Is Bitcoin Dead?

The “Death of Bitcoin” has taken over the internet and left investors in a grave dilemma. Check out this insightful article to delve into the details and back your opinion.

 Is Bitcoin Dead?
 Is Bitcoin Dead?

Bitcoin has been one of the most popular crypto assets since it was launched, gathering the interest of millions of investors around the globe. Despite its vast popularity, bitcoin has also been alleged to have died 461 times since its inception, with the most ‘deaths’ occurring in 2017. 

2017 was also a year in which many investors began to purchase crypto assets owing to FOMO (Fear Of Missing Out). Bitcoin has “died” 21 times since the start of 2022, accompanied by a steep price decline. Even though it is a relatively new asset and that cryptographic technology is still in its early stages of development, it is safe to assume that it will be around for the foreseeable future.

Bitcoin As A Digital Currency 

Bitcoin has improved and reached out to become the digital currency with the most significant global recognition. The popularity of this digital currency has spawned a vast array of other digital currencies. These competitors intend to either replace it as a payment mechanism or incorporate it as a utility or security token in other blockchains and financial technologies. Alternatively, they attempt to replace it with their payment system.

The Eventual Decline Of Bitcoin

The price of bitcoin has been slowly declining over the past few months. Since reaching an all-time high of Rs 54,99,457.17 on 10 November 2021, the price has dropped by ~69 per cent to its current Rs 16,61,132.80.

There has been an increase in the search for the phrase “bitcoin is dead.” The rate of internet searches for “bitcoin dead” peaked in June 2022 after the price of one bitcoin dropped below the Rs 14,16,319.09 threshold.

The Graph Of Bitcoin

Bitcoin’s MVRV (MVRV = Market Cap / Realised Cap) score has decreased twice over the past four years. The first was in 2018, and the second was in March 2020. If this trend continues, the bitcoin price may undergo a momentary fall, but it should soon resume its upward path.

Analysts have found several past support levels at which bitcoin may be able to stabilise, even if prices continue to decline. In December 2020, bitcoin achieved a support level of Rs 17,35,575, after which the crypto asset rose to Rs 32,49,250. Suppose bitcoin were to dip below Rs ~15,00,000 again, as it has in recent weeks. In that case, bitcoin’s historical performance indicates that Rs 14,16,353.07 would be further support levels for a new surge for this quarter. 

There are numerous grounds to believe that bitcoin’s use around the globe is not yet done. In addition, if these on-chain metrics consider bitcoin’s future performance, an upward trend should be anticipated.

Why Is Bitcoin’s Value Consistently Declining?

There have been other instances in which bitcoin’s value has climbed, giving investors hope that they may be able to recoup their losses. In reality, bitcoin’s price jumped after Vice President Joe Biden’s administration issued executive orders mandating the development of a framework to handle digital assets. 

Recent reports indicate that the government is also considering the tremendous opportunities that significant crypto assets like bitcoin bring. This step was applauded by those who believe they may benefit from the enhanced regulatory conditions.

In addition, the system that was implemented to limit inflation had a negative impact on the price of BTC. When a policy shift occurs, high-risk assets often see a considerable decline in value. However, these impacts always seem to be temporary.

Similar factors contributed to the depreciation of the value of bitcoin, causing investors to experience panic. Analysts have forecasted that BTC investors should also be prepared for the prices of all digital assets, including bitcoin, to vary similarly to traditional investments, excluding future governmental actions and market sentiment. 

This consists of the cost of conventional assets. It is feasible for lesser-known crypto assets to move with or without the correlation of traditional assets. However, significant crypto assets such as bitcoin and ether will quickly co-relate with conventional assets.

Is Bitcoin Expected To Rise In The Future?

Consumer interest in crypto assets has increased despite the market drop, with many surveyed intending to purchase or utilise digital assets in the future. Based on responses to a survey, the report was compiled. Ninety-one per cent of respondents planned to buy crypto assets within the next six months, according to a study of 1,000 crypto asset users and potential users. 

