Indian Crypto Traders Under Tax Scrutiny as Notices Surge
- Increased Tax Compliance: The Indian Income Tax Department has issued numerous tax notices for the Assessment Year 2024-25, demanding explanations for reported crypto income, indicating a significant increase in government scrutiny that could lead to penalties for unreported gains.
- Enhanced Trading Transparency: New tax regulations impose a flat 30% tax on profits and a 1% TDS on crypto transactions, which, while increasing compliance costs, also provide legal recognition for digital assets, potentially fostering market transparency and long-term trust.
- Shift in Regulatory Attitude: The Indian government is actively tracking crypto transactions through KYC-compliant platforms and bank records, marking a transition from lax regulation to stringent oversight, requiring traders to adapt to growing compliance demands.
- RBI's Criticism of Bitcoin: The Deputy Governor of the RBI criticized Bitcoin for lacking real economic value and emphasized its speculative nature, highlighting extreme volatility, which raises concerns among investors and may impact confidence in the crypto market.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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