Bitcoin rises more than 1% – crypto buying and selling volume in India plunges 60%

The bitcoin price rose 1.77% today (July 6) to $20,133.85.

Bitcoin’s early uptick came after the Dow Jones Industrial Average dropped 129 points on Tuesday (July 5) on recession fears.

  • The Dow Jones Industrial Average fell 129.44 points, or 0.42%, to close at 30,967.82.
  • The S&P 500 rose 6.06 points, or 0.16%, to close at 3,831.39 points.
  • The Nasdaq rose 194.39 points, or 1.75%, to close at 11,322.24 points.

Crypto buying and selling volume in India crashes 60% due to 1% government withholding tax

Three Indian digital asset exchanges saw crypto trading volumes drop by more than 60% as the government withheld a 1% tax on each transaction since July 1.

Three Indian digital asset exchanges, ZebPay, WazirX, and CoinDCX, suffered immediate declines in daily trading value ranging from 60% to 87%.

Data from CoinGecko shows that a quarter of Giottus trading has fallen by 70%.

The daily trading volume has decreased sharply. This is partly due to the already low trading level due to the general price decline on the crypto market

However, while long-term crypto holders continue to buy and sell cryptocurrencies, it was noted that market makers and high frequency traders were missing.

Indian crypto exchange WazirX reports that users are increasingly engaging in peer-to-peer trading and migrating to decentralized exchanges.

The Indian government introduced a tax regime for digital assets in February 2022. This includes TDS and 30% income tax on crypto investment income on transactions. It also prohibits compensation for the loss of such assets, a requirement that differs from stocks and bonds.

The Spot Market is Open

Wednesday, July 6, 2022

Crypto
Updated at
USD
Price

Change

%Change
13.40 BTC19,922.37+490.47+2.53
13.40 ETH1,123.17+37.98+3.50
13.40 LTC49.85+1.71+3.55
13.40 BNB232.18+8.59+3.84
13.40 XRP0.32+0.01+2.03
13.40 ADA0.46+0.01+1.83
13.40 DOT6.80+0.11+1.63
13.40 DOGE0.07+0.00+1.69
13.40 UNI5.25+0.19+3.86
13.40 LINK6.27+0.17+2.82

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