In addition, the same number of respondents reported having acquired crypto assets within the prior six months. 30% of respondents indicated they had no intention of selling any of their crypto-asset holdings in the following months. The exact number said they had not sold any digital currencies in the previous six months.

The survey shows people’s enthusiasm for adopting digital currencies as payment has increased. Nearly 49% of respondents said they presently use crypto assets as a payment method for online purchases, and 34% said they had used crypto assets for in-person transactions. 

Seventy-seven per cent of respondents claimed to have held digital holdings for less than a year, demonstrating that most respondents were short-term investors in crypto assets.

Will Bitcoin’s Price Continue To Rise?

Regarding financial investing, there are no certainties. There is always a probability that the price of bitcoin may recover as quickly as it declines.

The prospects of crypto assets are limited by some crypto asset-related concerns, such as:

  • coercive tactics adopted by countries such as China
  • Globally, there have been various calls for stricter regulation.
  • Environmental concerns
  • Problematic security and unauthorised access
  • Their value is established solely by market speculation.

The valuation of digital currencies is affected by the idea that greater regulation threatens the decentralisation of crypto assets.

Bitcoin’s advocates highlight its positive qualities:

  • Specific industries have the potential to be utterly transformed by technological innovation.
  • When “middlemen” such as banks are eliminated, transactions become more straightforward and less expensive.
  • Using non-fiat digital money would eliminate the need to worry about shifting exchange rates, thereby streamlining international trade.
  • Transactions are more confidential.
  • Because it cannot be printed or removed, it is a highly reliable method of storing value.
  • Bitcoin has been marketed as a potential substitute for gold, which means it can operate as a price stabiliser.
  • Due to its extreme volatility, there is a possibility that bitcoin will once again begin gaining momentum in the future (perhaps weeks, months, or even years down the line).

However, the speculative nature of bitcoin makes accurate forecasts about its future difficult.

The Reason Behind The Fluctuating Value Of The Bitcoin 

These reasons led to the recent decline in global stock prices:

  • The war in Ukraine
  • Fears over inflation
  • Interest rates will increase the cost of taking on debt to finance business activities.

Consequently, the market for crypto assets has been affected.

The continued repression of bitcoin activities in China is a factor. In addition, rumours have circulated in Jan 2022 that Russia may prohibit all crypto asset-related activity.

Bottom Line

Bitcoin has been declining due to a variety of reasons. Besides its downfall, there is still a fair possibility of bitcoin improving its value in the future. You can explore Unocoin now to know more about Bitcoin and other crypto-assets.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Top crypto to explore in a bear market

Market downfall is nothing new for an investor, but thorough research around top crypto assets, precautions, and clever tactic is the way to handle a bearish situation. 

Top crypto to explore in a bear market
Top crypto to explore in a bear market

Traders and investors frequently have to choose which token to invest in when the market is bearish. Good market research skills are one of the traits of a successful trader. In addition to receiving financial guidance, traders and investors should only put in the money they can afford to lose. Since crypto assets have shown high volatility over time, one should not put their entire life savings into them. Even though the market for crypto assets has been adverse for a while, some are still profitable for select traders and investors.

Since the mid of May 2022, when the market cap of all crypto assets fell to 1,137 billion USD from a high of 2,192 billion USD on 4 April, the price of crypto-asset has been in a bear market. Compared to this already low level, the market fell another ~58 per cent from 5 May 2022’s 1,805 billion USD to 9 July’s 756 billion USD. It has stayed roughly in the same place ever since.

Indeed, the crypto assets market is currently in a bear phase. Market-wide reductions, however, mask several intricacies and outliers, with certain crypto assets enduring or outperforming most. 

We will summarise these in this blog while also looking at which crypto-assets do the best in a bear market. And while some of the items on this list may come as no surprise, others might.

  1. Bitcoin (BTC)

It’s a sure bet that BTC’s adoption will grow. This indicates that bitcoin will keep its value higher than most other crypto-assets. It might even experience gains as traders pull out of more highly speculative altcoins.

