Central Board of Direct Taxes (#CBDT ) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year.

The #Indian #government had implemented one percent direct tax on all crypto transactions from July 1, 2022.

In an interview with #ani , the tax body’s chairman revealed that they have collected over 700 crore INR ($84 million) in TDS during the current financial year from online gaming companies and crypto transactions.

Over 12$ million was collected from taxes on crypto.

Tax Imposed After “Phenomenal Increase” in Crypto Transactions

Though crypto regulations in India remain unclear as of now, the central government has imposed heavy taxes in order to curb unsupervised crypto’s adoption in the world’s most populated country.

In her 2022-23 Budget speech, India’s Finance Minister Nirmala Sitharaman announced one percent #TDS on crypto transactions.

She cited “phenomenal increase” in crypto transactions as a reason for a specific tax regime.

At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 per cent.

The central government of India has significantly changed its stance on crypto regulations in the last year.

Avalanche and Solana are among the most credible Ethereum competitors on the market today. The two blockchains are similar in terms of user experience, as they both offer very fast and cheap transactions to users transfering tokens and interacting with smart contracts.

However, there’s also a number of key differences between #Avalanche" vs. #Solana🚀 . In this article, we’ll compare the two projects and recommend which one you should choose based on your needs.

Key highlights:

Avalanche and Solana, both launched in 2020, are top Ethereum competitors, offering fast, low-cost transactions with distinct features.

Avalanche supports EVM-compatible smart contracts using Subnets for customizable networks, while Solana uses a unique Proof-of-History mechanism for scalability.
Solana's higher transaction capacity and speed make it preferable for performance-focused users, despite its reliability issues.

Avalanche, with fewer outages and EVM compatibility, is a better choice for reliability and familiarity with the Ethereum ecosystem.
Running validator nodes on either blockchain is more suited for advanced users or companies due to high capital and hardware requirements.

The world’s largest crypto exchange, #BinanceEVM , is in talks with the #Indian government to restore citizens’ access to the Binance mobile application and website. An Indian publishing firm captured this development, citing sources familiar with the matter.

Per the report, Binance is willing to settle outstanding taxes accumulated as of January 12, when operations were halted. However, it noted that the exchange is unprepared to adhere to the Prevention of Money Laundering Act (#PMLA ) guidelines.

In particular, Binance sources reportedly stated that the exchange requires time to establish the necessary procedures to comply with the PMLA and Financial Intelligence Unit (FIU) regulations. Consequently, it requested permission to resume operations in the interim period.

In response, the Indian authorities have rejected Binance’s request to resume operations until the company implements the necessary compliance. The statement read:

Compliance with PMLA is paramount. They have been explicitly told that any discussion on resumption of their services in India is only after the government is satisfied with their responses on the notices sent by the FIU.

Earlier, the government blocked nine offshore crypto platforms’ websites and mobile apps. The affected exchanges include Binance, kucoin. #Huobi , OKX, Gate.io, Bittrex, Bitstamp, #MEXC Global, and Bitfinex. Notably, the government’s step was warranted because these platforms failed to respond to show-cause notices from the FIU.

Meanwhile, the government is collaborating with banks to devise measures against traders who utilize virtual private networks (VPNs) to access the banned platforms.

Data suggested that approximately 4,000 Indian crypto traders are suspected of using VPNs to conduct transactions on Binance rather than transferring their assets to compliant Indian exchanges. It is estimated that nearly $4 billion worth of crypto belonging to Indian traders is stored in offshore wallets.

In a recent interview, Tom Lee, a well-known Bitcoin advocate and co-founder of Fundstrat Global Advisors, shared his views on the future of Bitcoin. Known for his bullish stance on #Bitcoin since its early days, Lee's predictions have generally been accurate.

Lee's defense of #BTC dates back a decade, when BTC was in its infancy and used primarily by a small group of individuals. Despite the skepticism surrounding Bitcoin at the time, Lee saw potential in BTC and remained bullish even when it was only worth a few hundred dollars.

When asked what he sees in Bitcoin that others do not, Lee pointed out that Bitcoin solves many problems in the monetary system:

“Bitcoin is a trustless #BlockchainCommunity , and yet there has never been a fraudulent record. This is a remarkable achievement, especially considering that 6% of all transactions from a traditional bank were suspicious over the same 14-year period.”

