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📰📰📰 Report: India's 1% TDS on Crypto Transactions Stifling Growth, Needs to be Cut to 0.01% 🗞️🗞️🗞️ A recent study by the #Blockchain and Crypto Assets Council (BACC) has found that India's 1% TDS on crypto transactions needs to be slashed to 0.01% in order to promote the growth of the crypto industry in the country. The study also found that the TDS is discouraging foreign investment in the Indian crypto market. The BACC study found that the 1% TDS is too high and is making it difficult for Indian crypto exchanges to compete with global exchanges. The study also found that the TDS is discouraging new investors from entering the Indian crypto market. The BACC recommended the Indian government slash the TDS on crypto transactions to 0.01%, matching lower rates in other countries and easing the growth of the Indian crypto industry. The Indian government is currently reviewing the TDS on crypto transactions. It is possible that the government will reduce the TDS rate in the upcoming budget. Here are some of the benefits of reducing the TDS on crypto transactions in India: - Promote the growth of the Indian crypto industry: A lower TDS rate would make it more attractive for Indian investors to invest in cryptocurrencies. It would also make it more attractive for global crypto exchanges to operate in India. - Increase government revenue: The Indian government could earn more revenue from crypto taxes if it reduces the TDS rate. This is because a lower TDS rate would encourage more people to invest in cryptocurrencies and pay taxes on their profits. - Reduce the burden on crypto exchanges: The 1% TDS is a burden on crypto exchanges, as they have to comply with additional regulations and pay higher fees. A lower TDS rate would reduce the burden on crypto exchanges and make them more competitive. Overall, reducing the TDS on crypto transactions would be a positive development for the Indian crypto industry and the Indian government. #CryptoNews #cryptocurrency #BinanceSquareTalks #BinanceFeatures

📰📰📰 Report: India's 1% TDS on Crypto Transactions Stifling Growth, Needs to be Cut to 0.01% 🗞️🗞️🗞️

A recent study by the #Blockchain and Crypto Assets Council (BACC) has found that India's 1% TDS on crypto transactions needs to be slashed to 0.01% in order to promote the growth of the crypto industry in the country. The study also found that the TDS is discouraging foreign investment in the Indian crypto market.

The BACC study found that the 1% TDS is too high and is making it difficult for Indian crypto exchanges to compete with global exchanges. The study also found that the TDS is discouraging new investors from entering the Indian crypto market.

The BACC recommended the Indian government slash the TDS on crypto transactions to 0.01%, matching lower rates in other countries and easing the growth of the Indian crypto industry.

The Indian government is currently reviewing the TDS on crypto transactions. It is possible that the government will reduce the TDS rate in the upcoming budget.

Here are some of the benefits of reducing the TDS on crypto transactions in India:

- Promote the growth of the Indian crypto industry: A lower TDS rate would make it more attractive for Indian investors to invest in cryptocurrencies. It would also make it more attractive for global crypto exchanges to operate in India.

- Increase government revenue: The Indian government could earn more revenue from crypto taxes if it reduces the TDS rate. This is because a lower TDS rate would encourage more people to invest in cryptocurrencies and pay taxes on their profits.

- Reduce the burden on crypto exchanges: The 1% TDS is a burden on crypto exchanges, as they have to comply with additional regulations and pay higher fees. A lower TDS rate would reduce the burden on crypto exchanges and make them more competitive.

Overall, reducing the TDS on crypto transactions would be a positive development for the Indian crypto industry and the Indian government.

