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Bitcoin is up against increasing bearish sentiments this week, just days after attempting to push past $30,000. Crucial technical markers are signaling further downside potential for the cryptocurrency over the near and medium terms.

Reliance Industries chairman Mukesh Ambani made many announcements at the company’s 46th announcement on Monday. One of them being that the conglomerate's financial services division Jio Financial Services (JFS) is keen to introduce blockchain-related products as well as digital rupee. «JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times,» Ambani told shareholders at the company's AGM.Blockchain rose to prominence as the underlying technology for Bitcoin. Blockchain solutions is a distributed database that maintains a continuously growing list of ordered records called blocks and is deemed to be very transparent as all the stakeholders can view progress in real-time. Distributed ledger technologies (DLTs) allow the recording, sharing and transfer of data or value without the need for a central record keeping as in the case of a traditional ledger. Such records are immutable and non-repudiable. «Jio Financial Services is uniquely positioned to disrupt India's financial sector. By leveraging open-source blockchain technology, JFS can build apps and smart contracts on top of India's Aadhaar stack. This opens up a host of opportunities, from microfinance to SME lending to serve a diverse range of financial needs,» said Rajagopal Menon, Vice-President at WazirX.

Ripple, last week witnessed a rally in the cryptocurrency market. However, the current week has been marked by increased volatility for most cryptocurrencies. Bitcoin began the week on a strong note, maintaining a position well above the $30,200 level. As the week progressed, it experienced a decline, slipping below the crucial threshold from Tuesday onwards. Despite briefly consolidating above the $30,000 level, Bitcoin faced further downward pressure as investor interest shifted towards alternative coins such as Ripple, Cardano, and Solana. These altcoins have demonstrated significant growth over the past week, luring attention away from Bitcoin. At one point during this week, Bitcoin hit its lowest level in a month, reaching $29,500. Currently, BTC is encountering resistance around the $30,000 level while finding support at the $29,600 mark. This tug-of-war between resistance and support levels indicates an ongoing struggle for dominance among bulls and bears. Traders and investors are closely monitoring these developments to better understand the market's direction and potential opportunities. Conversely, Ethereum, the second-largest cryptocurrency, previously trading comfortably above the $1,900 level, also witnessed a drop below that critical threshold. XRP, having achieved an impressive 70% gain in the past week, secured the fourth position with a higher market cap than BNB; however, it too, experienced sell-offs on Friday.

As US regulators sued three major crypto exchanges this year, billions of dollars of trading volumes have migrated to Asia. That shift could be poised to accelerate as market makers and exchanges move resources to a region where several jurisdictions have introduced regulatory frameworks and are vying for digital-asset traders. Investors and marketplaces are flocking to Singapore, Japan and South Korea — and more recently to Hong Kong, which this month introduced a new regulatory regime for crypto. Bitcoin trading activity in predominantly Asian hours have risen this year even as they slumped in US and European hours, data compiled by CryptoQuant show. The token accounts for almost half of crypto’s total market value. The resilience in Asian crypto volumes is underpinned by institutional investors who perceive the regulatory environment there as less risky, according to several market participants interviewed by Bloomberg. “With so much regulatory uncertainty in the US, Asia has become an increasingly important hub for digital-asset activity,” said Jonny Caldwell, who focuses on alternative investments including cryptocurrencies as co-head of asset management at Trovio Group. “We are observing a major shift to Asian-based exchanges and venues in the last few months.”

Terraform Labs, and one of his aides to four months in prison on charges of using fake passports. Kwon, 32, who was behind cryptocurrencies that suffered a multi-billion dollar crash last year, and his chief financial officer, identified only by his surname Han, were arrested at Podgorica Airport on March 23 after attempting to travel to Dubai with forged passports, reports Yonhap News Agency. The Basic Court in Podgorica announced on its website, it handed four-month prison terms to both. They denied the charges during previous hearings. Earlier this month, the court granted bail to both on the condition that they each pay 400,000 euros ($428,241) in bail money and are placed in confinement under police surveillance.

