stood at a record reading of 100 on 1 February rose to 48 the very next day and fell from 34 to 17 on 19 April. The reading reached a score of zero on 20 April.
In the last 90 days, the word ‘crypto’ was searched more in Daman and Diu, Chandigarh, Sikkim, Goa and Haryana. While ‘Union Budget of India’ was on breakout in the related topics section, and ’30 tax on crypto’ was also on ‘breakout’ in the related questions.
Last month, the Lok Sabha approved the taxation rules on Virtual Digital Assets (VDA) or “crypto tax”, which was proposed in the Budget 2022-23 by approving the Finance Bill 2022. These new tax rules have come into effect from April 01, 2022.
Under the Bill, section 115BBH deals with taxes on virtual digital assets, while clause (2)(b) prohibits set-off of loss arising from crypto assets against income under “any other provision” of the IT Act. Also, the word “others” for VDA has been dropped under the Bill.
With this, a 30% capital gains tax is levied on crypto transactions. Further, the loss incurred during transfer of virtual asset will no longer be allowed to be set-off against any income computed under the “others” provision of the IT Act as the word “others” has been omitted.
This means that whatever your level of income from crypto assets, they will be liable to a 30% tax rate with effect from April 01, 2022.
Additionally, the amendment under the bill also directs for taxes on crypto gifts as well as 1% tax at source (TDS) on Indians buying or selling crypto. However, TDS will be applicable from July.
According to CoinMarketCap, as of Thursday, the global crypto market cap stood at $1.88 trillion, down 3.59% from the previous day. The total volume of the crypto market in the last 24 hours is $106.33 billion, an increase of 10.01%.
Currently, DeFi has a total volume of $13.28 billion, which is 12.49% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $89.98 billion, which is 84.62% of the total 24-hour volume of the crypto market.
Moreover, bitcoin price is nearing $40,560. Bitcoin dominance is currently at 41.02%, down 0.27% on the day.