Lee also discussed how Bitcoin's network value is relatively easy to model based on the number of wallets actually using the network. This model, based on Metcalfe's law, suggests that the utility of the network will increase as the number of users increases. According to Lee, this model still explains more than 90% of BTC movement.

THE #bullrun2024! ? ? ?

Oliver L. Velez, an experienced digital assets trader, has advised crypto investors to get their bitcoins off crypto exchanges and prepare to buy the dip. Velez said this in a recent post on X (formerly Twitter) where he identified a crucial reason why the crypto market might experience another significant crash.

$BNB is near #BinanceSquareExplorers last leveraged liquidation price once again. Remember when Caroline of Alameda tried to defend the $22 price before it and #FTX. imploded? A $BNB collapse would bring down a house of cards 10x the size of FTX. Get your #Bitcoin off all exchanges.

Oliver L. Velez ⚡️ 13%'er Bitcoine September 11, 2023
Velez claimed that at its current price, BNB is near Binance’s last leveraged liquidation price. He believes that a BNB collapse would impact the entire crypto market in a significant way. According to Velez, a BNB crash will send the crypto market tumbling by more than ten times the magnitude of the crash experienced during the FTX collapse of last November.

The highly experienced trader recalled an event that preceded the FTX collapse, when Carolin Ellis, CEO of Alameda Research, posted that Alameda would buy Changpeng Zhao’s FTT tokens for $22 each. Of course, that did not materialize and could not save the market from an eventual collapse. Velez thinks the crypto market is preparing for a cleansing flush-out before the next bull run in 2024.

Ecks, a respondent to Velez’s post, noted that Changpeng Zhao, CEO of Binance, already claimed that the exchange has no loans. If that is the case, Ecks questioned the possibility of liquidation.

#indiaceyptotax has not introduced any changes to its controversial tax deducted at source (TDS) policy that is affecting the crypto industry.

The nation's finance minister #Nirmala Sitharaman revealed the budget in parliament on Thursday as usual. Expectations were low for a change in the stiff taxes on crypto transactions, which include a 30% tax on profits and a 1% TDS on all transactions. However, there was a glimmer of hope because of efforts from the domestic crypto industry and a study from a think tank pushed hard for a reduction in the #TDS.

In general, this budget had lower expectations in terms of the financial sector as India is headed for general elections in the next two months. Sitharaman announced no changes in taxation - both direct and indirect.

In the election year, the finance ministry doesn't usually present a full budget but an interim one to fund its expenses for a short time. A full budget is usually expected in July after the results. Prime Minister and his Bharatiya Janta Party are expected to return to power, according to polls.

India's crypto industry has urged the government to reduce the 1% TDS to 0.01% ever since it was first announced two years ago. Indian crypto exchanges have been in survival mode, trying to extend their runways in response to the 1% TDS.

“Digital public infrastructure and the PM’s aspiration for [innovation] will benefit from integrating provisions for long-term financing of domestic crypto projects given how India is at a pivotal phase in the crypto revolution,” said Rajagopal Menon, vice president of cryptocurrency exchange #wazirX .

Spot Bitcoin exchange-traded fund #ETFs. inflows helped aid the oldest crypto’s surge above the $49,000 mark. Bitcoin’s move higher makes its market capitalization bigger than that of Wall Street stalwarts, including Elon Musk’s electric carmaker Tesla and American payment provider #visa

#BTC‬ Ranks No.8 Among Global Assets.

Off a weeks-long sprint of 16.7% gains, Bitcoin is now more valuable than some of Wall Street’s favourite companies. Bitcoin currently boasts a price of $49,893, putting the top crypto’s market cap at $979 billion.

Were BTC a U.S.-listed stock, it would rank as the eighth-largest by market cap, leapfrogging Wall Street giants such as Tesla, Berkshire Hathaway, and Visa, data from CompaniesMarketCap suggests.

#Tesla sits at a $611 billion valuation; Berkshire Hathaway at $859 billion; Visa, meanwhile, boasts a $562.51 billion valuation.

Bitcoin’s ascent is particularly notable in comparison to #Ethereum(ETH) , the second-largest cryptocurrency, which holds a modest 34th spot out of 100 assets. Bitcoin’s growing influence and, by extension, the wider crypto market, on the global financial stage becomes even more apparent because of this development.

A joint research conducted by Consensys and YouGov estimated that 92% of the participants are aware of cryptocurrencies. 37% see the asset class as the future money, whereas 26% are on the opposite corner, viewing it as a #Scam .

