Indian Crypto Traders Under Scrutiny

The probe focuses on trades executed between 2022-23 and 2024-25. The Central Board of Direct Taxes in India has instructed various departments to provide their findings by October 17. These traders are believed to have evaded taxes, despite the stringent tax policies imposed on cryptocurrency transactions in India.

In India, crypto traders are subject to a 1% upfront withholding tax on each transaction, which is credited against the final tax bill. Additionally, profits from cryptocurrency trading are taxed at 30%, with surcharge and a 4% cess potentially raising the effective tax rate to approximately 42.7% for individuals in the highest tax bracket.

Government’s Stance on Cryptocurrency

The Indian government, represented by Union Minister Piyush Goyal, has reiterated its commitment to developing a central bank digital currency (CBDC). Despite this, the government maintains its high tax rates on cryptocurrencies not backed by the government, indicating a firm stance against non-official digital currencies.

Binance’s Challenging Journey in India

Binance’s operations in India have faced significant hurdles. In late 2023, the exchange was blocked alongside eight other platforms due to allegations of non-compliance with the Prevention of Money Laundering Act by India’s Financial Intelligence Unit (FIU). However, Binance re-entered the Indian market in August 2024 after settling a $2.25 million penalty and registering as a “reporting entity” with the FIU.

This registration has now paved the way for the ongoing tax probe, as Binance is required to share information about potential tax evaders with Indian authorities. The investigation is also looking into the use of peer-to-peer payments facilitated by Binance within India, which were settled using domestic bank accounts, Google Pay, or cash—though the cash option has since been discontinued.

Meanwhile, Binance is addressing other challenges such as compensating traders affected by depegs in various markets, amidst rising industry-wide liquidations.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.

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Recent data from Arkham Intelligence reveals that Galaxy Digital procured 1.24 million SOL from platforms such as Binance, Coinbase, and Bybit. These transactions, completed over the past 24 hours, highlight the company’s aggressive investment strategy in Solana.

Galaxy Digital’s Solana Investment Strategy

Galaxy Digital’s consistent purchases of Solana underline their commitment to expanding their digital asset portfolio. In the past five days alone, the company has acquired approximately 6.5 million SOL, valued at $1.57 billion at current market prices. Such significant investments emphasize the growing importance of Solana in the crypto ecosystem.

Interestingly, Galaxy Digital has been relocating millions of SOL to different addresses, primarily utilizing Fireblocks for custody purposes. This move indicates a strategic approach to managing their Solana assets securely.

Institutional Support for Solana

The recent $1.65 billion private placement deal, led by Galaxy Digital alongside Jump Crypto and Multicoin Capital, further strengthens Solana’s institutional backing. This investment in Forward Industries, a Nasdaq-listed Solana digital asset treasury company, marks a pivotal moment for Solana’s positioning in the market.

The collaboration aims to provide Forward Industries with essential capital and strategic guidance, positioning them as a leading institutional player within the Solana ecosystem. However, the exact relationship between Galaxy Digital’s Solana acquisitions and Forward Industries remains speculative.

The Season of Solana

Mike Novogratz, CEO of Galaxy Digital, recently highlighted the beginning of a “season of Solana,” driven by favorable market momentum and regulatory developments. This optimistic outlook is supported by the significant investments and strategic maneuvers by major players like Galaxy Digital.

Despite these positive developments, Solana’s market price experienced a slight dip, falling 2.18% in the last 24 hours to $241.18, as reported by The Block’s SOL price page.

As Galaxy Digital continues its aggressive Solana investment strategy, the crypto community eagerly watches to see how these moves will impact the broader market landscape.

Disclaimer: This article is intended for informational purposes only and does not constitute financial advice. The Block, an independent media outlet, provides this information without any conflicts of interest.

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Key on-chain data reveals an unexpected trend – despite Bitcoin prices lingering near record highs, major stakeholders are not transferring their cryptocurrency to exchanges. This, according to a post shared on July 23 by CryptoQuant analyst Arab Chain, indicates a firm belief in the longevity of Bitcoin’s price surge.

The Bitcoin Flow Pulse (BFP) indicator displays a notably low volume of Bitcoin moving towards exchanges, even after the digital currency recorded a milestone high of $123,091 according to CoinMarketCap. Traditionally, a rise in BTC inflow to exchanges hinted at a potential sell-off, increasing supply and often leading to a price decline. The lack of such a surge now is seen by Arab Chain as a positive sign of steadfast holders.