The price of bitcoin has been constant for the previous month and has dropped by 55% since hitting an all-time high of $69,044 in November 2021. Here are the equivalent movements for a few more significant coins, in contrast:

  • Ethereum has dropped 62% since its all-time high in November and by 20% during the past month. 
  • Cardano has increased by 5% over the previous month but has decreased by 79% since September ATH.
  • Solana has decreased by 84% since November ATH and 35% over the past month.
  • Dogecoin has dropped 89 % since its all-time high in May 2021 and 23% during the past month.

The 55% decline since November isn’t fantastic, but bitcoin has stabilised in recent weeks compared to other major coins. It indicates that BTC is still the “safest” option if you wish to store your money in crypto assets.

Most crucially, a new bull market won’t start without BTC first soaring, just like it did during the bull runs of 2017 and 2020–21. Thus, it is currently the most acceptable choice. 

2. Ethereum and other Altcoins

Even though we’ve only recently contrasted Ethereum adversely with Bitcoin, it’s worthwhile to suggest it as a crypto asset to buy during a bear market. That’s because the economic crisis has caused it to be excessively undervalued compared to its potential.

  • First, Ethereum remains the most widely used asset on a blockchain platform, accounting for 64.65% of the entire decentralised finance (DeFi) market, with a total value of $69.58 billion. It has increased from 54% in April, the same as how BTC has grown in popularity, indicating that as the economy has become less certain, users have turned back to Ethereum.
  • Second, Ethereum’s switch to a proof-of-stake consensus mechanism is a significant development. It finished its testnet merge, clearing the path for the actual merge. As the tentative date for Ethereum Merge gets finalised, the price of Ethereum (ETH) has jumped over 50 per cent in the last seven days. As a result, Ethereum will become more scalable and energy-efficient, increasing the demand for ETH.
  • The same logic holds for other altcoins with solid fundamentals. It covers crypto assets like Cardano, XRP, Avalanche, Polygon, Polkadot, and others growing steadily due to the general market and macroeconomic situations. 

As a result, they are significantly undervalued, which positions them for a potential steep climb once the bear market ends, and the bull market resumes.

3. Binance Coin and Exchange Tokens

Regarding relativity, another token that has declined noticeably less than other significant crypto-assets is the Binance coin (BNB). It has fallen by 3% over the previous month and by 57% from an all-time high of $686 established in May 2021.

BNB price is still sustained. It continues to be used even during a down market because it is a utility token that offers Binance customers discounts on trades. In other words, there is still some fundamental need for it, and investors might place greater trust in it because of its connection to the most significant exchange.

4. Stablecoins

There’s no denying that most stablecoins have, on average, held their value more than non-stablecoin crypto assets. These need to highlight among the crypto assets that perform best during a bear market.

Stablecoins like USD Coin (USDC), Dai (DAI), Binance USD (BUSD), Tether (USDT), and the Pax Dollar (USDP) are still 1:1 tied to the US dollar, which means that they have gained or lost 0% during the current bear market. Stablecoins are the best of a fragile lot. However, most traders prefer investments that increase in value (rather than stay the same). 

Analytics of top 10 current crypto asset prices

Despite the harsh crypto crash situations, crypto asset prices are increasing, and the market is sending investors bullish signals. Bitcoin, Ethereum, and many other crypto assets are experiencing significant growth. Therefore, before making a wise investment choice in crypto wallets, crypto-asset investors must keep an eye on the most recent crypto assets values.

The top 10 crypto asset prices are listed as per the Analytics of 08th July 2022

  • Bitcoin (BTC) – 22,038.71 USD (up by 8.07 %)
  • Ethereum (ETH) – $1,254.41 (up by 7.17 %)
  • Tether (USDT) – $0.9995 (up by 0.03 %)
  • US Dollar Coin (USDC) – $1.00 (up by 0.00 %)
  • Binance Coin (BNB) $ 0.243.48 USD for (up by 3.07 %)
  • Binance USD (BUSD) – US$0.9993 (down by 0.07 %)
  • XRP (XRP) – US$0.3541 for (up by 7.39 %)
  • Cardano (ADA) – USD $0.4832 (up by 3.82 %)
  • Solana (SOL) – 38.37 USD (up by 4.18 %)
  • Dogecoin (DOGE) – US$0.07171 (up by 4.78 %)

The total value of all crypto assets is US$972.80 billion, up 15.49 per cent in the last 24 hours on a volume of US$64.64 billion as per the analysis.