Residents of the United States and the United Kingdom are more likely to associate digital currencies with fraudulent schemes.

→→The Sentiment Toward Crypto and #NFTs.

The survey, which spread across the Americas, Asia, Europe, and Africa and questioned over 15,000 individuals, showed that most respondents are aware of cryptocurrencies, with many seeing a bright future for the #industry .

Nearly 40% of the participants believe the asset class could emerge as the future of money, while 31% see it as the future of digital ownership. Every fourth gives the sector the evil eye, comparing it to a scam.

Nigerians (65%) and Argentines (56%) are most motivated to hold digital assets as a means to store value. This could be explained by the instability of their financial system and local currencies.

L. Velez, an experienced digital assets trader, has advised crypto investors to get their bitcoins off crypto exchanges and prepare to buy the dip. Velez said this in a recent post on X (formerly Twitter) where he identified a crucial reason why the crypto market might experience another significant crash.

$BNB is near #Binance's last leveraged liquidation price once again. Remember when Caroline of Alameda tried to defend the $22 price before it and #FTX2.0 imploded? A $BNB collapse would bring down a house of cards 10x the size of FTX. Get your #Bitcoin off all exchanges.

Velez claimed that at its current price, BNB is near Binance’s last leveraged liquidation price. He believes that a BNB collapse would impact the entire crypto market in a significant way. According to Velez, a BNB crash will send the crypto market tumbling by more than ten times the magnitude of the crash experienced during the FTX collapse of last November.

The highly experienced trader recalled an event that preceded the FTX collapse, when Carolin Ellis, CEO of Alameda Research, posted that Alameda would buy Changpeng Zhao’s FTT tokens for $22 each. Of course, that did not materialize and could not save the market from an eventual collapse. Velez thinks the crypto market is preparing for a cleansing flush-out before the next bull run in 2024.

#xrp 🤑🤑💸💵💰💯🤑🤑
XRP tickers down $0.53 bulls should brace for a period of potential price declines in the coming weeks. At least four indicators, including a mix of technical, fundamental, and on-chain metrics hint at downside ahead.

XRP price bear flag setup
The first indicator hinting at a potential downturn for XRP is a bear flag pattern.

A bear flag is a bearish continuation pattern characterized by a small, upward-sloping rectangle formed by parallel lines against the prevailing downtrend. It gets resolved when the price decisively breaks below its lower trendline, and falls by as much as the prevailing downtrend's height.

As of Jan. 30, XRP is precariously hovering at the lower trendline of its bear flag, signaling a potential breakdown. Concurrently, its weekly relative strength index (RSI) stands at around 40, a neutral territory indicating the scope of possible further declines in the market.

Effective Ventures Foundation #EVF , a charity that focuses on effective altruism causes, has agreed a settlement with the bankruptcy estate of FTX which will see it repay the approximately $26.8 million in donations it received from the defunct crypto enterprise.

Effective Ventures has been under investigation by the Charity Commission in the United Kingdom.

This investigation by regulators is separate from an internal investigation conducted by Effective Ventures. #ZacharyRobinson the interim CEO of Effective Ventures US, provided a statement to Civil Society in which he claimed that the internal investigation found no evidence that trustees of the charity knew that Sam Bankman-Fried was engaged in criminal fraud.

What Is an #altcoin?

Altcoins are generally defined as all cryptocurrencies other than Bitcoin (BTC). However, some people consider altcoins to be all cryptocurrencies other than Bitcoin and Ethereum (ETH) because most cryptocurrencies are forked from one of the two. Some altcoins use different consensus mechanisms to validate transactions, open new blocks, or attempt to distinguish themselves from Bitcoin and Ethereum by providing new or additional capabilities or purposes.

Most altcoins are designed and released by developers with different visions or uses for their tokens or cryptocurrency. Learn more about altcoins and what makes them different from Bitcoin.
The term altcoin refers to all cryptocurrencies other than Bitcoin (and for some people, Ethereum).
There are tens of thousands of altcoins on the market.
Altcoins come in several types based on what they were designed for.
The future of altcoins is impossible to predict, but if the blockchain they were designed for continues to be used and developed, the altcoins will continue to exist.
Altcoin
Investopedia / Michela Buttignol

Understanding Altcoins
"Altcoin" is a combination of the two words "alternative" and "coin." The term generally includes all cryptocurrencies and tokens that are not Bitcoin. Altcoins belong to the blockchains for which they were explicitly designed. Many are forks—a splitting of a blockchain that is not compatible with the original chain—from Bitcoin and Ethereum. These forks generally have more than one reason for occurring. Most of the time, a group of developers disagree with others and leave to make their own coin.