#CryptoNews #cryptocurrency #BinanceSquareTalks #BinanceFeatures

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🚀🚀🚀 #bitcoin eyes all-time high with 4% gap as #ETFs attract massive inflows Bitcoin's price surged to $71,200 on Tuesday, approaching its all-time high of $73,700 set in March, according to TradingView data. This rally follows significant inflows into US spot Bitcoin exchange-traded funds (ETFs). HODL15Capital reported that US Bitcoin funds experienced net inflows of $887 million, the second-largest influx ever recorded. The Fidelity Wise Origin Bitcoin Fund led with $378 million, followed by #BlackRock ’s iShares Bitcoin Trust with $275 million, and the ARK 21Shares Bitcoin ETF with over $138 million, as noted by Farside Investors and HODL15Capital. These substantial inflows are the most significant since March 12, when a record $1.04 billion was invested, driving Bitcoin to its peak of $73,700 the following day. Currently, Bitcoin is trading near $71,000, up almost 3% in the last 24 hours. This recent surge marks a positive shift for Bitcoin after weeks of sideways movement. Industry experts anticipate a “bright June” for the crypto market, bolstered by expected developments in spot Ethereum ETFs. Nate Geraci, president of ETF Store, addressed the initial skepticism about Bitcoin ETFs, highlighting their strong demand, especially among retail investors. Source - cryptobriefing.com #CryptoTrends2024 #BinanceSquareBTC
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💥💥💥 #BNB⁩ Sets New ATH at $711 This Cycle After 10% Spike in Under 24 Hours, More ATHs Expected as #AltSeason Arrives BNB Reaches New All-Time High at $711, Sparking Altseason Speculation - BNB has set a new all-time high (ATH) at $711.56, according to CoinMarketCap analytics, following a 10% surge in under 24 hours. This significant rise has fueled speculation that the long-awaited altseason may be on the horizon. BNB Hits New ATH - Binance’s native token BNB has achieved a new ATH of $711.56, surpassing its previous record. This surge followed a substantial gain from a low of $597 on Sunday. Currently, BNB is trading at $701, marking an over 10% increase in the past 24 hours. BNB’s market cap now stands at $103.1 billion, with a 24-hour trading volume of $4.06 billion, up nearly 40%. Drivers of BNB’s Surge - The sudden spike in BNB’s price is largely attributed to heightened activity on Binance’s Launchpad and Launchpool platforms. Users of these services must purchase and stake BNB to earn shares of newly issued tokens, driving demand for the asset. Notably, the recent launch of the popular Telegram-based gaming token Notcoin (NOT) on Binance Launchpad has contributed to BNB’s growth. Additional Factors - Bernd Sischka, Chief Commercial Officer at PowerTrade, reported that 11,250 options were traded, further boosting BNB’s popularity and price. He anticipates increased volatility as we approach 2024. Altcoin Market Rise - The broader altcoin market has also experienced a general rise. Wu #Blockchain notes that BNB’s market value has returned to over $100 billion, a level not seen since December 2021. Additionally, TON has risen by over 8%, entering the top 10 #cryptocurrencies by market value. Altseason Speculation - With BNB’s new ATH and the overall positive movement in the altcoin market, there is growing speculation that this could signal the start of the much-anticipated altseason. Source - cryptonewsland.com #BinanceSquareAnalysis
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🚀🚀🚀 #UniSwap Price ($UNI ) Pumps 20%: Is This the Start of a Major Rally? UNI Price Surges Above $10.50, Targeting Further Gains Key Highlights: - UNI has surged past the $10.50 resistance, showing strong upward momentum. - Currently trading above $11.20, supported by the 100-hour simple moving average. - A significant break above a bearish trend line at $10.35 was observed. - #Bulls are aiming for further gains above $12.00 in the near term. UNI Price Momentum Uniswap's price established a base above $9.20 and started climbing, mirroring #bitcoin and #Ethereum 's movements. UNI broke through key resistance levels at $9.80 and $10.00. The price surpassed a bearish trend line at $10.35, continuing its rise past $10.50 and $11.50, approaching the $12.00 mark. A peak was formed near $11.795, with the price now consolidating around the 23.6% Fibonacci retracement level of the rise from $9.28 to $11.95. Currently, UNI is above $11.20 and the 100-hour simple moving average. Immediate resistance is at $11.55, followed by major resistance at $12.00. A close above $12.00 could lead to further gains, with targets at $12.20, $12.50, and potentially $13.50. Support Levels for Uniswap If UNI fails to break $11.95 or $12.00 resistance, it may correct downwards. Key support lies at $11.00 and $10.60, aligning with the 50% Fibonacci retracement from $9.28 to $11.95. Falling below $10.60 could lead to a decline towards $10.20. Technical Indicators: - Hourly MACD: Gaining momentum in the bullish zone. - Hourly RSI: Above 50, indicating bullish sentiment. - Major Support Levels: $11.00, $10.60, $10.20. - Major Resistance Levels: $11.55, $12.00, $12.20. Source - newsbtc.com #cryptocurrency
