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Cryptocurrency trading is taking another pattern and shape in India due to the implementation of taxation laws. As a result, the traders are experiencing a different turn in their transactions lately in the country. The new rule in India for 1% taxation on every transaction has been enforced from July 1. Also, the government has a taxation rule of 30% on crypto income for traders, investors, and other participants in the field. Subsequently, trading volumes have made a drastic drop over the applied law. On average, India’s three prominent crypto exchanges recorded up to 72.5% dip since the enforcement of the Tax. Related Reading | Mounting Support For Bitcoin At $19,000 As Market Ushers In A New Week From July 1, India enforced the Tax Deducted at Source (TDS), creating a negative stance for traders. This has brought a plunge in the overall crypto trading volumes in the country, as witnessed by most exchanges. According to the reports, the record on July 3 shows that CoinDCX had a 90.0% drop in trading volumes. On the part of BitBNS, the decline was about 37.4%. Data from CoinGecko revealed slight stability in volumes after crashing to the low values. However, the average record shows a downward move of 56.8% in the volumes. Most notable crypto traders are currently on edge with the outplaying of recent events in the Indian crypto market. One of the traders, Shounak Shetty from Mumbai, disclosed his opinions concerning the new taxation of 30% on income and TDS. On July 4, Shetty stated that such rules would damage visionary talents in the country. Shetty mentioned that he is now seriously contemplating the profitability of sticking with the Indian exchange. To him, other places like Dubai seem more inviting and conducive to higher gains. Crypto Exchanges Record Drastic Revenue Drop The low trading volumes drastically reduced the overall generated revenues for Indian exchanges. On July 4, Crypto India, a YouTube channel in the country tweeted that with a trading fee of 0.1%, most exchanges could only see small revenues. The combined daily funds for Zebpay, WazirX, and CoinDCX are $21,649 as volume levels hit the lows. Related Reading | Active Ethereum Addresses Touch 2020 Levels, Will Price Follow? Some leading exchanges like WarizX, CoinDCX, BitBNS, and Zebpay have a drop in the average daily transaction volume. As of July 4, the value is $5.6 million as against the June value of $9.6 million. In an explanation, Anuj Chaudhary, Policy Analyst in WazirX, stated that the TDS of 1% covers all virtual assets. Chaudhary gave his explanation on YouTube during The WazirX Show for the June 30 episode. The listed assets include cryptocurrencies, NFTs, metaverse, or other transactions executed on public blockchains. However, few exemptions to the tax exist. These include gift cards for discounts or goods, rewards points, and mileage points. Others are cards for subscriptions on websites, applications, platforms, and incentives void of monetary considerations. Featured image from Pexels, chart from TradingView.com

Cosmos (ATOM) was trading higher on Tuesday, as prices earlier in the day reached a multi-week high.
The ATOM/USD pair reached its highest level since June 10 on Wednesday, as prices fell below the $10 threshold.
Following the Fourth of July celebratio…

Like most of the world’s, Zimbabwe ’s economy is in shambles. Is a gold coin the solution, though? It might just be. The country’s central bank announced “the “Mosi-oa-tunya” coin, named after Victoria falls.” It’s Zimbabwe’s response to a dire situation. According to Reuters, “annual inflation, which hit almost 192% in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalize the economy.” In a highly unusual move, Zimbabwe ’s government created both a hedge against inflation and a highly-demanded product. A solution to a problem they created, sure, but still. The “Mosi-oa-tunya” coin might just work. “The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex and local banks,” the article detailed.  A gold coin is no bitcoin, but it certainly provides a solution for analog people. At the present moment, the necessary technology to use bitcoin is not accessible to everyone. Everyone deserves a hedge against inflation, though. And if it’s easy to get to, all the better. Back to Reuters’ Zimbabwe report: “The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.” Of course, this leads to a giant unanswered question, Why Don’t You Use Bitcoin, Zimbabwe? Almost 8 months ago, rumors that Zimbabwe might be the second nation to adopt bitcoin as legal tender made the rounds. This was a massive step, considering Zimbabwe banned all kinds of cryptocurrencies “to protect the public” just four years ago. However, it more than made sense considering a new Finance Minister formed a governmental cryptocurrency unit to study the subject around the same time. Africa is primed for crypto adoption. 10-20% banked. Need financial access and inclusion. Blockchain provides that with a smart phone. — CZ 🔶 Binance (@cz_binance) July 6, 2022 Always ready, NewsBTC reported on the bitcoin as legal tender rumor: “Now that many citizens are demanding crypto, the government is considering the option seriously. They disclosed this information through one of their local news outlets. The news also disclosed that the country is already discussing using Bitcoin as a legal tender – the Perm Sec Brig. Colonel Charles Wekwete confirmed this information. He also declared that the blockchain offers both positives and negatives.” As it turns out, Zimbabwe wasn’t ready for hyperbitcoinization just yet. However, the Reuters story buried the lead. Hidden between the article’s lines was the real story. BTC price chart for 07/06/2022 on Kraken | Source: BTC/USD on TradingView.com US Dollar As Legal Tender? Let’s not beat around the bush. The gold coins are cool, but a five-year dollar run is the real interesting part. “Last week, Zimbabwe more than doubled its policy rate to 200% from 80% and outlined plans to make the U.S. dollar legal tender for the next five years to boost confidence.” For those not up to date with Zimbabwe’s economic history, Reuters provides the cliff notes: “Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the U.S. dollar. The government reintroduced the local currency in 2019, but it has rapidly lost value again.” So, the country is no stranger to the U.S. dollar and it’s about to lose its local currency again. A country without a local currency, like El Salvador and the Central African Republic. That makes Zimbabwe a prime candidate for bitcoin adoption down the road. There’s no rush. It’s not clear if this was in reaction to the “Mosi-oa-tunya” coin news, but Binance’s CEO CZ recently tweeted, “Africa is primed for crypto adoption. 10-20% banked. Need financial access and inclusion. Blockchain provides that with a smart phone.” Featured Image by Tim C. Gundert from Pixabay | Charts by TradingView