Many altcoins are used within their respective blockchains to accomplish something, such as ether, which is used in Ethereum to pay transaction fees. Some developers have created forks of Bitcoin and re-emerged as an attempt to compete with Bitcoin as a payment method, such as Bitcoin Cash.

#ElonMusk. thought's on Bitcoin

Elon Musk said that he no longer thinks that much about cryptocurrency. “I don't spend a lot of time thinking about cryptocurrency — hardly any at all,” Musk said in an X space conversation with Ark Invest #Ceo Cathie Wood on Dec. 21, in response to Wood's question on bitcoin's potential impact on the #FinancialServices .

He also says “I have thought for a long time about money and the nature of money,” Musk continued. “What is money? It's really a database for resource allocation.”

Musk’s comment comes as his firm #Tesla appears to continue to hold digital assets on its balance sheet. Tesla’s third-quarter results showed that the company held $184 million worth of digital assets at the end of September.

The electric vehicle maker has the third-largest bitcoin holdings among publicly traded companies, following MicroStrategy and Marathon Digital Holdings, according to data from bitcointreasury.net. Tesla also accepts Dogecoin for payment.

10 Bearish Crypto Trading Indicators to Know

1. Moving Averages (MA)
2. Relative Strength Index (RSI)
3. Bollinger Bands
4. Moving Average Convergence/Divergence (MACD)
5. Stochastic Oscillator
6. Ichimoku Cloud
7. Fibonacci Retracement
8. Volume
9. On-Balance Volume (OBV)
10. Average Directional Index (ADX)

Understanding bearish crypto trading indicators and how they are calculated helps traders when making decisions in the crypto market.
#Bearish indicators signal potential downtrends or selling opportunities.
Combining multiple indicators can provide a more accurate analysis of market conditions.
Trading on the #crypto.com Exchange allows users to utilise various tools and indicators for an enhanced trading experience.

Introduction
The world of cryptocurrency trading is filled with opportunities, but it is also fraught with risks. Two key factors to successful trading are understanding market conditions and analysing potential trends.

In this article, we explore 10 popular bearish crypto trading indicators that can help traders identify and effectively react to bear market trends. These indicators, when used correctly, can help provide insights during market downturns.

$BTC $ETH $BNB

The live #X-Coin price today is $0.0008021 USD with a 24-hour trading volume of $0 USD. We update our XCO to USD price in real-time. #Elon.Musk's 🤑🤑🤑

X-Coin (XCO) is a #CryptocurrencySuccess . X-Coin has a current supply of 12,384,976 with 0 in circulation. The last known price of X-Coin is 0.0008021 USD and is up 0.78 over the last 24 hours.

Is it profitable to invest in X? Over the last 30 days, X had 13/30 (43%) green days. According to our historical data, it is currently not profitable to invest in X. The price of X decreased by -80.18% in the last 1 year.

Bitfinex Bitcoin longs rise to $3B — #BullishAF or #bearish?🤑💸💵💰💯

A startling number of Bitcoin margin longs recently opened at Bitfinex, but their muted impact on BTC price raises suspicion.

#Bitcoin investors have sought explanations for the lack of bullish momentum since the spot Bitcoin exchange-traded fund (ETF) initiated trading on Jan. 12. Multiple factors for the absence of bullish price action have been identified, but none are entirely conclusive. Meanwhile, leveraged long positions using BTC margin at Bitfinex have increased to a staggering $3 billion, prompting speculation that Bitcoin whales are preparing for a bull run.

#GBTC #ETFsApproval outflow and macroeconomic factors take the blame

Some analysts, including BitMEX founder Arthur Hayes, believe investors previously expected the U.S. Federal Reserve (Fed) to cut interest rates as soon as March, but recent inflationary events have greatly reduced those odds. Hayes thinks that by not renewing its Bank Term Funding Program (BTFP), the Fed will put U.S. regional banks to the test, draining liquidity from risk markets and negatively impacting assets like Bitcoin.

Analysts from the cryptocurrency analysis company Santiment drew attention to some altcoins in their statement today.