Bitcoin’s price trajectory reflects this balance between confidence and caution. Although the digital asset has risen 16.2% over the past month and 8.9% in the past two weeks, it has entered a consolidation phase following its all-time high nine days ago. CoinGecko data shows it trading between $118,042 and $120,222 in the past 24 hours, with resistance near the $123,000 mark.

Meanwhile, CryptoQuant highlights a surge in retail selling pressure, especially on Binance. Inflows from smaller traders have significantly increased on the exchange, and Net Taker Volume has turned negative, likely indicating a bearish sentiment among this group. However, whales in the market are snapping up everything, with on-chain data showing that $200 million in BTC was withdrawn from exchanges yesterday. This suggests that big investors are taking advantage of the fear among retail traders.

The market currently teeters on a precarious balance. While low exchange inflows suggested by the BFP indicate strong conviction among holders, there are also signs of profit-taking and increased retail selling that introduce near-term obstacles that need to be considered.

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Interestingly, these exchanges listed TRUMP despite the fact that 80% of the coin’s supply is controlled by the Trump family and its allies. This concentration of coin supply would, under normal circumstances, raise red flags for exchanges. The report also revealed that while 45 crypto wallets have profited approximately $1.2 billion from TRUMP trades, the vast majority of 712,777 wallets have suffered losses totalling at least $4.3 billion.

The report further highlighted a disparity in the listing speed of TRUMP compared to other memecoins like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF). On average, the listed exchanges took 129 days to list these memecoins, whereas TRUMP was listed in just four days due to “overwhelming demand”.

Coinbase, in particular, decided to list TRUMP within a single day, citing confidence that users would interact with the token positively and safely. Despite this swift action, Coinbase was forced to prohibit certain US residents from trading TRUMP due to potential risks pointed out by the New York State Department of Financial Services (NYDFS).

Despite some exchanges, such as MEXC and Bitget, admitting that they overlooked past concerns about TRUMP’s supply concentration, the latest figures suggest a profitable venture, with the Financial Times estimating the memecoin’s operators earning at least $314 million from sales and $36 million from Solana fees in just around three months since its launch.

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Boosting this budding optimism is on-chain data from IntoTheBlock, which reveals a steady exodus of ETH from centralized exchanges—a signal frequently linked with accumulation and a decrease in sell-side pressure. In the past week, net outflows have surpassed $380 million in Ethereum value, strengthening the belief that investors are bracing for a price increase.

However, the $2,000 level remains a significant psychological and technical hurdle. A definitive surge above this level could instigate a wider altcoin rally and mark the beginning of Ethereum’s next upswing. Until then, the market is cautiously hopeful as bullish forces probe the upper boundaries of this consolidation phase, seeking the momentum required to break free.

Ethereum Encounters Significant Challenge Amid Accumulation Trend

As Ethereum trades over 55% below its December highs, the $2,000 resistance zone continues to keep it in check. Despite signs of a broader crypto market revival, ETH is caught in a crucial standoff between overhead supply and revitalized buying interest. The current price pattern reveals some bullish progression in the lower time frames, as buyers try to build momentum. Yet, formidable resistance levels persist, and failure to breach them could provoke a downward move into lower demand zones around $1,700 or even $1,500.

Despite these technical hurdles, on-chain data offers a more optimistic outlook. According to IntoTheBlock, centralized exchanges have recorded net Ethereum outflows of approximately $380 million in the past seven days. This consistent shrinkage in exchange-held ETH indicates an increasing trend of accumulation, often seen as investors transferring coins to cold storage instead of priming them for sale. This action typically eases sell-side pressure and can set the stage for more durable rallies.

Market sentiment is diversified. While some analysts believe Ethereum is preparing for a breakout, with shifting momentum implying an impending surge, others remain wary, citing macroeconomic instability and volatile investor confidence as potential triggers for a deeper ETH correction. The forthcoming days will be instrumental in shaping Ethereum’s path.

ETH Price Analysis: Probing Crucial Resistance

Currently, Ethereum (ETH) is trading at $1,837 following several days of consolidation just beneath the $1,850 level. As depicted in the daily chart, ETH has been striving to build a short-term bullish pattern after bouncing back from April lows around $1,550. The price has been on a steady uptrend but now faces significant resistance near the $1,850 level—a level that has previously acted as both support and resistance.