Diversify your investments across different crypto assets

Similar to how it’s practically impossible to anticipate when a lousy market will end, it’s hard to predict which of the 20,000+ crypto assets will recover quickly or see the most significant rise.

Using Unocoin’s Crypto Basket for various crypto assets is one approach to diversifying your chances. This way, you’ll lower your overall risk. 

Of course, investing in a few crypto assets isn’t enough. Before purchasing any crypto assets, you should conduct thorough due diligence and check for the following:

  • Peak: No cryptocurrency is guaranteed to reach its previous all-time high, but looking at it can give you an idea of the asset’s potential.
  • Performance in the past: Check the asset’s price history using an exchange like Unocoin to see how well it has recovered from crashes in the past. Does it consistently outperform other top assets, or does it strongly correlate with the rest of the market? Although past performance does not predict future price activity, it does offer you a general indication of what is likely.
  • Upcoming roadmap announcements: Introducing a significant update or roadmap development can help an asset’s recovery. These can involve rebranding, the introduction of the mainnet, or a new relationship.

Crypto and global impact

Another industry where enormous game-changing changes are potential is global remittance. In an integrated environment, consumers can easily send money overseas at a reduced cost, with faster settlement and shorter processing periods. 

Although the crypto-assets market is highly unpredictable, experts think a disciplined investment plan can produce good long-term returns. Because crypto-assets investments are long-term, investors do not need to worry about market timing. 

Diversifying your crypto holdings and making SIP investments should be your guiding principles to reduce risk. Investors should avoid leveraged trading, high-frequency trading and illiquid crypto assets while diversifying their portfolios.

Summing it up

To protect their capital from market volatility and instability, investors should have specific, time-bound investment goals and avoid letting FOMO (fear of missing out) dictate their approach. Investors in the crypto-asset market should educate themselves, conduct due diligence, and always use caution.

Recognising fear and greed are potent motivators that result in losing transactions is a crucial first step before placing a trade. A clear strategy might mean the difference between generating a profit and losing money. Another seemingly simple but challenging skill to learn is taking profits.

Greed will frequently hold your emotions making it hard to take profit in the hope that the asset will increase in value further. This raises your danger of losing money on the deal, especially if you don’t use stop losses. Take profits, make sure you have money aside in case of crashes, and preserve your composure as the bearish season approaches. Become part of Unocoin to get more insights into the crypto future.

Love Bitcoin. Love Unocoin

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Indian crypto market after TDS implications

Three months after the 30% tax implication on the crypto gains, the government imposed an additional 1% TDS on all crypto exchanges in India, giving investors another major setback. 

After the imposition of a 30% tax in India on all crypto asset gains, the government also announced 1% TDS on crypto assets’ transfer in India. How has this affected the crypto market? Down the line, will it facilitate or hinder the domestic crypto exchanges and the traders dealing with crypto assets? 

The government believes it to be a step towards enhancing clarity in the financial field by tracing transactions and preventing tax evasion. However, some traders consider it a controversial provision that could affect how they work with their crypto assets. 

Continue reading to know how the TDC implications will affect the Indian crypto market. 

Indian crypto market after TDS implications
Indian crypto market after TDS implications

A Significant Move By The Indian Government 

Earlier in 2022-23, during the budget speech, the finance minister of India, Smt. Nirmala Sitharaman announced that all the gains and income from the crypto-assets would be liable to 30% tax in India. This move came as a way to regulate the market and keep a check on the transactions to ensure that dealing in crypto always remains legitimate.

The government further imposed yet another tax on crypto traders. Tax Deducted at Source (TDS) valuing 1% of the total transfer of crypto-assets. TDS is an advanced tax applied when crypto transfers happen, and this will be applied to both parties in the case of crypto-to-crypto swaps based on the fair market value. 

