Bitcoin Price Hovers Around $23,000 as GST Concerns Linger
The price of Bitcoin (BTC) has been trading sideways around the $23,000 level for the past few days, as investors continue to monitor developments surrounding the Goods and Services Tax (GST) in India.
On July 18, the Indian GST Council proposed to impose a 28% GST on cryptocurrencies, which has raised concerns within the Indian crypto community. The industry estimates that the tax would effectively amount to a trading ban due to the high tax burden.
“A 28% GST on crypto is akin to a ban,” said Nischal Shetty, CEO of WazirX, India’s largest crypto exchange. “It will stifle innovation and drive trading to the black market.”
The Indian crypto industry has been lobbying the government to reconsider the GST proposal, arguing that it would hurt the development of the crypto ecosystem in the country. The industry is also exploring legal options to challenge the proposal.
Meanwhile, the global crypto market has been consolidating, with Bitcoin’s dominance hovering around 40%. Ethereum (ETH) has been the major altcoin gainer, rising about 10% in the past week to trade above $1,600.
Analysts believe that the GST uncertainty in India is currently weighing on Bitcoin’s price. However, they also note that the market is likely to remain volatile until there is greater clarity on the regulatory front.
“The GST news from India has put a damper on the crypto market,” said Marcus Sotiriou, analyst at GlobalBlock. “However, Bitcoin is still holding above $23,000, which suggests that there is underlying support for the asset.”
Investors are advised to stay informed about the GST developments and to manage their risk exposure accordingly.
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