Trading volume has remained relatively stable, albeit not convincingly robust, suggesting that while bulls are assuming control, they lack the strong momentum needed for a breakthrough. The 200-day Simple Moving Average (SMA) at $2,271 and the 200-day Exponential Moving Average (EMA) at $2,456 remain distant goals above. Reclaiming these levels would serve as a major bullish indicator.

For the time being, ETH needs to close decisively above $1,850 to affirm this short-term trend reversal. Failure to do so may lead to another retest of support around $1,700 or even lower, especially if broader market sentiment takes a downturn. However, the price maintaining above recent swing lows and forming higher lows indicates that bullish pressure is incrementally building. A breakout above $1,850 could pave the way for a move towards the $2,000–$2,200 range.

Featured image from Dall-E, chart from TradingView

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Chainalysis’ 2025 crypto crime report shed light on the ebbs and flows of the year. In the first half of 2024, it seemed like the cybercriminals were on track for another year of record earnings, with a 2.4% increase in the value stolen compared to 2023, including a massive $75 million ransom paid by an undisclosed victim to the Dark Angels group. However, the second half of 2024 witnessed a drastic reduction in ransomware payments, causing the total value extorted for the year to decrease.

Centralized exchanges were still the preferred channel for the criminals to convert their ill-gotten crypto into fiat. However, sanctions against Cryptex, a Russian-based exchange, and the seizure of 47 non-KYC Russian language crypto exchanges by the German Federal Criminal Police in the previous year, hampered the criminals’ ability to launder their illegal proceeds, according to Chainalysis.

“There’s an increasing reluctance among ransomware operators, majorly driven by financial motives, to cash out. This could be indicative of their fear of getting traced, identified, and prosecuted by law enforcement agencies, thanks to crypto investigation tools,” stated Jacqueline Burns Koven, Chainalysis Head of Cyber Threat Intelligence.

Chainalysis also highlighted a growing disparity between the ransoms demanded by attackers and the amounts actually transferred by victims on the blockchain. Despite a rise in the number of ransomware incidents, the payout gap swelled to 53% in the latter half of 2024, suggesting that more victims were standing their ground and refusing to pay the ransom, Chainalysis reported. The typical payment from victims who did give in to the hackers’ demands ranged between $150,000 and $250,000, regardless of the original ransom amount.

“The cybersecurity landscape seemed to be spiralling towards a ransomware apocalypse. This considerable drop, even lower than the figures of 2020 and 2021, is a testimony to the effectiveness of law enforcement actions, enhanced international cooperation, and the escalating refusal of victims to succumb to the attackers’ demands,” Koven commented.

Disclaimer: The Block is an independent news platform focused on delivering the latest news, research, and data in the crypto sector. As of November 2023, Foresight Ventures is its primary investor. Foresight Ventures also invests in other crypto entities. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block remains committed to providing objective, impactful, and timely information about the crypto industry. This article is for informational purposes only and should not be used as financial, legal, tax, investment, or other advice.

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Binance has scheduled the end of the Pre-Market for USUAL on December 17, 2024, at 09:00 (UTC). Spot trading for USUAL will start on December 18, 2024, at 11:00 (UTC), offering pairs such as USUAL/BTC, USUAL/USDT, USUAL/FDUSD, and USUAL/TRY.

Key Details:

• Deposits & Withdrawals: Deposits are open, while withdrawals begin on December 19, 2024, at 11:00 (UTC).
• Transfer Resumption: Transfers resume before Pre-Market closure on December 17, 2024, at 10:00 (UTC).
• Listing Fee: Binance has set a 0 BNB listing fee for USUAL.
• Network Details: USUAL operates on the Ethereum blockchain (Contract: 0xC4441c2BE5d8fA8126822B9929CA0b81Ea0DE38E).

Token Information:

• Total & Max Supply: 4,000,000,000 USUAL.
• Circulating Supply During Pre-Market: 300,000,000 USUAL.
• Initial Circulating Supply at Spot Launch: 494,600,000 USUAL (12.37% of the total).

Important Notes:

• Seed Tag Risks: As a Seed Tag token, USUAL is classified as a higher-risk asset. Trading Seed Tag tokens requires passing risk quizzes every 90 days, which aim to ensure traders are aware of potential volatility and risks.
• Pre-Market Orders: All pre-market orders will be removed after the phase ends.
• Regional Restrictions: Users in regions such as the US, Canada, and others cannot trade these pairs due to regulatory restrictions.

What Is Usual (USUAL)?