Bitcoin spiked above the $20,500 resistance against the US Dollar. BTC is now struggling near $19,800, with a major support near the $19,600 zone.

Bitcoin made another attempt to gain strength above $20,500 but failed.
The price is now trading above t…

Bearish sentiment toward Bitcoin among institutional investors has been gaining ground in recent months. This was propelled even further by the crash that rocked the digital asset back in mid-June. Since then, bitcoin has struggled to keep its head abo…

On-chain data shows the Bitcoin taker buy/sell ratio has recently crossed above ‘1,’ a sign that the crypto could experience short-term bullish momentum.
Bitcoin Taker Buy/Sell Ratio Surges Up Above A Value Of 1
As explained by an analyst i…

Bitcoin has returned to the $20,000 area after experiencing rejection. The cryptocurrency has been displaying some strength during today’s trading session despite a spike in the U.S. dollar which signals danger for risk-on assets. Related Reading | Cardano Releases New Update On Testnet, How Will The Price Respond? At the time of writing, BTC’s price trades at $20,300 with a 2.2% profit in the last 24 hours. Data from Material Indicators (MI) records an increase in buying pressure from Bitcoin whales with bid orders of over $1 million (brown in the chart below). Large investors have been accumulating BTC over the past week as the cryptocurrency moved below its current levels. BTC Whales could have been preparing for bullish continuation. At the time of writing, every investor’s class except retail is jumping into BTC’s price action. #Bitcoin #WhaleWatching pic.twitter.com/BOYAEABpyC — Material Indicators (@MI_Algos) July 5, 2022 The cryptocurrency needs to break above $20,500 and continue above $22,000 to clear out any potential short-term downside risk. Material Indicators records over $20 million in asks order for BTC’s price at around $20,500 until $22,000 alone. There is little resistance above those levels until $24,000 which stands as the next major area of resistance. On the possibility that large investors were accumulating BTC expecting a larger move to the upside, MI wrote: The FireCharts heat map and CVD both show that the purple class of whales which have historically had the most influence over BTC price have been trending up since the dump to $17.5k on May 18th. Too early to validate this as accumulation phase. Time will tell. The key behind the current price action could be the U.S. dollar. The currency aggressively moved to the upside, to levels last seen in 2003, and could be about to retest previous lows. As seen below, this could send the DXY Index to the 105 area or to its June range below 100, if these levels fail. Thus, providing some more room for BTC’s price to reclaim higher levels. Bitcoin Indicators Suggest Bullish Continuation Quantum Economics analyst Jan Wüstenfeld indicated that BTC’s Reserve Risk dropped to 0.001, a metric used to measure long-term holders’ conviction. The last time Bitcoin saw a Reserve Risk this low was in 2015 before it began a persistent uptrend. Related Reading | Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days Currently, there are macroeconomics factors that could hurdle BTC’s price reclaim of previous highs. However, the current area could be a major accumulation zone for the coming months and a good place to apply a Dollar Cost Average (DCA) strategy. Wüstenfeld said: Bitcoin reserve risk has fallen below the green box. The last and only other time this happened was in August 2015. One thing is sure, this cycle is genuinely different to other cycles due to the macro conditions, and we are partially seeing that as well in the indicators.