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Top cryptocurrency news on January 15: The biggest moves in Bitcoin, crypto taxes and more

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A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Top Cryptocurrency News On January 5: The Biggest Moves In Crypto Taxation,  NFTs And More

Bitcoin trading above Rs 34 lakh

Cryptocurrencies traded in the green early on January 15. The global cryptocurrency market cap is $2.05 trillion, up 0.53 percent over the previous day. The total crypto market volume over the last 24 hours was $84.28 billion, marking a 16.66 percent decrease. The total volume in DeFi is $12.76 billion, 15.14 percent of the total crypto market 24-hour volume. The volume of all stable coins is $67.57 billion, a 80.17 percent of the total crypto market 24-hour volume. Bitcoin's price is Rs 34 lakh and its dominance is 39.56 percent, a decrease of 0.14 percent over the day. Read full here

Budget 2022: How will the government tax crypto-related income?

The Indian crypto community is keenly awaiting tax measures on crypto-related income in the Budget 2022 which, is set to unveil on February 1. According to reports, the government is seeking advice from various taxation experts on this matter. While the much-awaited cryptocurrency bill, which was to be presented in Parliament during the winter session in 2021, has been delayed, the Centre is seeking to define taxation of incomes earned by trading or investing in cryptocurrencies. Reportedly, the Centre is mulling whether income from crypto-related activities can be treated as business income or capital gains. The bill treats cryptocurrencies as a commodity and proposes to segregate virtual currencies on a use-case basis. Read details here.

Dogecoin value jumps after Elon Musk says it can be used to buy Tesla merchandise

A five-word tweet by billionaire Elon Musk led to a massive cryptocurrency jump in the value of meme-based cryptocurrency dogecoin. Musk said on January 14 that Tesla Inc merchandise can be bought using the dogecoin. One unit of dogecoin was trading at $0.1981 at the time of writing this report. The value had jumped by over 26 percent. “Tesla merch buyable with Dogecoin,” the electric-car maker’s Chief Executive Officer said in a tweet. In no time, #dogecoin shot to the list of top trending hashtags on Twitter. Musk is known for influencing the value of dogecoin through his remarks on social media. Take a look.

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