Usual is a decentralized fiat stablecoin issuer, aiming to bring fiat currencies closer to blockchain technology and decentralized finance.

Spot trading for USUAL will also support trading bots and copy trading within 24 hours of its launch. Eligible users must verify their accounts to access trading functionalities.

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The vibrant realm of Bitcoin mining has recently seen an unexpected surge in activity, as Bitcoin miners have begun significantly increasing their interaction with exchanges. A record amount of Bitcoin is being sent to exchanges by miners, grabbing the attention of crypto enthusiasts worldwide.

On-chain analytics leader, Glassnode, has been diligently monitoring these transactions. Their recent findings indicate that Bitcoin miners have been interacting with exchanges at an unprecedented level, pushing an all-time high of $128 million worth of Bitcoin to exchanges.

Miners’ Record Transactions and Implications

The report by Glassnode highlights the substantial amount of funds in motion. The $128 million dispatched to exchanges by Bitcoin miners is tantamount to 315% of their daily revenue.

Usually, transferring coins from miner or investor wallets to exchanges signals an intent to sell or liquidate assets. Yet, in this scenario, it could also signify optimism about Bitcoin’s potential future price.

Impact on the Market and Recent Developments

Bitcoin miners’ earnings are intrinsically connected with Bitcoin’s price. As such, miners often boost their sales when they believe the market can withstand the additional supply influx. This recent action might suggest a robust confidence in the current market strength.

In their subsequent tweets, Glassnode identifies a mounting trend towards strong accumulation and self-custody, particularly in light of recent issues with LUNA and FTX. This indicates a growing preference among investors and miners to control their assets rather than relying on third-party custodians.

Despite this, Bitcoin has experienced a slight dip in the past 24 hours, falling by 0.6%, but maintains a trading price above the recently regained $30,000 mark.

Bitcoin’s Resilience and Market Cap Growth

Bitcoin, despite intensive regulatory scrutiny from the United States Securities and Exchange Commission (SEC) affecting major crypto exchanges like Binance and Coinbase, managed to surge from trading below $25,000. In response to allegations of offering unregistered securities, BTC demonstrated a quick recovery, adding more than $100 billion to its market cap in the past 14 days, marking a 16.8% increase.

Interestingly, BTC’s daily trading volume has seen a decline over the past week, dropping from a high of $31 billion to a low of $16 billion in the last 24 hours.

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South Korea’s crypto industry has been growing at a rapid pace in recent years. However, with growth comes challenges, and one of the most pressing issues facing the industry is the lack of fairness in trading. This is why the South Korean government is taking a big step towards making crypto trading more equitable for everyone by considering a class action system.

South Korea’s Crypto Industry Takes a Big Step Toward Fairness

The class action system is a legal mechanism that allows a large group of people to file a lawsuit against a company or organization. This means that crypto investors in South Korea could band together to hold exchanges accountable for any unfair practices they engage in. This is a significant step towards creating a fairer trading environment for all investors.

The South Korean government has been working hard to regulate the crypto industry, and the introduction of a class action system is one of the most important measures they have taken so far. This system will help to prevent exchanges from engaging in fraudulent activities, and it will provide investors with a way to seek compensation if they are harmed by such activities.

Overall, the class action system is a major step forward for the crypto industry in South Korea. It shows that the government is committed to creating a fair and transparent trading environment for all investors. With this system in place, investors can feel more secure in their investments, knowing that they have a legal mechanism to hold exchanges accountable.

Class Action System Could Revolutionize Crypto Trading in the Country

The introduction of a class action system could revolutionize the crypto trading industry in South Korea. This system will help to level the playing field for all investors, regardless of their wealth or status. It will also encourage exchanges to operate more transparently, as they will be held accountable for any unfair practices.

Furthermore, the class action system could have a ripple effect throughout the rest of the world. If other countries follow South Korea’s lead and introduce similar systems, it could lead to a more equitable and transparent crypto industry globally. This is an exciting development for investors, as it means that they can invest with more confidence, knowing that their rights will be protected.

In conclusion, the introduction of a class action system in South Korea is a major step forward for the crypto industry. It shows that the government is committed to creating a fair and transparent trading environment for all investors, regardless of their wealth or status. With this system in place, investors can feel more secure in their investments, and exchanges will be held accountable for any unfair practices. The potential ripple effect of this system could lead to a more equitable and transparent crypto industry globally, which is great news for investors everywhere.

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