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Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That

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Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That

Shiba Inu is outperforming in the crypto market and gaining the attention of ETH whales

Shiba Inu is the most popular and demanding meme coin right now in the highly volatile cryptocurrency market. SHIB is outperforming Bitcoin also after the drastic crypto crash series in May-July 2022. ETH whales are getting attracted to the SHIB tokens to drive profit in their diversified portfolios. SHIB army is continuously working on different major projects to increase the Shiba Inu price and let crypto investors and ETH whales take a meme coin as an important cryptocurrency. SHIB is working on different effective strategies to reach US$1 in the nearby future.

ETH whales are eyeing this meme coin because they have realized the power and initiatives of the SHIB army. There are key projects that have gained the attention of ETH whales such as Shiba Inu games, Shibarium L2, Doggy DAO, ShibaSwap 2.0, Shiba In metaverse, Shibburn, and many more. At the time of writing, the current SHIB price is US$0.00001196 with a market cap of US$6.57 billion and a volume of US$592,895,927, and a market rank of 15.

Shiba Inu is known as the largest token in the crypto market that is held by the top 2000 ETH whales. The new projects have led the ETH whales to invest in a whopping US$3 million worth of Shiba Inu or SHIB tokens in 2022. ETH whales are known for hyping up the meme coin and transforming it into a serious and valuable cryptocurrency. Though there is a struggle with the SHIB army for a long time, it is about to reach one of the top cryptocurrencies with immense support from ETH whales. There are some popular whales like Gimli who have invested 386 billion SHIB tokens in this bear market.

There is a huge potential for this meme coin Shiba Inu to catch the attention of these whales and reach US$1 in the nearby future. Thus, it can be said that the Shiba Inu breakout is on its way through the multiple price predictions. It can reduce its supply by over 100% through the SHIB burn mechanism. Still, there are some challenges faced by the SHIB army such as there is a lack of real-life use cases in the crypto market and in the global financial market unlike Dogecoin (DOGE) or Bitcoin (BTC). ETH whales can immensely contribute to the uptrend of the meme coin with their million dollars worth of investment despite the crypto crash cases in recent times.

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The post Shiba Inu Breakout is On the Way! And Only Whales Can Help in That appeared first on .

Analysis

Biggest Movers: DOGE, XRP Hit Highest Point Since Late September

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Biggest Movers: DOGE, XRP Hit Highest Point Since Late September

Dogecoin was trading near its highest point since late September on Wednesday, as prices rose for a second straight day. The rally comes as the meme coin continues to trade above a key resistance level, following a breakout on Tuesday. Xrp was also in the green today, trading close to a one-week high.

Dogecoin (DOGE)

Dogecoin (DOGE) was one of today’s notable movers, as the meme coin hit its highest level in over a week.

Following a low of $0.0606 on Tuesday, DOGE/USD rallied to an intraday high of $0.06646 earlier today.

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The move saw the token continue to trade above a resistance level of $0.0640, hitting its strongest point since September 24.

DOGE/USD – Daily Chart

Looking at the chart, it can be seen that prices have declined, which came as the 14-day relative strength index (RSI) hit a resistance point of 60.00.

This collision has since prompted traders to exit previous positions, securing earlier profits in the process.

The memecoin continues to trade above its $0.0640 level, with the 10-day (red) moving average also trending upwards, which could be a sign of further gains to come.

XRP

Another relatively big mover on hump day was XRP, which also rose close to a one-week high in today’s session.

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XRP/USD hit a high of $0.4938 earlier, which came as prices of the token rose for a third consecutive day.

This rise in price saw XRP hit its highest point since September 30, and it moved closer to a key resistance level in the process.

XRP/USD – Daily Chart

Looking at the chart, the token edged closer to this $0.510 mark, which hasn’t been hit since September 25.

As of writing, earlier gains have somewhat faded, which comes as the RSI looks set to hit a ceiling of 62.00.

Should the index move past this point, then there is a strong possibility that XRP will continue to climb higher.

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How high do you believe XRP can climb this month? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Binance And Kazakhstan To Share Information About Crypto-Related Crime

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Binance And Kazakhstan To Share Information About Crypto-Related Crime

Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading platform and Kazakhstan’s financial regulators intend to inform each other about cases involving the use of digital assets for illicit purposes.

Binance Exchange to Help Kazakhstan Authorities Combat Crime Linked to Cryptocurrencies

The world’s leading coin trading platform, Binance, and Kazakhstan’s Financial Monitoring Agency have recently signed a Memorandum of Understanding expressing their mutual interest in the safe development of the Central Asian nation’s virtual assets market.

An announcement explained that the agreement will govern joint efforts to fight crimes involving digital assets. The crypto exchange and the regulatory body plan to share data that can be used to identify and block crypto holdings obtained by criminal means as well as those employed in the laundering of proceeds from crime and the financing of terrorism.