The industry is still seeking clarity from the government on the trading and swaps of crypto and other virtual digital assets.

In this regard, the Co-founder and CEO of Unocoin, Mr Sathvik Vishwanath, said that TDS applied to the sale of crypto assets in India will become a part of the comprehensive income tax filing and will not be identified as a separate tax. 

This move relieved many, hinting that crypto might not be banned in India. But the crypto assets entered the bear market territory, and the major collapse of the Terra stablecoin worsened the crash, strong-arming the government to take some immediate measures to tackle the uncertainties surrounding crypto-assets and their fate in India. 

Who Has / Will Face The TDS Deductions?

If you are still unclear about who will fall into the TDS bracket and what transfers attract TDS, do not worry. In multiple cases, different parties will be liable to pay the taxes. Some of which are mentioned below – 

  • Transferring crypto via exchanges: In this case, the TDS will be deducted from the exchange which is making payment to the seller. 
  • Transferring crypto through a broker on an exchange: If the broker is not the seller, but a facilitator for the exchange, the broker will be liable to pay the TDS for crypto assets in India.
  • Transfer of crypto through the exchange in a peer-to-peer way: In such a case, the buyer will have to pay the TDS. 
  • Transfer of crypto for another crypto asset: In this case, both parties involved in the transaction are both buyers and sellers. Thus, both will have to pay the TDS along with the evidence of the exchange of their VDAs. 

The TDS for crypto assets in India does not apply to the buy-transaction but only to selling the VDAs. If the tax has been deducted, the payment gateways cannot deduct the tax again. In contrast, the payment is being made through a payment gateway. Also, this tax will be applied only when the total value of the transfer of VDA is more than INR 10,000 in a single financial year by one person and INR 50,000 for specified persons.  

The Current Scenario

The new policy of TDS for crypto assets in India has launched on 01 July 2022. With its coming into effect, Bitcoin, the oldest and the most prominent cryptocurrency, is trading at the lowest it has been in the previous 18 months. It fell around 70% from the value it held in November 2021. The total capitalization of the crypto market today has reached USD 1,009 B.

In the global scenario, the trading volumes have experienced a major hit due to one of the reasons being regulatory and taxation confusion in India.

Impact Of The TDS Implication On Crypto Assets In India

The basic and the most crucial impact of the TDS implication for crypto assets in India is that on every trade conducted by the investors, they will have to lose 1% of their transfers to the government to be claimed after filing their income tax. It will affect the day traders and the short-term investors majorly. The number of trades is too high to comply with 1% TDS on each one of them.

It has and continues to lead to the discouragement of active day trading and reduced amounts of trade volumes. Key players in the crypto industry believe that this will have not short-term impacts but implications in the long run. Combined with the tax of 30% imposed on the crypto gains, this TDS for crypto assets in India will *de-motivate* people to invest in the crypto, leading the Indian Crypto market to fall back. 

The 1% TDS for crypto assets in India applied by the government could scare off the investors and traders and might result in fall liquidity for all pairs. All the three stakeholders of the crypto industry- the users, the crypto platforms, and the industry as a whole will face detrimental losses because of this tax. 

The capital that the users used for trading will be locked due to no liquidity, affecting the users. This kind of complication might lead for crypto investors to either halt their trading and move to some other asset class or look for global options which might complicate this more than it has to be.

The TDS applied on the crypto gains in India is higher than the taxes applied on short-term and long-term capital gains, including the equity share, mutual funds, bonds, etc. The traders believe that the government is not fair regarding taxation. 

The demands continue to rise for the application of 0.01% or 0.05% taxation, as this will also reduce the liability towards the government and bring transparency to the crypto exchanges without affecting the industry adversely. 

Final Word

With the Indian government continuously giving significant setbacks to the crypto industry in India by crypto taxation, people are shifting their focus to trading outside the country. It is impacting the overall revenue expectations that the government aspires to claim and collect from the crypto traders in the country. 

