Crypto trading reaches 10-month high in India: Report (2024)

FAQs

What is the forecast for the cryptocurrency market in India? ›

Revenue in the Cryptocurrencies market is projected to reach US$343.5m in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.99% resulting in a projected total amount of US$467.2m by 2028.

1. Supreme Court Ruling (2020): The Supreme Court of India lifted the Reserve Bank of India's (RBI) ban on cryptocurrency transactions. The RBI had initially imposed restrictions that prevented banks and financial institutions from providing services related to cryptocurrencies.

Gains made from trading cryptocurrencies are taxed at a rate of 30% (plus 4% cess) according to Section 115BBH. Section 194S levies 1% Tax Deducted at Source (TDS) on the transfer of crypto assets from July 01, 2022, if the transactions exceed ₹50,000 (or even ₹10,000 in some cases) in the same financial year.

We've seen early signs of recovery so far, with Indian exchanges reporting a surge in volumes for the month of January. However, nearly $4 billion in crypto assets of Indian investors are believed to be parked in foreign wallets, of which only a few millions have come back.

Market Growth: Reports like those by Statista predict the Indian cryptocurrency market to reach a staggering $343.5 million by 2024, and with a projected annual growth rate of 8% between 2023 and 2028, it could potentially reach $467.2 million. This signifies the immense potential for the Indian market.

Is Cryptocurrency In India Legal or Not? Cryptocurrencies as a payment medium in India are not regulated by any central authority. There are no rules and regulations or any guidelines laid down for settling disputes while dealing with cryptocurrency.

First off, owning and trading Bitcoin (and other cryptocurrencies) is legal in India. The Reserve Bank of India (RBI) classifies cryptocurrencies as "virtual digital assets" (VDAs). This indicates recognition for tax purposes, but they are not considered legal tender.

Cryptocurrency exchanges like Binance, Kraken, Kucoin and others were banned in India by the FIU. The Director FIU IND wrote to the Secretary of Meity to block these exchanges as they were illegally operating without following the provisions of the PML Act in India.

How do I avoid income tax on cryptocurrency? Capital gain on cryptocurrency is accrued only when they are actually sold and realised. Thus as long as you don't sell the cryptocurrency against another crypto no tax implication. This includes transfer from one wallet to another where no tax will be levied.

Is crypto trading profitable in India? ›

Always remember that crypto is an extremely volatile market. The higher the volatility, the greater the profit. You can expect a rate between 10% to 50%. But, one should be mindful that the risk involved is also greater in investment.

Cryptocurrency trading and investment are legal in India, but the regulatory framework is still evolving. In 2018, the Reserve Bank of India (RBI) issued a circular that prohibited banks and other regulated entities from providing services to businesses dealing with virtual currencies.

Established titans like Bitcoin and Ether are going to be portfolio mainstays. But rising stars like Solana and Injective are also vying for a piece of the digital future. Prepare yourself, as 2024 promises to be a profitable year for crypto investors.

Being a project that stands out for several reasons, EarthMeta could potentially be the next 1000x in crypto space. Since the project integrates AI with the Metaverse, creating a decentralized digital world, it allows users to own, govern, and interact with virtual cities and assets, providing a unique experience.

Bitcoin Price Prediction 2024 – 2025

The market is expected to see a low price of $30,225, with a potential move to the $51,438 level in 2024. In 2025, the low is expected to be $39,512, with a high of $62,723. The average price in 2024 is roughly $40,000. The average price in 2025 is expected to be near $49,000.

Analysts estimate that the global cryptocurrency market will more than triple by 2030. This all leads to one big trend. Cryptocurrency, once only understood among a relatively fringe community of anti-establishment investors, is now becoming a household name – and quickly.

Cryptocurrency Prices Today By Market Cap

The global cryptocurrency market cap today is $2.46 Trillion, a -1.02% change in the last 24 hours.

Here are the top crypto coins we recommend as the best crypto to buy now: PlayDoge ($PLAY), Sealana ($SEAL), WienerAI ($WAI), Binance Coin (BNB), XRP (XRP), and Solana (SOL). Let's dig a bit deeper.