Cryptocurrency update: Solana gains 9.5%, Polkadot jumps 5.26%
Top cryptocurrency prices today: Bitcoin gained by 2.17% and was trading at $49,903.50 levels, while Ethereum also climbed by 4.35% to $3,929.58
Eight out of the top 10 cryptocurrencies traded higher on Saturday, with Tether USDT and USD Coin being only laggards. For the second consecutive day, Solana was the top gainer and rose 9.50% to $146.84. Similarly. Polkadot advanced 5.26% to $33.43. The biggest and the oldest cryptocurrency Bitcoin added 2.17% to $49,903.50 levels, while the second-largest virtual token, Ethereum also inched 4.35% higher to $3,929.58.
Cryptocurrency prices
*All prices as of 4th September 2021, at 8:15 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 72.99
Pirate Bay could have amassed $6 million in Bitcoins donations since 2013
According to a report by Torrentfreak, torrent site Pirate Bay has embraced cryptocurrency quickly and has gained from the late rapid surge since 2013. Several torrent sites at the time added an option to let their users donate via Bitcoin over the years.
It is reported to have 5.56 BTC on the very first day it started receiving cryptocurrencies as donations. The amount on the website has reached up to $10 which is roughly Rs 730 per day and it is likely that the website now has more than $6 million in Bitcoin.
Government to consider cryptos as commodities for taxation
Under the new draft Bill, the government is planning to define cryptocurrencies on the basis of their use cases, according to The Economic Times, reported. As per the use case, cryptocurrencies may be classified as payment, asset or utility.
The bill is also expected to outline the tax treatment of such assets so that it is clearly defined in the books of accounts. Further, if cryptos assets are categorised as commodities, the returns could be taxed as business income in the hands of investors on the returns at normal income tax returns.