Advertisement
Tuesday, Dec 06, 2022
Outlook.com
Outlook.com

Crackdown Intensifies After Tax Evasion By WazirX; Shiba Inu Rises After Dull Start

CryptoWire, a global crypto app, announces the launch of India’s first index of cryptocurrencies called IC15. Meanwhile, Indian tax authorities have intensified the crackdown on alleged tax evaders after WazirX.

Crackdown Intensifies After Tax Evasion By WazirX; Shiba Inu Rises After Dull Start
Crackdown Intensifies After Tax Evasion By WazirX; Shiba Inu Rises After Dull Start
outlookindia.com
2022-01-05T17:03:01+05:30

After alleged tax evasion of over Rs 40 crore by WazirX, Indian cryptocurrency exchange, Indian tax authorities have intensified a crackdown on alleged tax evaders, benefiting from big data analyses that makes it easier to spot compliance gaps and as revenue pressure looms before the end of the financial year in March, Bloomberg reported on Monday.

The global crypto market capitalisation of cryptocurrencies crossed $2.26 trillion and increased 0.72 per cent over the last day. The price of Bitcoin (BTC) has increased 0.26 per cent and was trading at $47,346.57 at 5 pm IST in the last 24 hours. Bitcoin dominance in the global crypto market was 39.62 per cent, down 0.31 per cent in the last 24 hours.

Ethereum’s (ETH) price increased 2.01 per cent in the last 24 hours and it was trading at $3,829.58. Binance Coin (BNB) was also in the green, up 1.31 per cent; it was trading at $530.46. Among other major coins, Solana (SOL) fell by 0.63 per cent to $174.75, while Cardano (ADA) was up by 0.29 per cent to $1.37. 

Meme Coins

Popular meme coins have overtaken mainstream coins in 2021 on several counts. Shiba Inu (SHIB) was viewed more than Bitcoin on coinmarketcap.com, while Dogecoin (DOGE) was mentioned more times on Twitter than Ethereum, as per CryptoRank Platform.

Dogecoin’s price on the first Monday of 2022 was $0.173 at 5 pm, down 0.09 per cent in the last 24 hours. Rival Shiba Inu was up by 0.10 per cent and was trading at $0.00003397, Dogelon Mars (ELON) was down by 3.84 per cent and was trading at $0.000001589, while Samoyedcoin (SAMO) was trading at $0.03976 and recorded a rise of 1.00 per cent.

Top Gainers and Losers

PAPPAY (PAPPAY) became the biggest gainer, recording a rise of 1227.11 per cent; it was trading at $0.000005031 at 5 pm. On the other hand, Metakings (MTK) witnessed maximum loss, falling 99.88 per cent; it was trading at $0.0003088.

Update Capsule

CryptoWire, the global crypto app which is a special business unit of TickerPlant, on Monday said in a press statement that it has launched India’s first index of cryptocurrencies, named IC15.

IC15 is a rule-based broad market index by market capitalisation, which tracks and measures the performance of top 15 widely traded liquid cryptocurrencies, in terms of market capitalisation, listed on leading crypto exchanges of the world.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement