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India’s Cryptocurrency Boom Amid Strict Tax Regulations
News on the Blockchain
December 08, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 762
Market Cap: $3.65T (-0.38%)
24h Volume: $153.8B (-33.92%)
Bitcoin Dominance: 53.85%
Ethereum Dominance: 13.07%
ETH Gas Price: 9.23 Gwei
Fear & Greed Index: 80/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $99,308.79 | -0.38% | $1.97T | $39.27B |
Ethereum | $3,955.87 | -0.83% | $476.46B | $20.30B |
Tether | $1.00 | -0.06% | $138.01B | $128.10B |
BNB | $742.15 | -0.07% | $106.88B | $2.24B |
Solana | $235.93 | -0.29% | $112.31B | $4.11B |
💹 Market Highlights:
Total DeFi Volume: $12.84B (8.35% of total 24h volume)
Stablecoins Volume: $141.11B (91.75% of total 24h volume)
Coin with Highest % Change: CIRCLE (+77.84%)
📈 Preview On Today’s News:
- India’s Cryptocurrency Boom Amid Strict Tax Regulations
- Ripple CEO to Address Regulatory Clarity and Legal Challenges on “60 Minutes”
- Ripple Whales Boost XRP Confidence with Massive Purchases Amid Regulatory Discussions
Keep reading for more!
Today’s News:
1)
India’s Cryptocurrency Boom Amid Strict Tax Regulations
Despite the introduction of stringent tax policies in 2022, including a 30% tax on crypto profits and a 1% tax deducted at source, India’s cryptocurrency market has not only survived but thrived. By 2024, India ranked first on Chainalysis’ Global Crypto Adoption Index, driven by a tech-savvy youth demographic and the proactive role of local exchanges like ZebPay, CoinDCX, and WazirX. The adoption surged as young Indians leveraged their familiarity with digital platforms and the potential for high returns, while affluent investors embraced Bitcoin ETFs. Educational initiatives by exchanges further fueled widespread adoption, demonstrating resilience despite regulatory challenges. Moving forward, experts believe that comprehensive regulatory reforms are essential to sustain growth and position India as a global leader in the crypto ecosystem.
Robust Growth Despite High Taxes: India’s crypto market expanded significantly post-2022 tax reforms, leading the Global Crypto Adoption Index in 2023 and 2024.
Key Drivers and Future Outlook: Tech-savvy youth, local exchanges, and educational initiatives drove adoption, with future growth hinging on favorable regulatory changes.
2)
Ripple CEO to Address Regulatory Clarity and Legal Challenges on “60 Minutes”
Ripple CEO Brad Garlinghouse has announced his upcoming interview on the renowned news program “60 Minutes,” set to air on December 8, 2024. This significant appearance comes at a pivotal time for the cryptocurrency industry as Ripple continues its pursuit of regulatory clarity in the United States. During the interview, Garlinghouse is expected to discuss Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over the classification of XRP as an unregistered security, following a favorable court ruling in July 2023. Additionally, he will highlight Ripple’s substantial influence in U.S. politics, noting that 85% of congressional candidates supported by Ripple have won their elections. Garlinghouse aims to use this platform to advocate for clear and consistent cryptocurrency regulations that foster innovation while protecting consumers, marking a landmark moment for both Ripple and the broader blockchain industry.
Key Interview Details: Ripple CEO Brad Garlinghouse will appear on “60 Minutes” on December 8, 2024, to discuss the company’s legal challenges with the SEC and the broader need for regulatory clarity in the U.S. cryptocurrency market.
Political Influence and Advocacy: Highlighting Ripple’s political impact, Garlinghouse will address the company’s success in supporting congressional candidates and advocate for clear, consistent cryptocurrency regulations to support industry innovation and consumer protection.
3)
Ripple Whales Boost XRP Confidence with Massive Purchases Amid Regulatory Discussions
Recent substantial acquisitions of over 120 million XRP by Ripple whales demonstrate a strong confidence in the cryptocurrency, even as XRP experiences a temporary decline from $2.9 to $2.2. This strategic buying spree, valued at approximately $288 million, suggests that major investors are capitalizing on the dip to strengthen their positions. Additionally, Ripple CEO Brad Garlinghouse’s upcoming interview on crypto regulations is expected to positively influence market sentiment, further enhancing investor trust and potentially driving XRP’s value upwards in the near term.
Significant Whale Activity: Ripple whales purchased over 120 million XRP during the price dip, indicating strong investor confidence and strategic accumulation.
Positive Market Sentiment: CEO Brad Garlinghouse’s interview on US crypto regulations is anticipated to boost market sentiment and support XRP’s potential price increase.