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According to Tigran Gambaryan, global head of intelligence and investigations at Binance, the company has the most robust compliance program in the industry, incorporating the principles of anti-money laundering and sanctions compliance as well as tools to detect suspicious accounts and fraudulent activity.

During the meeting, Gambaryan and Chagri Poyraz, who heads Binance’s global sanctions department, presented reports devoted to investigations in the crypto space and suppression of illegal activities leading to sanctions evasion using cryptocurrencies.

The signing was also attended by the Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan Zhanat Elimanov, executives and employees of the regulatory body, and other representatives of the Binance ecosystem, the exchange noted in a press release.

The memorandum is part of Binance’s global training program for representatives of regulatory and law enforcement agencies. Its main purpose is to develop cooperation with local and international authorities in the fight against cyber and financial crimes. The initiative has already been implemented in France, Germany, Italy, the U.K., Norway, Canada, Brazil, Paraguay, and Israel.

The agreement follows the signing of another Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development and Innovation in May, under which Binance will advise the government in Nur-Sultan on crypto regulations. In August, the exchange was granted preliminary approval to provide trading and custody services for digital assets in Kazakhstan, a major crypto mining hub.

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agreement, Binance, Crime, Crypto, crypto exchange, crypto trading, Cryptocurrencies, Cryptocurrency, Cryptocurrency Exchange, Exchange, Financial regulators, Kazakhstan, memorandum, Money Laundering, Sanctions, sanctions evasion

Do you expect Kazakhstan to seek assistance from other global crypto companies as it tries to regulate its digital asset economy? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Binance

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax

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What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax

Want to invest in cryptocurrencies? Here is how you will pay your income tax.

A cryptocurrency is a form of electronic cash and a decentralized digital asset. Launched in 2009, Bitcoin was the initial cryptocurrency in the world. The Indian cryptocurrency market has faced numerous regulatory obstacles. An estimated 5 million dealers across 24 exchanges traded in India, with daily trading volumes of up to 1,500 Bitcoins equaling about Rs. 1 billion. Moneycontrol.com reports that during the nationwide lockdown, bitcoin trading volume in India soared by 400%. The tax implications of cryptocurrency gain realization are currently unknown under Indian income tax law. It is important to note that India’s tax authorities have not yet classed cryptocurrency return income under any specific bracket and there are currently no plans to do so.

The aforementioned transaction won’t be subject to taxation under the Income Tax Act of 1961 (“ITA”) if cryptocurrency is classed as money. The phrase “income” as defined under section 2(24) of the ITA gives an inclusive list that does not cover “money” or “currency,” and the RBI does not regard cryptocurrencies as currency. While cryptocurrency would fall under “Capital Gains” or “Profit and Gains from Business or Profession” if it were viewed as property or goods, respectively.

With Mr. Anurag Singh Thakur, Minister of State for Finance, stating on March 28, 2021, that “the gains resulting from the transfer of cryptocurrencies/assets are subject to tax under a head of income, depending upon the nature of holding of the same,” it is now certain that cryptocurrency gains will be taxed. It has been decided that cryptocurrencies would not be considered legal tender in India and will be subject to taxation. The main question is whether virtual currency revenue is considered company income or capital gains. The money should be taxed as business income if the seller is a trader by profession. If it is not company income, it would be subject to capital gains tax.

If cryptocurrency is bought by a taxpayer to invest in it, it may be considered to be a capital asset. A person’s possessions of any type, whether or not they are related to his or her business or profession, are referred to as capital assets under Section 2(14) of the ITA. Although the word “property” has no legal definition, it refers to any kind of interest that a person would be able to acquire, own, or enjoy. Therefore, if bitcoin is held for investment purposes, any gain from its transfer may be regarded as capital gains. Depending on the holding time, infrequent crypto transactions may be seen as long- or short-term capital gains. Gains from holding cryptocurrencies for 36 months or longer would be taxed as long-term capital earnings; gains from holding them for less time would be taxed as short-term capital gains. Short-term capital gains are taxed at the applicable taxpayer-specific slab rates. And with the benefit of indexation, long-term capital gains are taxed at a flat rate of 20%.

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However, it may be determined that the taxpayer is trading in cryptocurrencies if the transactions are considerable and regular, in which case any earnings would be subject to business income tax. Similarly, money derived from cryptocurrencies will be subject to tax under business income if they are held as “stock in trade.” As a result, the ongoing cryptocurrency trading activity and any profits made are taxable as business income. Although the revenue authorities could argue that such trading is classified as speculative income, which would hurt taxpayers.

In closing, virtual currencies have the potential to improve India’s digital infrastructure and lower infrastructure costs incurred by banks due to international payments, securities trading, and regulatory compliance. Government clarification on cryptocurrency taxation is still needed, especially regarding matters like how capital gains or business income should be handled, whether income is considered to be speculative, whether losses can be set off against gains or carried forward, and whether gift tax provisions are deemed should be used.

The post What Steps Should Be Taken for Crypto Holders Who Don’t Pay Tax appeared first on Analytics Insight.

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