cryptocurrency market experienced a volatile week, driven by the release of the Consumer Price Index (CPI) data for May and discussions surrounding Monetary Policy. Throughout the week, the trading range of Bitcoin (BTC) fluctuated between the levels of US$24,900 and US$26,250. Initially, Bitcoin started the week above the US$26,000 mark, but it later dropped below US$25,000, reaching its lowest point since March. This drop was influenced by the Federal Reserve's decision to maintain unchanged interest rates. Surprisingly, the Fed also projected two additional interest rate hikes in the current cycle, which aligned with investor expectations. However, contrary to expectations, the crypto market changed course and resumed the sell-off that had been ongoing for the past three weeks. Additionally, after a series of ten consecutive rate hikes, the Fed's benchmark interest rate currently stands between 5% and 5.25%. This signifies the highest rate since 2007 and determines the interest charged on short-term loans by banks and other depository institutions. In the last 24 hours, Bitcoin (BTC) witnessed a notable surge, surpassing the US$25,500 level and rebounding from its three-month low reached on Wednesday. This recovery could be attributed, at least in part, to the submission of a crypto-backed exchange-traded fund (ETF) application by BlackRock. BTC's gain of over 1% halted its three-day losing streak. These developments occurred concurrently with legal actions initiated by the U.S. Securities and Exchange Commission against Binance and Coinbase. Despite a 6% decline in its performance for the month, Bitcoin has exhibited a remarkable 53% growth since the beginning of the year.

Securities and Exchange Commission (SEC) official on Friday rejected criticism of the regulator's cryptocurrency crackdown and slammed the sector for violating securities laws. The regulator's heightened scrutiny of crypto firms comes in response to the industry's failure to comply with the agency's regulations, SEC enforcement director Gurbir Grewal said at a Rutgers University and Lowenstein Sandler LLP event in New York. The agency's aggressive policing has sparked a wave of criticism from digital assets firms and advocates on Capitol Hill for what they describe as regulatory overreach. «We have worked thoughtfully and incrementally in this space,» Grewal said on Friday. «Typically you'd also see compliance but we're not seeing that in this space, so we had to change strategies.»

The recent crypto platform bankruptcies trapped customer assets now worth around $34 billion, according to Xclaim, which allows creditors to trade such claims. To protect themselves, institutional crypto investors are switching to exchanges that offer stronger asset protection, boosting due diligence on trading partners, and executing trades in smaller chunks, among other new risk management measures, according to executives and industry data. «Investors in this asset class have learned their lessons the hard way and now are being much much more picky about who to deal with,» said Samed Bouaynaya, a digital asset portfolio manager at London-based hedge fund Altana Wealth.

However, the dawn of digital era has paved the way for a fresh wave of investments options, with cryptocurrencies being the most prominent digital asset. Despite initial hesitations and uncertainties surrounding unregulated assets, cryptocurrencies such as Bitcoin and Ethereum have garnered notable momentum and exhibited increasing competitiveness in daily returns, particularly in the Indian market. Furthermore, the Government of India in a recent G20 summit has published a comprehensive report that sheds light on the willingness of numerous countries to adopt and legitimize cryptocurrencies, ultimately augmenting their accessibility. Within this context, India has firmly established itself as the seventh-largest nation, poised to embrace cryptocurrencies in the coming years and beyond. Undoubtedly, as the adoption of cryptocurrencies continues to surge, India has solidified its position as a global frontrunner in embracing and integrating the digital currencies into its financial landscape.

The U.S. Securities and Exchange Commission sued Coinbase, accusing it of illegally operating without registration with the regulator. The SEC also filed a lawsuit against Binance and its CEO, Changpeng Zhao, on Monday. In a complaint filed in Manhattan federal court on Tuesday, the SEC said Coinbase has since at least 2019 operated as an unregistered broker by handling cryptocurrency transactions, evading the disclosure requirements meant to protect investors. Coinbase shares fell 16% in premarket trading, while Blockchain farm operator Bitfarms' stock dropped 4.5%.