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💥💥💥 #MikeNovogratz Projects $100,000 #Bitcoinprice , Tips Regulatory Clarity Galaxy Digital CEO Mike Novogratz predicts a $100,000 price for Bitcoin by year-end, as the #cryptocurrency surpasses $70,000, fueled by bullish sentiment after the approval of spot Bitcoin ETFs. Analysts and executives agree that clear crypto regulations in the United States are crucial for market growth. Novogratz's $100,000 BTC Projection - During a recent Bloomberg interview, Novogratz stated that if Bitcoin reaches $73,000 in the next week, it could surge to $100,000 by the year's end. He emphasized the concept of market ranges, suggesting that Bitcoin's current price of $70,000 falls within the potential $100,000 range. - The approval of spot Bitcoin ETFs this year has significantly impacted Bitcoin's price, with approximately $60 billion flowing into these funds as institutional investors increase their exposure to the cryptocurrency. Bullish momentum grows as institutions continue to accumulate. - Moreover, recent developments indicate growing adoption and a positive macroeconomic outlook for Bitcoin. Novogratz notes that what was once a hindrance is now becoming a catalyst, with institutional firms increasingly investing in Bitcoin through ETFs, signaling ongoing accumulation. Regulatory Clarity to Drive Market Growth - In recent weeks, discussions on crypto regulations have dominated industry discourse as executives advocate for clear rules to encourage investment. Novogratz and other crypto leaders praise the bipartisan support for the FIT21 bill, aimed at providing regulatory clarity. The bill, which passed the House, awaits deliberation in the US Senate. - However, the Senate's rejection of the SAB 121, vetoed by President Joe Biden, has stirred criticism within the crypto community, particularly among those anticipating the Financial Innovation bill. Despite obstacles, Novogratz remains optimistic, noting that the market is gradually gaining regulatory clarity. Source - coingape.com #CryptoNews🔒📰🚫 #BinanceSquareBTC
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🔥🔥🔥 XRP Upholds Weekly Support, Targets $1.33 Upon Cup and Handle Formation XRP Eyes $1.33 Amid Market Consolidation - Despite recent price consolidation across the #CryptoMarket , XRP maintains stability at its weekly support level, setting its sights on a potential rally towards $1.33 as it forms a promising cup and handle pattern. Weekly Support Holds Firm Despite Market Fluctuations - XRP's performance in May saw it closing below the critical 50-day exponential moving average (EMA) amidst a downward trend. However, analysis from Cryptoes reveals that XRP has consistently defended its weekly support level, showcasing resilience despite market volatility. - Early April saw XRP facing significant downward pressure, leading to a 15% decline within seven days. Although it managed to recover from the $0.50 region, breaching the $0.60 territory and surpassing the upper trendline remained challenging. Nonetheless, bulls have diligently protected drops below the significant weekly support within the $0.5 zone, indicating strength in XRP's position on the weekly chart. Anticipated Surge to $1.33 - Market observer Dark Defender supports the bullish sentiment on XRP's weekly chart, citing the Fisher Indicator's indication of oversold territories as a potential reversal signal. - Additionally, Dark Defender identifies the formation of a cup and handle structure on the weekly timeframe, often signaling a bullish breakout post-consolidation. - Dark Defender predicts a surge to $1.33 once XRP confirms a breakout above the handle, with previous data suggesting this level was last encountered during the bull run in November 2021. According to Dark Defender's analysis, a breakout could propel XRP to highs seen in November 2023, potentially marking a 77% increase from the current price to the $1.33 target. - Presently, XRP is trading at $0.5263, displaying a 2.20% increase on the current weekly candle. The Relative Strength Index (RSI) sits at 46, indicating potential for further expansion in XRP's price. 3.5 Source - thecryptobasic.com #BinanceSquareTalks $XRP
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