News updates February 1, 2022

  1. India Announces 30% Tax on Crypto Profits, the Highest Tax Band In the Country. 

    Profit derived from trading Crypto Assets will attract 30% taxes, Indian Finance Minister Nirmala Sitharaman made an announcement while addressing the budget session earlier today, February 1. This clears the air on crypto taxation which has previously kept investors on tenterhooks. The Finance Minister said:

    "There has been a phenomenal increase in transaction in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime".

  2. 82% of Indians Surveyed Plan to Invest in Crypto Once Government Provides Regulatory Clarity

    A recent survey by Deloitte shows that 82% of Indians plan to invest in cryptocurrency when the government provides more clarity surrounding the regulation of crypto assets. Moreover, 77.4% of respondents want cryptocurrency to be treated as securities.

    A recent survey by Deloitte shows that 82% of Indians plan to invest in cryptocurrency when the government provides more clarity surrounding the regulation of crypto assets. Moreover, 77.4% of respondents want cryptocurrency to be treated as securities.

    Indian Crypto Survey: 82% Plan to Invest in Crypto Once It Is Regulated
    Professional services firm Deloitte and the Times of India recently conducted a survey on cryptocurrency investing. The results were published Sunday.

    Out of 1,800 respondents, 55.2% said they have invested in cryptocurrencies and will continue to do so. A further 26.8% said they have not invested in crypto but are willing to invest once the government provides more clarity regarding cryptocurrency regulation in India. Meanwhile, 10.3% said they have invested in crypto but will avoid investing in this asset class in the future. The remaining 7.8% said that they are against investing in crypto. The report also notes that about 20 million people in India have invested in cryptocurrency.

    When asked about their understanding of cryptocurrency, 48.5% of respondents said they would like to learn more about crypto investing, 39% said they understand crypto assets really well, and 12.5% said they are not familiar with the concept at all.

  3. US Federal Trade Commission Warns About Cryptocurrency Scams Using Social Media

     The U.S. Federal Trade Commission (FTC) has warned about social media being used in cryptocurrency investment scams. “Social media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments — an area that has seen a massive surge in reports,” said the FTC.

    Federal Trade Commission Warns of Crypto Scams Utilizing Social Media

    The U.S. Federal Trade Commission (FTC) published a “Consumer Protection Data Spotlight” last week, warning the public about scams, including crypto investment scams, utilizing social media.

    The FTC is an independent agency of the U.S. government whose principal mission is the enforcement of civil U.S. antitrust law and the promotion of consumer protection.

    “More than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021,” FTC’s program analyst Emma Fletcher wrote. “Those losses account for about 25% of all reported losses to fraud in 2021 and represent a stunning eighteenfold increase over 2017 reported losses.” She added:

    Reports make clear that social media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments — an area that has seen a massive surge in reports.

  4. $750 Million In Bitcoin (BTC) Stolen From the 2016 Bitfinex Hack Is On the Move. 

    As per the recent report, more than 20,000 Bitcoins have been moved in two different transactions of 10,000 BTC each. This is for the second time over the last year that hackers have been moving funds stolen from the 2016 Bitfinex hack. Back then, a total of 119,756 in BTC were stolen from the exchange sending the market crashing.

    Last year when Bitcoin was trading at its all-time high in mid-April 2021, the hackers had moved the first batch of Bitcoins worth $750 million.

  5. Bitcoin Near Crucial Juncture: Why BTC Could Surge Further. 

    Bitcoin is attempting an upside break above the $38,800 resistance zone against the US Dollar. BTC could rally further unless it fails to stay above $37,400.

    Bitcoin started a fresh increase and was able to clear the $38,000 resistance zone.
    The price is now trading above $37,500 and the 100 hourly simple moving average.
    There was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could continue to rise if there is a clear move above the $38,800 resistance zone.

  6. Bitcoin and Ethereum Gain Bullish Momentum, SOL and LUNA Rally. 

    Bitcoin price
    After a downside correction, bitcoin price found support near USD 36,500. BTC started a fresh increase and climbed above the USD 38,000 resistance. It is now up 4% in a day and is attempting an upside break above the USD 38,800 level. If the bulls succeed, the price could accelerate higher towards the USD 40,000 hurdle in the short term.

    An immediate support is near the USD 38,000 level. The next major support is near USD 37,500, below which the price could revisit the USD 36,500 support zone.

    Ethereum price
    Ethereum price started a strong increase above the USD 2,600 level. ETH is up 10% and is now testing the USD 2,750 resistance, above which the price could accelerate towards the USD 2,800 level.

     
    On the downside, an initial support is near the USD 2,680 level. The next major support is near USD 2,650, below which the price may perhaps struggle to stay above USD 2,600.

    ADA, BNB, SOL, DOGE, and XRP price
    Cardano (ADA) remained strong above the USD 1.00 support zone. There was a steady recovery wave above the USD 1.04 level. To continue higher, the price must clear the USD 1.05 resistance.

    Binance coin (BNB) is rising and trading above USD 380. The first key resistance is near the USD 388 level. A proper break above the USD 388 level might push the price towards the main USD 400 resistance.

    Solana (SOL) started a strong increase above the USD 85 resistance. It gained almost 19% and there was a move above the USD 105 resistance, above which the price could test USD 112.

    DOGE is moving higher towards the USD 0.145 resistance. The next key resistance is near the USD 0.150 level. If there is a bearish reaction, the price might find bids near the USD 0.135 level.

XRP price was able to settle above the USD 0.60 pivot level. The price is now trading above USD 0.62 and may perhaps continue to rise. The next major resistance for the bulls may possibly be USD 0.65.

Other altcoins market today

Many altcoins are up over 5%, including LUNA, DOT, AVAX, MATIC, CRO, ATOM, UNI, NEAR, FTT, MANA, and HBAR. Out of these, LUNA surged 22% and cleared the USD 50 level, trimming its weekly losses to less than 19%.

Overall, bitcoin price is showing positive signs above the USD 38,000 level. If BTC clears the USD 38,800 resistance, there could be a move towards the USD 40,000 level. If not, it could correct lower to USD 37,500.

7. Judge Orders Argentinian Soccer Association to Drop Binance Deal

A judge has decided to stop the deal the Argentinian Soccer Association (AFA) signed last week with Binance, one of the leading exchanges in the cryptocurrency world. María José Gigy Traynor dictated a prohibitory injunction ordering the cancellation of all deals announced or signed with Binance, due to exclusivity contracts the AFA still has with Socios. The contracts include the issuance of a new fan token.

Argentinian Soccer Association Blocked in Binance Deal
The Argentinian Soccer Association (AFA) has been ordered to stop all the deals it had completed with Binance. María José Gigy Traynor, the judge that ordered the measure against the AFA, considered that there were previously signed agreements that would be in conflict with this new contract.