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

After 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, 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.

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