“A lot of small investors are now thinking ‘is it worth investing in crypto?’,” said Vishal Gupta, a Noida-based crypto commentator. “Their holdings are already down due to the crypto market being in a slide during the last two months.”
However, most exchanges didn’t record any major changes in trading volumes after the budget speech.
“It’s too early to gauge the impact on trading. In a couple of days, we will have a clearer picture,” said Shivam Thakral, CEO of BuyUcoin. “At this moment, we have not witnessed any selloff or panic selling on our platform. The sentiment around the budget announcements is looking positive right now, and we hope that the budget announcements are implemented keeping in mind the aspirations of investors and entrepreneurs within the Indian crypto ecosystem.”
At 5 pm, majority of major currencies were up on Coinbase: Bitcoin had gained 3.96% (at $38,425), Ethereum 9.40%, Solana 18.58%, and Cardano 3.79%.
Investors are also looking for more clarity on certain issues.
“I am getting a lot of queries on issues that need clarification. What part is taxed at 30% – INR to cryptocurrency, or cryptocurrency to cryptocurrency? How will the crypto to crypto transactions be taxed?” said Edul Patel, founder, Mudrex.
“Digital assets should be treated as equity, and we should have LTCG or STCG rather than 30% tax,” said Rahul Soni, a Delhi-based investor.
