Altcoins followed a similar risk-off trajectory. Ethereum, BNB and Solana reflected weaker bid depth during the pullback
The data will be shared under the OECD-led Crypto-Asset Reporting Framework, enabling automatic exchange of crypto transaction details between tax authorities
Contracts on Polymarket, a decentralized prediction platform, now imply an 82% chance that Bitcoin will fall to $65,000 this year, a level roughly 13% lower than today's $73,200
The framework includes Rs 50,000 fine for furnishing inaccurate information or failing to rectify inaccuracies
Until macro stability returns and ETF inflows resume, crypto markets, analysts believe, are likely to remain defensive
The Finance Bill introduces penalties for delayed or inaccurate crypto transaction reporting, including a ₹200-per-day fine and a ₹50,000 penalty for uncorrected errors
Bitcoin slipped below the $80,000 mark after failing to hold above $89,000, with the decline exacerbated by thin weekend liquidity
Bitcoin fell as much as 3.9 per cent to $81,102 Friday in Singapore, its weakest since Nov 21, extending a rout that gathered pace overnight
Macro conditions also weighed on sentiment. Analysts noted that risk appetite softened across global markets as investors reassessed the outlook for monetary easing
Amid this, more than $1.5 billion in outflows from spot Bitcoin ETFs this week, analysts said, point to a near-term moderation in institutional risk appetite
The survey, conducted ahead of the 2026 Union Budget, gathered insights from close to 5,000 respondents, highlighting widespread discontent over the current taxation framework
The downturn followed broader weakness in global equities after renewed trade tensions between the US and Europe, triggered by President Donald Trump's latest tariff threats
Trump said over the weekend that he would impose a 10 per cent tariff on goods from 8 European nations starting Feb 1, rising to 25 per cent in June unless there's a deal for a 'purchase of Greenland'
The rally, analysts said, appears driven by spot accumulation and improving risk appetite, with on-chain data showing liquidations of short positions as Bitcoin moved above key resistance levels
Overall, muted capital inflows, analysts said, are likely to keep ETH range-bound, while Bitcoin's relative strength continues to support broader sentiment, though there is no clear breakout signal
The directives also discourage Initial Coin Offerings (ICOs) and Initial Token Offerings (ITOs), equivalent to IPOs in stock markets, by the exchanges
After testing the $94,000-$95,000 zone earlier in the week, BTC retraced and briefly dipped below $90,000 before stabilising near the mid-$90,000 levels
The report said, as of March 2025, 49 VDA SPs were registered as reporting entities to FIU, of which 45 exchanges were onshore (based in India) while the rest four were located offshore
Bitcoin, analysts said, benefited from its safe-haven narrative, short-covering near key levels of $91,500-$93,000, and robust stablecoin inflows
Until Bitcoin resolves its volatility squeeze and macro liquidity becomes less restrictive, altcoin movements, analysts believe, are likely to remain rotational and tactical,