Binance, dealing a severe blow to the industry. Bitcoin, the world's largest cryptocurrency, was last at $25,736, down 0.01% on Tuesday, pinned near a more than two-month low. It had slumped more than 5% in the previous session, the largest daily decline since April 19. The U.S. Securities and Exchange Commission on Monday sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao, alleging that Zhao was secretly controlling Binance.US as part of a «web of deception» to evade U.S. laws, among other charges. «It's another blow to the crypto industry and the crypto exchanges of the world,» said Tony Sycamore, market analyst at IG Markets.

Cryptocurrencies have the potential to revolutionize the financial industry by offering decentralized and secure transactions and promoting financial inclusion. They can play a significant role in areas where traditional banking services are unavailable or inaccessible by bridging the gap and providing access to financial services to those left out. How can Cryptos promote financial inclusion? Low entry barriers Cryptocurrencies have easy-to-meet requirements for entry, such as a smartphone or internet access, compared to traditional banking services. This means that people who may not have access to traditional banking services due to financial or geographical constraints can still use cryptocurrencies. For example, someone in a remote area without a bank branch can use cryptocurrencies to send and receive money without traveling long distances.Decentralized nature Cryptocurrencies are not controlled by any central authority or traditional financial institution, making them independent of the banking system. For example, in countries with a history of corruption or an unreliable banking system, cryptocurrencies can be a valuable alternative for individuals to store and transfer their wealth without relying on traditional banking institutions.

However, with this rise in popularity, there has also been a corresponding surge in cybercrime and fraudulent activities in the crypto space. Investing in any asset class, including crypto, comes with inherent risks. While the crypto industry presents lucrative investment opportunities, investors must remain vigilant about security measures to safeguard their assets. Best practices for investors Research the platform before investing: Before investing in any crypto platform, investors should do their due diligence and thoroughly research its security measures, regulatory compliance, and reputation in the industry. They can read reviews, check for any security breaches in the past, and ensure that the platform has a track record of safeguarding its users' assets. Use strong passwords

Bitcoin (BTC) rose 2.21% to $29,507, whereas Ethereum (ETH) was above the $1,900 level. BTC volume in the last 24 hours stood at approximately $22.95 billion, falling 35.61% in the last 24 hours. «BTC is trading in the $29.5k range, up ~2% in the last 24 hours as unrest in the banking sector resurfaces and US’ economic growth slowdown,» Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said. The global cryptocurrency market cap was trading higher around $1.21 trillion, rising 1.71% in the last 24 hours. The total volume in DeFi is currently 3.65 billion, 7.88% of the total crypto market 24-hour volume. The volume of all stablecoins is now $40.51 billion, which is 87.47% of the total crypto market 24-hour volume.

MiCA (Markets in Crypto Assets) legislation, one of the first of its kind milestones in the development of the crypto industry. It has been in the works for over two-and-a-half years, undergoing consistent discussion and consultations before finally passing. The new law will bring in a comprehensive regulatory framework for the crypto industry across all 27 countries of the European Union. What is MiCA? The Markets in Crypto Assets, or MiCA, the new legislation on cryptocurrency, is a landmark law that brings more clarity to the crypto industry in the EU. Introducing this law is a significant step forward for the crypto industry, as it represents a major effort to provide greater clarity and transparency in the sector. MiCA will provide a clear set of rules and guidelines for companies operating in the crypto industry, including trading, custody, and marketing of crypto assets. One of the key features of MiCA is its emphasis on regulatory stablecoins, which are digital assets backed by fiat currency or other assets. The law includes heavy compliance requirements for operators of stablecoins, which will help to ensure that these digital assets are stable and secure and that they are not subject to any fraudulent practices or money laundering. The countries in the European Union will have 18 months to implement these new regulations.

