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Last Updated : October 11, 2022 / 08:13 AM IST
Top Cryptocurrency News on October 11: Portugal proposes taxes on cryptos, Logan Paul’s $623K NFT is now worth $10, and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum, and NFT to help jump-start the day
Market Buzz
Bitcoin trades over Rs 16 lakh
Major cryptocurrencies were trading in the red early on October 11 as the global crypto market cap decreased 3.26 percent to $916.30 billion over the last day. The total crypto market volume over the last 24 hours is $54.09 billion, which makes a 63.81 percent increase. The total volume in DeFi is currently $3.64 billion, which is 6.73 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $51.01 billion, which is 94.31 percent of the total crypto market 24-hour volume. The price of bitcoin hovered over Rs 16 lakh, with a dominance of currently 39.76 percent, which is a decrease of 0.27 percent over the day, according to Coinmarketcap.
Big Story
Portuguese Proposal Would Enact Taxes on Crypto Transfers, Capital Gains
A budget draft proposal submitted to parliament by Portugal’s Finance Minister Fernando Medina calls for taxing capital gains on cryptocurrency assets held by investors for less than a year. While the country already taxed capital gains on cryptocurrency holdings derived from professional or business activities, individual citizens were exempt. The new budget draft, however, calls for a levy of 28% on capital gains from cryptocurrency assets held for less than a year. Gains on cryptos held for a period of longer than a year would remain unaffected. Proceeds from the issuance of cryptocurrencies and crypto mining would also be considered income and subject to taxes in the government plan. Read details here
Tech Ahead
Logan Paul’s $623K 2021 NFT is now worth $10, here’s why
American YouTube star Logan Paul is known for splashing his cash on extravagant things. In August 2021, The Maverick invested over $620K in Azuki’s Bumblebee NFT (non-fungible token). Now, it is priced at a mere $10. Logan has spent over $2 million on NFTs over the past year or so. Azuki’s NFT remains his most expensive purchase as of yet. Unfortunately, for the charismatic social media star, his investment plummeted by 99%, making his acquisition a rather worthless one. Read more here
Market Minutes | All you need to know ahead of the opening bell
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Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