Santiment analysts drew attention to the trend experienced by the #AltLayer (ALT) altcoin, which was recently launched on Binance with #Launchpool . In addition, analysts argued that #Lisk (LSK), #bittensor (TAO) and IOTA are altcoins that should be in the spotlight of cryptocurrency followers.

In addition, #santiment said that the Wall Street Bets (WSB) altcoin also came to the fore with its delisting from OKX and saw panic selling from investors.

MakerDAO, issuer of the DAI stablecoin, has seen a notable shift in the composition of its balance sheet as a result of the combination of macroeconomic events and surging crypto markets.

The latest data from the DAO’s Digital Asset-Liability Committee (ALCO) shows that crypto-backed loans — that is, DAI issued against crypto collateral like ether — once again represent more than 50% of total assets, for the first time since May 2022.

#Bitcoin (BTC) trades at $39,800 on January 25, 14 days after reaching a local top at $48,900 following the much-awaited Bitcoin spot ETF approval. Meanwhile, investors look forward to the block subsidy halving, which is expected in April 2024.

Notably, the overall sentiment in the cryptocurrency market is neutral, according to the Fear & Greed Index by CoinMarketCap.

The growth of #artificialintelligence. (AI) in the economy could be a boon for cryptocurrency, according to #Joe Lonsdale, co-founder of data analytics firm Palantir (PLTR).

AI agents - entities that use AI technology to perform specific tasks - would probably use crypto when conducting financial transactions, adding that bitcoin {BTC}, ether {ETH} or solana {SOL} would be the three choices, in an interview for CNBC's Squawk Box on Monday.

"There's one type of buyer that could be very important here: AI agents are going to start doing a lot of things in our economy," he said. "For AI agents to coordinate with incentive systems, they're probably going to use crypto."

Lonsdale was opining on the drivers of bitcoin's price now that spot ETFs are finally trading in the U.S., adding that this largely hinges on the macro backdrop.

"Are we going to be in massive deficit in 2025-2026 and spending money willy-nilly? If so, what asset's safe?" he posed. "If you have inflation come up again...that's a story I'm hearing from a lot of my friends who know macro better than me. You could see crypto do very well."

There is a mixed sentiment within the #xrp community on the prospects of the digital currency picking up a growth course in the short to long term.

Though there has been a relatively more bearish trend in the broader #crypto #ECOSYSTEM , XRP has faired poorly compared to its counterparts. While the combined crypto market cap has dropped by 0.42% to $1.56 trillion, XRP has recorded a steeper loss of 0.85% in 24 hours to $0.5129.

To uncover the impact of the mega slump XRP has been recording, top community influencer Crypto Rover highlighted how extensive the coin’s “Breakdown” has been since at least the second quarter of 2021.

XRP Price Drawdown and Projected Surge

According to Crypto Rover’s chart, XRP dropped from a high price of around $1.82 in mid-April 2021 to the current price of $0.5129.

XRP appears to have been trading in a symmetrical triangle since that time, with the price now breaching the base of the triangle in what might mark a further plunge if left unchecked.

Responding to the post from Crypto Rover, some community members argued that the interpretation of the charts is a subjective deduction as many meanings can be inferred from it.

XRP has always come under intense scrutiny from members of the community for always lagging, even in periods where general market sentiment favors intensive growth.

$XRP $AI

#Daily #newsbinance

After a little over a year of bankruptcy proceedings, bitcoin mining company Core Scientific has completed its reorganization requirements. The firm announced its relisting on the Nasdaq on Wednesday.

Core Scientific (CORZ) shares immediately plummeted more than 30% after the opening bell Wednesday, dipping to around $3.50 from their opening price of $5.89.

The company filed for bankruptcy in December 2022 after struggling to cover debt obligations after bitcoin lost more than 60% of its value from 2021. Core was among several mining operations that took out high-interest loans to fund growth amid the 2021 bull market.

SEC Delays BlackRock Spot Ethereum ETF

According to #BreakingNews  information, the SEC postponed BlackRock's spot Ethereum ETF application.

If approved, iShares Ethereum Trust, which will be listed on Nasdaq, will provide investors with access to the second largest cryptocurrency, Ethereum, without directly owning it.

BlackRock plans to convert its existing trust into a “spot” ETF; This means that it will directly own ETH instead of futures tied to ETH.

While futures-based crypto ETFs have previously been approved by the U.S. Securities and Exchange Commission (SEC), the regulator has long claimed that the spot crypto market is prone to fraud and manipulation.