Crypto news daily: Bitcoin data and price analysis for Wednesday, March 23, 2022

Most cryptocurrencies have traded lower in the last 24 hours, although with big price fluctuations, after the United States Federal Reserve’s decision to hike interest rates for the first time since 2018.

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The bitcoin price has been supported by the significant support level at $37K, which has led to a break out of the RSI’s resistance trendline and now is attempting the 100-day moving average. This is a significant resistance on Bitcoin’s route towards the range’s top. The $45K supply zone is unavoidable if the moving average is exceeded.

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The price is near its previous pivot and below a short-term resistance level around $42K, increasing the chances of a double top pattern emerging. If the threshold is surpassed, Bitcoin will face no obstacles to the $45K supply zone.

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Bitcoin fear and greed index on Wednesday, March 23, 2022, went from the fear level of 26 to the level of 31 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $42,026.36, down 0.96%. In the last 24 hours, the highest it touched was $43,071.35 and the lowest was $41,877.51. Bitcoin has a current market cap of $798,062,537,466. It has a circulating supply of 18,991,281.00 BTC coins and a maximum supply of 21,000,000 coins.

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Amitabh Bachchan pays over Rs 1 crore GST after DGGI evasion notice on NFT sale

Bollywood actor Amitabh Bachchan has paid Rs 1.09 crore in GST on the sale of non-fungible tokens (NFTs) worth Rs 7.15 crore after receiving a notice from the Directorate General of Goods and Services Tax Intelligence (DGGI), reported business-standard.com. Despite the fact that Bachchan has deposited the funds, tax authorities are continuing their inquiry. Bachchan had engaged in a contract with Rhiti Entertainment Pte. Ltd., Singapore, for the auction conversion of his content into NFTs. According to business-standard.com, these NFTs comprised a recitation of Madhushala, a famous collection of poems penned by his father, as well as posters and images. The sale of NFTs had fetched Rs 7.15 crore and would be subject to 18% IGST. The actor’s tax due from the transaction is Rs 1.09 crore, which he has paid.

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Government seeking to classify cryptocurrencies under GST law

The government is seeking to classify cryptocurrencies as a good or service under the GST statute, so that a tax may be applied on the whole value of transactions. Crypto exchange services are subject to an 18% Goods and Services Tax (GST) and are classified as financial services. GST officials believe that cryptos, by definition, are similar to lotteries, casinos, betting, gambling, and horse racing, all of which are subject to a 28% GST on the transaction value. Furthermore, in the case of gold, a 3% GST is paid on the transaction amount. “There is clarity needed in regard to levy of GST on cryptocurrencies and whether it has to be levied on the entire value. We are seeing whether cryptocurrencies can be classified as goods or services and also removing any doubt on whether it can be called an actionable claim,” an official told PTI. Another official stated that if GST is applied on the entire transaction of cryptocurrency, the rate might range between 0.1% and 1%.