Cryptocurrency today: Bitcoin has a level of 40,500; Ether, Dogecoin, Shiba Inu fall as the outbreak of the Russia-Ukraine war

The main cryptocurrency fell on Monday amid tightening Fed interest rates despite the ongoing Russia-Ukraine war. The US Federal Reserve increased interest rates by 0.25 percent in its financial policy decisions last week.

Bitcoin, the world’s largest cryptocurrency by market capitalization, was trading at 30 40,841, down 2.6 percent at 9:30 a.m. after opening higher, according to CoinDesk. The Bitcoin market cap has risen 6.75% to $ 776 in the last 24 hours. However, cryptocurrency has declined more than 11 percent since the beginning of the year.

Ethereum, the second-largest virtual currency, also fell 2.86 percent to 2,847. The cryptocurrency, which is linked to the Ethereum blockchain, has grown about 11 percent in the last seven days but lost more than 22 percent year-over-year.

Memo CryptoDogcoin fell 2.32 percent to 11 0.119, while Shiba Inu fell 4.66 percent to trade at 00 0.000023. Solana, which had significant interest from crypto traders last year, also traded down 3.35 percent at 87.73.

Meanwhile, the government is working on classifying cryptocurrency goods or services under the GST Act so that the entire value of transactions can be taxed. Currently, 18% GST is levied only on services provided by crypto exchanges and is classified as financial services.

According to a PTI report, GST officials believed that crypto, by nature, is similar to lotteries, casinos, betting, gambling, horse racing, with 28 percent GST on the total value. In addition, in the case of gold, GST is levied at the rate of 3% on the entire transaction value.

Last week, U.S. lawmakers introduced a bill that would enable the president to approve foreign cryptocurrency companies doing business with Russian-approved entities and prevent them from dealing with U.S. customers. While the bill is unlikely to become law soon, it could increase pressure on cryptocurrency exchanges.

In Eastern Europe, the war continued after Ukraine rejected a Russian offer to surrender the city of Mariupol on Sunday.


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