Bitcoin has been on an upward trajectory since the beginning of 2023 and breached the key $30,000 level for the first time in 10 months on Tuesday amid the expectation that Fed will pause interest rate hikes. On January 1st, Bitcoin began trading at roughly $16,500. As of 11th April, the asset has been trading above the $30,000 mark which is close to an 80% gain since January 2023. This is the first time since June 2022, that Bitcoin has reached this level. «The resolute demonstrated by Bitcoin in the past three months emphasizes the optimistic investor sentiment towards the leading cryptocurrency. It also indicates how investors have come to view Bitcoin as a viable alternative in the current climate. This bull run further underscores the faith investors have in the resilience of global macroeconomics, particularly that of the United States,» Gaurav Dahake, Founder & CEO of BNS, said. Bitcoin peaked at $30,438 in Asian trade and was last 6% higher at $30,133. It has gained about 7% since the start of the month, after rising 23% in March.

bitcoin breached the key $30,000 level for the first time in 10 months on Tuesday, adding to its steady gains as investors raised bets that the U.S. Federal Reserve will soon end its aggressive monetary tightening campaign. Bitcoin peaked at $30,438 in Asian trade and was last 2% higher at $30,262. It has gained about 6% since the start of the month, after rising 23% in March. The token's surge follows Friday's closely-watched U.S. nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy. However, banking sector turmoil sparked by last month's collapse of Silicon Valley Bank has raised market expectations that the Fed is unlikely to lift interest rates much higher for longer as it looks to ease stress on the sector.

There are two reasons for this. First, private crypto assets or currencies are not issued and governed by financial institutions but are typically issued via a decentralized blockchain, which makes them extremely difficult to regulate. A blockchain cannot be subjected to KYC norms or requirements linked to reporting of suspicious transactions. Second, the crypto ecosystem is not confined to geographical boundaries. A person in India could transfer a crypto asset for value to a person in any part of the world, without using any formal banking channel or fiat currency and without having to complete any identity verification. Given that transactions on a blockchain are anonymous, transaction tracing and implementing foreign exchange controls become extremely difficult. There are two regulatory touch points within a crypto ecosystem that can be leveraged to enforce and implement regulation — at the time a crypto asset is converted to fiat currency and the functioning of intermediaries.

bitcoin is starting to look a little old-fashioned. Hooked on high growth, some are turning away from the original cryptocurrency — designed as an alternative to regular cash — in favor of its descendants created as native tokens of blockchain platforms that host smart contracts and apps.MarketVector's Smart Contract Leaders Index, which tracks major tokens of this kind — including ether, dot and solana — is up 36% in 2023, outpacing even bitcoin's 33% rise. Solana's token is up 76% this year. Bundeep Rangar, CEO of crypto-focused asset manager Fineqia, said he expected the biggest crypto returns to come from smart contract tokens on platforms that support decentralized finance (DeFi) apps.

Blockchain, Crypto, or Decentralized Finance (DeFi) before 2008, but today we live in a world where these path breaking technologies are playing a crucial role in shaping the future. Also known as Distributed Ledger Technology (DLT), blockchain is a record of transactions that cannot be altered, deleted, or destroyed. In other words, the digital information on a blockchain can be recorded and distributed but never edited. We all know that blockchain was launched as a distributed ledger for Bitcoin transactions, but it turned out to be more than just that. Since 2014, blockchain has given birth to many new inventions beyond Bitcoin. Since then, Blockchain use cases have exploded with the launch of new cryptos, non-fungible tokens (NFTs), smart contracts, and DeFi applications. The innovation factor with blockchain is its guarantee of fidelity and security of data records; it builds faith without the backing of a third party. These features make it perfect for finance. Let’s explore more about how blockchain is re-inventing finance. Blockchain vs banking

cryptocurrency transactions and holdings. As the popularity and use of cryptocurrencies continue to grow, countries around the world are grappling with how to regulate and tax these digital assets. Some countries have adopted favourable tax policies towards cryptocurrencies, while others have implemented strict regulations. In this article, we will examine the crypto tax policies of several nations and see how they handle this evolving asset class.United States of America In the United States, cryptocurrencies are treated as property for tax purposes, similar to property taxes. Transactions involving cryptos, such as selling for fiat currency, token airdrops, mining, or staking, are all taxable with rates ranging from 0-37% for capital gains and income tax. However, holding crypto for the long term or buying with fiat currency is not taxable. Taxpayers can choose to calculate their crypto taxes using either the FIFO (first in, first out) or LIFO (last in, first out) method. Capital gains and losses, cost basis, and keeping records of transactions is important to keep in mind for tax reporting.