To resolve this issue regarding TDS for crypto assets in India, the government should consider the opinion of the key players in the industry so that all the stakeholders can benefit from the government policies.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Six Awesome Uses of Crypto Assets

Crypto is a virtual digital asset or currency that may be exchanged without the need for a central monetary authority, such as a government or bank. Crypto assets are developed through cryptographic procedures that let users purchase products and services. This underlying technique of cryptography implies that no real currency or money is used and that all transactions occur online. Hence, one must purchase, sell or exchange them safely.

It is an entirely virtual stream of money that operates on the cryptographic system; it serves as a decentralized form of commerce, with cryptography used to validate all transfers. Cryptography also emphasizes the generation of units of various crypto assets.

Crypto assets have expanded tremendously in recent years due to their appeal to individuals as an alternative investment. It began in 2009 with an anonymous source using the alias Satoshi Nakamoto. Crypto assets have been encircled by hype due to their enormous potential. 

Notwithstanding their popularity, these digital assets are seen as a heavy investment for youngsters. On the other hand, those who have recognized its capacity know that it can alter the globe.

Types of Crypto

Almost all crypto asset types and categories are branches of Bitcoin, while others were constructed from the source up. Nevertheless, there are numerous crypto assets. Among the most well-known are:

  • Bitcoin

Bitcoin, founded in 2009, was the first crypto asset and is now the most frequently utilised. Satoshi Nakamoto created the currency, likely to be a pseudonym for a person or group whose specific recognition is unknown.

  • Ethereum

This is a blockchain program with crypto assets known as Ether (ETH) or Ethereum, founded in 2015. It is the second most frequently utilized digital asset next to Bitcoin.

  • Litecoin

This is nearly similar to Bitcoin; however, it has jumped higher to build new inventions, such as speedier transactions and operations to enable even more payments.

  • Ripple

It is a digital ledger established in 2012 and may be used to monitor more than simply financial transactions. It was designed in partnership with several banks and financial institutions. Non-Bitcoin crypto assets are called “altcoins.”

Six Awesome Uses of Crypto Assets
Six Awesome Uses of Crypto Assets

How can you use crypto assets?

People are increasingly interested in crypto assets, from financial companies to individual investors. To participate, you’ll need a crypto exchange profile with which you can purchase digital currencies such as Bitcoin, Ether, and Dogecoin. To invest in crypto assets, you don’t have to be affluent. However, being cautious and realistic about the potential rewards would be best. Here are some great uses of crypto assets industries that you may not have considered.

  • Governance Token 

Governance tokens are used to gain voting rights in decentralized protocols. This provides token holders with a say in the direction of their project, including new features and partnerships. This might include determining which new products or features to develop, how to spend a budget, which integrations or partnerships should be pursued, and more.

  • Startup investments

The development of digital token-based fundraising has enabled everyone with Internet access to be an investor in innovative early-stage software businesses while also giving much-needed seed funding to new startup ventures.

Although they are becoming less common, Initial Coin Offerings (ICOs) and Initial Public Offerings (IPOs) are a type of fundraising that allows startups to raise capital by selling a freshly formed digital token to early supporters of the project in exchange for known crypto assets such as Bitcoin (BTC) or Ether (ETH). Once the freshly issued token begins to trade in the secondary market, its price works as a proxy for the startup’s success or failure.

  • Take a loan or Earn Interest 

Yield Farming allows you to earn interest on digital assets such as bitcoin. Trading crypto assets for profit takes time, experience, and talent. Hence many crypto-asset owners prefer to store their coins for long-term benefit. However, there are opportunities to make consistent ‘interest’ in crypto. DeFi (Decentralised Financing) and bitcoin staking are two famous examples. 

Users can lend or borrow crypto on a DeFi platform and earn crypto products in return for their services. Staking allows you to make interest while holding onto your favourite coins.

  • Donation and charity

Who thinks crypto assets are only for making money? Crypto assets can also be used for nonprofit purposes, like giving to charities. Donations using crypto assets are speedier, more transparent, and, most crucially, less expensive than traditional currencies. This is due to its underlying technology, blockchain, which allows for the transparent flow of information. 

