08 JUL, 2022

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Prior to the present market crisis, the price of cryptocurrencies such as Bitcoin was as high as $67,000 in early 2022

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It is what is being called commonly, crypto meltdown as well as this is not only restricted to one geography. Just Recently, Singapore-based Vault....

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A crypto trading and also financing platform stopped its clients from withdrawing their funds in the middle of capital problems.

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In another situation, Crypto broker Voyager Digital declared personal bankruptcy. Huobi Thailand closed shops on July 1. And the checklist keeps expanding.

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Back at house, cryptocurrency companies are reeling under the pressure of taxation enforced by the federal government.

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"There is no sustainability if we see the complete facilities of the crypto market.

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It's all shuddering and also the total algorithm is faulty. We do not have a strong system to sustain in the worldwide market.

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The implementation of tax has actually secured the liquidity which was required for markets. Trading has actually fallen as capitalists move to hold their placements,"

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On the other hand, the one percent tax reduction at source (TDS) on online digital properties

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Cryptos for deals over Rs 10,000 has seen trading volumes throughout significant Indian exchanges decline by as high as 70%.

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