Page 7 - Cryptocurrency

Bitcoin hits record high as US lawmakers push for pro-crypto legislation

Bitcoin continued its rapid climb and hit another all-time high Monday as US lawmakers begin a week focused on passing pro-crypto legislation. Data from CoinMarketCap showed bitcoin climbed above USD 123,000 early Monday, up from about USD 108,000 only a week ago. The world's oldest and most popular cryptocurrency is currently the fifth most valuable asset class in the world at USD 2.4 trillion, giving it a higher market cap than Amazon. The enthusiasm for bitcoin comes as the US House is set to take up several pieces of cryptocurrency-related legislation in what's been dubbed crypto week in Congress. Lawmakers have been under pressure from President Donald Trump and the big-spending crypto lobby to pass legislation quickly. That includes a bill passed last month by the Senate that would regulate a type of cryptocurrency known as stablecoins. The House is also set to take up a cryptocurrency market structure legislation that is far more sweeping. Trump, once a sceptic of the indus

Bitcoin rally triggers $1.2 billion liquidations, bears hit hardest in 2025

The largest single Bitcoin liquidation, valued at $88.5 million, was on the exchange HTX. Overall, about $1.29 billion in positions were wiped out across all tokens, the most this year

Bitcoin tops $108k before pullback amid options expiry; altcoins retreat

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, briefly surpassed the $2,500 level but failed to hold gains

Got crypto gains or gifts? Here's why the taxman could soon come calling

'Every crypto move is taxable,' warn experts, as AI-powered tax tools tighten the net on undeclared gains, swaps, gifts, and even crypto spent on shopping.

GENIUS Act & Stablecoins: A turning point for crypto? | Cryptocurrency | US market | US Dollar

The US Senate on june 18, passed the GENIUS Act, a landmark bill that aims to regulate stablecoins, the type of cryptocurrency that’s pegged to the US dollar.

Hackers say they wiped out $90 million from Iran cryptocurrency exchange

Hackers with possible links to Israel have drained more than USD 90 million from Nobitex, Iran's largest cryptocurrency exchange, according to blockchain analytics firms. The group that claimed responsibility for the hack leaked on Thursday what it said was the company's full source code. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN, the group wrote on its Telegram account. The stolen funds were transferred to addresses bearing messages that criticised Iran's Revolutionary Guard, Blockchain analytics firm Elliptic wrote in a blog post. It said the attack likely was not financially motivated as the wallets the hackers had poured the money into effectively burned the funds in order to send Nobitex a political message. The hackers group, Gonjeshke Darande Predatory Sparrow in Farsi accused Nobitex of having helped Iran's government to evade Western sanctions over the country's rapidly advancing nuclear programme and transfer money to militants, in a post on X claiming the

Pak Army chief's lunch with Trump at White House: What was discussed?

Crypto talks, trade and a rare military handshake-Trump's unexpected White House lunch with Pakistan's army chief signals more than diplomacy

Undisclosed crypto income: Respond to taxman's notice, file revised return

Underreporting or misreporting crypto income can lead to penalties ranging from 50 to 200%, even imprisonment of up to seven years

Crypto market pauses as BTC dips below $105,500 ahead of US Fed decision

Analysts believe that the regulatory developments such as the GENIUS Act and Thailand's recent five-year tax exemption policy are shaping a new global crypto landscape

Crypto traders beware: Tax notices are rolling out over undisclosed gains

Crypto profits are no longer invisible to tax authorities. The government has built a strong data trail with crypto exchanges and is cross-verifying transactions in real time.

Trump's 2024 income tops $600 mn, driven by crypto, resorts, brand deals

US President Donald Trump's 2024 financial disclosure reveals massive earnings from crypto ventures, golf resorts, and overseas licensing deals, even as multimillion-dollar legal debts loom

Unaccounted income invested in Virtual Digital Assets on CBDT radar

The Central Board Direct Taxes (CBDT) is investigating tax evasion and laundering of unaccounted income by high-risk persons through investment in crypto currency. Such entities and individuals which are engaged in Virtual Digital Asset (VDA) transactions and have failed to comply with the Income-tax Act, 1961 have been identified for verification, sources said. As per the Section 115BBH of Income Tax Act, 1961 inserted by the Finance Act, 2022 a flat tax rate of 30 per cent (plus applicable surcharge and cess) on income from VDA transfer is applicable. The provision does not allow deduction of any expenses except cost of acquisition. Further, set-off of loss from VDA investment or trading is not allowed to be set off against any other income or for carry forward to subsequent years. Sources pointed out that data analytics has shown that a significant number of persons have violated provisions of Income Tax Act by not filing Schedule VDA of ITR and offering tax on the income earned

CBDT sends emails over undisclosed crypto income in latest NUDGE drive

CBDT emails thousands of taxpayers urging them to review and update ITRs for under-reported crypto income as part of a NUDGE campaign targeting VDA discrepancies

CoinDCX spot trading volumes jump 32% in May, BTC remains most traded token

CoinDCX owns a total of $606.61 million in assets, reaffirming its strong reserve position

Crypto's new trend: Publicly traded companies buying bunches of bitcoin

It's one of crypto's hottest trends: publicly traded companies buying bitcoin and then buying even more. President Donald Trump's media company just announced a plan to raise USD 2.5 billion to buy bitcoin, joining a growing number of so-called bitcoin treasury companies as the world's most popular crypto-currency hits all-time highs. The companies buy bitcoin for different reasons: Some hold it as a hedge against inflation or to signal support for the crypto-currency industry, while some firms have made using debt and stock sales to buy bitcoin their primary business strategy. The world at large has no idea what's happening and they're in for a big shock, Dylan LeClair, an executive at the Japan-based Metaplanet, which recently went from being a budget hotel firm to a bitcoin treasury company, said at a recent crypto conference. This is a one-way train, nothing is going to stop this. The massive increases in some firms' stock price may seem to validate LeClair's bravado, but there

Switzerland to exchange crypto info with India, 73 other countries

Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of ..

RBI Guv flags crypto concerns, says it may hamper financial stability

RBI Governor Sanjay Malhotra on Friday said the central bank is concerned about cryptocurrencies as it can hamper financial stability. Malhotra was replying to a question during a media interaction post the RBI monetary policy about the developments in the backdrop of the Supreme Court's observation on crypto currency last month. "There is no new development as far as crypto is concerned. A committee of the government is looking after this. Of course, as you are aware, we are concerned about crypto because that can hamper financial stability and monetary policy," Malhotra said. The Supreme Court has last month asked the Centre to formulate a "clear cut" policy on regulating cryptocurrency, while underlining its impact on the economy. A Supreme Court bench termed the Bitcoin trade as an illicit trade more or less like "hawala" business. India is currently working on a discussion paper for cryptocurrencies and an inter-ministerial group (IMG), comprising officials from RBI, Sebi and

Singapore court rejects restructuring plan of WazirX parent Zettai

Zettai's failure to disclose a Panama-based subsidiary led Singapore High Court to reject its crypto restructuring plan, delaying payout of seized digital assets

Supreme Court calls crypto laws obsolete, urges govt to act on regulation

In earlier hearings, the Supreme Court likened unregulated Bitcoin trade to hawala, warning that the absence of clear rules creates opportunities for misuse and poses serious financial risks

Pakistan plans bitcoin reserve but govt says crypto still banned at home

Within a day of unveiling a state-backed bitcoin reserve plan in the US, Pakistani officials said cryptocurrency remains illegal under current regulations and no legal change has been made