Cryptocurrencies Update: Major Cryptocurrencies Including Bitcoin Are Down Over 8%

Bitcoin continues to decline. In the last 24 hours, its price has fallen by 8 percent, or $3,700, to a little over $40,000. It is the largest currency in the world in terms of market capitalization. Its price has fallen about 15.3 percent this year. Its price on January 2 was $ 47,989.

According to data from CoinDesk, the market cap of bitcoin was $7,66.51 billion. It has seen a lot of ups and downs in the last one year. Its highest price was $69,000, while the lowest was $28,825. Due to this, the people who put money in it at high prices have suffered.

The price of Ether has also declined. In the last 24 hours, its price has fallen more than 8 percent to $ 2,884. During this period, many cryptocurrencies including Dogecoin, Shiba Inu, Solana, Litecoin, XRP, Carden have also seen major declines.

On the other hand, International Monetary Fund (IMF) MD Kristylina Georgieva said on Tuesday that cryptocurrencies have no match with the Settle Bank Digital Currency (CBDC). Here, in India too, RBI Deputy Governor B Rabi Shankar has described cryptocurrencies as worse than Ponzi schemes. He has said that it is a threat to the financial stability of the country.

In the budget presented earlier this month, Finance Minister Nirmala Sitharaman announced a 30 per cent tax on profits from cryptocurrencies. Apart from this, 1 percent TDS has also been imposed on cryptocurrency transactions.