The Indian government is apparently considering levying a 28 percent GST on all cryptocurrency transactions. 'At the moment, just a portion of the services offered by crypto exchanges is taxed. One tax expert warned that taxing the entire transaction at a higher rate of 28 percent may send the markets into free collapse.'
At the time of writing, the LUNA token was down 52% on the day, while UST was trading at $0.76.
Long future traders suffered significant losses after bitcoin and ether hit key support levels.
Instagram intends to convert NFTs into a revenue cow with its millions of creators and billions of users.
Following the revelation, the project's floor price has plummeted.
UST's salvation may have worsened a bitcoin sell-off that dropped BTC to its lowest price since July 2021 by drawing into its bitcoin holdings.
Venezuela's government is now concentrating its efforts on establishing the bolivar as the country's preferred currency for purchases. Several experts believe that this is a risky investment in a country that has just emerged from hyperinflation and is still experiencing high inflation. However, the implementation of a 3% tax on foreign currency and cryptocurrency expenses is having some effects in this area.
Concerns about the algorithmic stablecoin terrausd (UST) losing its $1 parity have grown as crypto markets continue to fall in value. On May 7, 2022, UST fell to $0.985 per unit against tether (USDT), sparking widespread concerns that the stablecoin might lose its dollar anchor. Following the dip on Saturday, the Luna Foundation Guard (LFG) announced that it was loan out millions of dollars in bitcoin and UST to keep the peg in place until market conditions normalized.
Compound Treasury, a website that promises a 4% interest for USDC-denominated business accounts, has a shaky B- grade.
NFT fans are incensed.