Donations made with crypto assets can save money in fees and time and minimize corruption and fund leaks in charitable organizations. Another significant advantage is that crypto-asset donations put more money in the hands of nonprofits. Furthermore, it facilitates anonymous contributions.

  • Playing games

The rise of the gaming business, combined with blockchain and crypto assets games, has produced a new trend never seen before. Virtual assets-based games are becoming increasingly popular, and there are numerous reasons for this. They are responsible for resolving some of the transaction and fraud issues that game producers and users face. 

These games can provide benefits such as faster and decentralized payments, providing players with genuine ownership, and motivating more purchases by making items easily transferable from one game to the next. Casinos, like internet games, are no longer an exception. Several casinos have begun incorporating digital currencies into their functioning, letting participants get tokens as additional gaming rewards.

  • Explore the world and beyond

With the bitcoin ecosystem’s spectacular expansion over the last decade, it is now able to tour the globe with crypto assets. So with the rise of the bitcoin ATM market, travelers can now convert their bitcoin into local money in most major cities worldwide. If you want to fly in space, Richard Branson’s commercial space travel company reported in November 2013 that it now accepts bitcoin payments for space flight bookings.

As the digital assets market is highly volatile, expect ups and downs. Prices will fluctuate dramatically.

Unocoin is the best cryptocurrency exchange in India to buy and sell Bitcoin, Ethereum and various virtual currencies. The new update takes Unocoin – The biggest cryptocurrency platform in India, to the next level. With a one-of-a-kind combination of features, Unocoin is now the best cryptocurrency exchange in India. The multiple features make it easy for beginners to use the app and enjoy trading in the crypto market. The Systematic Buying Plan, starting with as little as INR 10, helps people who don’t have time to track and manage their investments actively. The Crypto Basket enables you to diversify your crypto portfolio based on market capitalization or volume and minimize losses because of FUD(Fear, Uncertainty and Doubt). The goal of Unocoin is to make cryptocurrency easy; therefore, it has listed more than eighty-seven cryptocurrencies. This number will keep on increasing shortly. All the investors need to do is register and deposit INR, which they want to be converted into any cryptocurrency (Bitcoin or Ethereum etc.) Additionally, Unocoin has given a new dimension to how one can trade in cryptocurrency through its iOS and Android app.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

A summary of Crypto Market Trends Before, During and After Union Budget 2022 is presented

When crypto gained phenomenal popularity in India, the Union Budget 2022 introduced a 30% tax on earnings from digital currencies and a 1% Tax Deducted at Source (TDS) on digital assets’ transfers. Read on to learn more.

Crypto today has become a widespread investing subject, particularly among young investors. If you are one of many people who invested in or are considering crypto as an asset class, the budget has clarified how these new-age assets will be taxed. After the winter bill of 2021, people began to worry about how specific clauses would work or whether GST would be imposed in the Union Budget 2022.

A summary of Crypto Market Trends Before, During and After Union Budget 2022 is presented
A summary of Crypto Market Trends Before, During and After Union Budget 2022 is presented

Union Budget 2022

India’s Finance Minister Nirmala Sitharaman declared in the Union Budget for 2022-23 that all profits from crypto trading will be subject to a 30 per cent fixed tax rate. Union Budget 2022’s mandate of a flat 30% tax on profits from crypto and other virtual digital assets has impaired Indian retail. 

Since the beginning of the new financial year on 1 April 2022, the 30% crypto tax law has been in place. From 1 July 2022, the government proposed charging a 1% TDS on all crypto transfers. Sitharaman said, “Transactions in virtual crypto assets have expanded unprecedentedly.” Because of the volume and frequency of these transactions, a specific tax regime is required “.

Many experts argue that increased taxes have ultimately legalised crypto in India. Binance joyously announced on Twitter, “India has just made crypto legal! The Indian government has clarified the situation with a crypto asset tax law.”

Crypto market trends before Union Budget

India’s relationship with crypto is strange. However, if we see crypto market news before the Union Budget 2022 was presented, India’s crypto market grew 641 per cent from July 2020 to June 2021, according to a Chainalysis report, making an area covering Central and Southern Asia and Oceania the world’s fastest-growing. 

The crypto market has witnessed bitcoin reach new all-time highs and massive institutional purchases from traditional firms in the last year. India has taken a step toward creating a favourable regulatory framework for its crypto exchanges, and the general public’s interest in crypto has risen dramatically. People have been interested in investing in crypto for years and have tried their luck.

Since the RBI lifted the crypto restriction in March 2020, seasoned investors have reaped the benefits. User registrations and daily trading volumes on Indian crypto exchanges increased, and the trend continued throughout 2021. Despite the initial lack of clarity concerning crypto regulation in India and the price volatility of crypto in recent months, India has the world’s highest crypto users.

Unocoin has served 2.34 M+ users and has witnessed 21.77 M + orders on its platform. In other crypto news from the last year, bitcoin, the leading crypto by market valuation in 2021, has increased by more than 50% since the beginning of the year.

Crypto market trends during Union Budget 2022

Minister of Finance Nirmala Sitharaman presented the Indian Union Budget 2022 on 1 February 2022 as her fourth budget. Looking at the movements during the Union Budget, the crypto was red at the start of 22 February. The total market capitalisation of crypto is $1.68 trillion, down 5.57 per cent from the previous year.

Such movements were observed in the crypto asset in February 2022, according to data during the Union Budget 2022:

  • If we solely consider bitcoin, it fell by 4.7 per cent on 26 January and gained by 0.49 per cent on 28 January. 1 February witnessed an increase of 1.33 per cent, but 2 February saw a drop of 4.14 per cent. On the 4th and 7th of February, the additions were 9.45 per cent and 5.57 per cent, respectively.
  • According to the CryptoLive report on 22 February 2022, at 8.55 AM, the price of bitcoin was INR 29,63,315, which dropped 4.35 per cent. The cost of Ethereum was INR 2,05,127, a loss of 4.81 per cent.
  • Cardano was trading at INR 67.9739, losing 11.31 per cent, while Binance Coin was trading at INR 28,500.88 after decreasing 7.65 per cent.
  • XRP was at INR 55.7214, down 11.16 per cent, while Polkadot was worth INR 1,286.73, down 6.91 per cent.

Crypto market trends after Union Budget 2022

Indian retail investors’ interest in crypto appears to have been significantly impacted by the Union Budget 2022‘s proposal of a flat 30 per cent tax on income from crypto and other virtual digital assets.

From February 2022 to May 2022, according to statistics, crypto was falling and soaking a lot of ups and downs. The situation worsened in May, with a decrease of 6.43 per cent on 5 May and a decline of 12.75 per cent on 9 May. On 11 May, there was a 5.13 per cent decline, but on 17 May, the situation improved somewhat and grew by 0.88 per cent. 

If we look at today’s crypto news, Polygon MATIC gained 6.11 per cent in the last 24 hours (12 July 2022). 

In comparison to the previous year, Ethereum has underperformed this year. July 2022 witnessed an even weaker drop, with Ethereum dropping to USD 1,066 from its USD 4,812 h of November 2021. Due to surprising trends, new investors have been suspicious about their crypto assets this year. However, the pro investors see this as an opportunity to try out new currencies, altcoins, other cryptos, stablecoins and meme coins.

Conclusion

After the Union Budget 2022, the crypto trends have seen much volatility. The tax has dispirited only those Indian investors who have never seen a bear run. However, people are happy that the government is now considering the crypto asset and making decisions. The seasoned investors see the dips as a new opportunity to diversify their portfolios and try unexplored and underrated digital assets. People expect that crypto will become legal in India in the coming days.  

Unocoin is India’s first entrant in the crypto space, founded in 2013. Unocoin provides a secure and simple platform to trade, store securely, and use bitcoin. Unocoin offers a fantastic blend of customer-centric support and user-friendly features on its platform. It understands the relationship between crypto trading concepts and users’ issues. Hence it acts as a perfect bridge to help the Indians understand how to use and trade in bitcoin and other digital assets.