Tag Archives: holders

Dogecoin holders celebrate ‘Dogeday’ 4/20 as ETF decision draws near

Dogecoin holders celebrate ‘Dogeday’ 4/20 as ETF decision draws near

Dogecoin holders worldwide celebrate “Dogeday” on April 20, as the memecoin’s community awaits upcoming deadlines for Dogecoin-related exchange-traded fund (ETF) applications.

Dogeday marks the unofficial holiday of the Dogecoin community. It gained traction in the memecoin community four years ago, in 2021, during International Weed Day on April 20.

Despite its reputation as a joke token, Dogecoin remains the eighth-largest cryptocurrency by market capitalization, currently valued at $23.3 billion, according to CoinMarketCap.

Dogecoin’s tokenomics have often been criticized for issuing 14.4 million worth of new DOGE into circulation per day, giving it a daily inflation rate of over $2.16 million.

Dogecoin’s staying power “stems from a blend of community-driven enthusiasm, low entry barriers, and speculative appeal,” according to Anndy Lian, author and intergovernmental blockchain expert.

Dogecoin’s inflationary tokenomics may also contribute to its retail appeal, Lian told Cointelegraph, adding:

“Unlike Bitcoin or Ethereum, Dogecoin’s inflationary supply — adding roughly 5 billion coins annually — keeps prices accessible, typically under $1, making it psychologically appealing for retail investors.”

“The retail appeal is amplified by Dogecoin’s meme-driven branding, which resonates with younger, internet-savvy investors,” explained Lian.

Memecoins like Dogecoin lack underlying blockchain use cases and typically rally based on social media traction and retail hype alone.

In November 2024, Dogecoin surpassed Porsche’s market capitalization, driven by continued social media endorsements by billionaire Elon Musk.

Dogecoin community awaits DOGE ETFs deadline in May

The Dogecoin community is closely watching the US Securities and Exchange Commission as it weighs several DOGE-related ETF applications.

There are four Dogecoin ETF filings awaiting approval: the Bitwise Dogecoin ETF, the Grayscale Dogecoin ETF, the 21Shares Dogecoin ETF and the Osprey Fund Dogecoin ETF.

Grayscale’s ETF application is due for a response on May 21 after the SEC delayed its decision on multiple crypto ETF filings.

Bitwise’s filing could receive a response on May 18, which marks the end of the SEC’s 75-day initial review period after the 19b-4 filing. However, the 240-day review period could enable the regulator to delay the decision until October 2024 for both filings.

The ETF applications from 21Shares and Osprey are still pending review for their initial 19b-4 filings, with no set deadline from the securities regulator.

 

Source: https://cointelegraph.com/news/dogecoin-celebrate-4-20-dogeday-doge-etf-deadline-may

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Indian crypto holders face 70% tax penalty on undisclosed gains

Indian crypto holders face 70% tax penalty on undisclosed gains

Cryptocurrency traders in India may face significant tax penalties on previously undisclosed profits under new amendments to the country’s tax laws.

Cryptocurrencies will be included under Section 158B of the Income Tax Act, which reports undisclosed income, according to Indian Finance Minister Nirmala Sitharaman’s Union Budget 2025 announcement.

The amendment allows cryptocurrency gains to be subject to block assessments if not reported, placing them under the same tax treatment as traditional assets like money, jewelry and bullion.

Crypto will fall under the definition of Virtual Digital Assets (VDAs), according to the new amendment, which states:

“Crypto asset has been defined in section 2(47A) of the Act under the existing definition of Virtual Digital Asset[…] A reporting entity, as may be prescribed under section 285BAA of the Act, will be required to furnish information of crypto asset.”

The new crypto tax proposition will be retrospectively applicable from Feb. 1, 2025.

At the end of December 2024, India’s Minister of State for Finance, Pankaj Chaudhary, said the government had found 824 crore Indian rupees ($97 million) in unpaid goods and service taxes (GST) by several crypto exchanges.

The report came a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August.

Crypto traders face up to 70% tax penalty on undisclosed crypto gains

As a sign of concern for cryptocurrency holders, Indian authorities may issue a tax penalty of up to 70% on previously undisclosed crypto profits.

This penalty may apply to crypto gains that remained undisclosed for up to 48 months after the relevant tax assessment year, according to the document, that wrote:

“70% of the aggregate of tax and interest payable on additional income disclosed in the updated income tax return [ITR].”

The amendments come two weeks after Bybit exchange suspended its services in India on Jan. 10, citing regulatory pressure as it continues to pursue a full operational license from India’s Financial Intelligence Unit.

Crypto tax laws are gaining prominence worldwide

Crypto tax laws gained increased interest worldwide in June 2024 after the US Internal Revenue Service (IRS) issued a new crypto regulation, which will make US crypto transactions subject to third-party tax reporting requirements for the first time.

Starting in 2025, centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies.

This decision could push crypto investors to decentralized platforms in a “paradoxical situation” that could make tax revenue harder to track, Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph.

Showcasing the crypto industry’s backlash, the Blockchain Association filed a lawsuit against the IRS in December 2024, arguing that the rules are unconstitutional because they include decentralized exchanges under the “broker” term, extending data collection requirements to them.

 

Source: https://cointelegraph.com/news/indian-crypto-holders-face-70-tax-penalty-undisclosed-gains

Indian crypto holders face 70% tax penalty on undisclosed gains

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin Slips Back Below $57,000 as Short-Term Holders Threaten Volatility

Bitcoin Slips Back Below $57,000 as Short-Term Holders Threaten Volatility

Bitcoin failed to hold levels above $58,000 Thursday morning, slipping to $56,700 and trading flat on the day.

Per data from CoinGecko, the price of Bitcoin is currently $56,794, up 0.6% in the past 24 hours and down 4.7% on the week.

Even as Bitcoin dropped to a little below 20% under its all time high, a new analysis has revealed a growing growing risk factor in the crypto market—short-term holders who are currently underwater on their investments could potentially trigger significant market volatility if they decide to cut their losses.

Despite the average Bitcoin investor remaining in a profitable position, those who have recently entered the market or acquired Bitcoin in the last six months are facing substantial unrealized losses. This dynamic creates a potentially volatile situation that could impact the broader crypto market.

“The Short-Term Holder cohort remains heavily underwater on their holdings, making them a source of risk for the time being,” a report by blockchain intelligence firm Glassnode states. This group’s financial stress is evident in key metrics, with their unrealized losses dominating the overall market picture.

The report cautions that this overall stability could be disrupted if short-term holders decide to exit their positions en masse. The $51,000 price level is identified as a critical support that must be maintained to preserve the current market structure.

The analysis reveals that short-term holders’ unrealized losses have consistently increased over the past few months. All age bands within this cohort, from those holding for just a day to those holding for up to six months, are currently in the red.

The average cost basis for these investors ranges from $59,000 to $65,200, significantly above the current market price.

This situation is reminiscent of the choppy market conditions seen in 2019, rather than a full-scale bear market, the report’s authors noted. However, it still presents a considerable risk.

“Until the spot price reclaims the STH [Short-Term Holder] cost basis of $62.4k, there is an expectation for further market weakness,” the report stated.

The implications of this stress on short-term holders extend beyond their individual positions. Their potential selling pressure could trigger broader market volatility, especially given the current low levels of overall profit and loss-taking activities.

Interestingly, while short-term holders grapple with losses, long-term investors appear to be in a more stable position.

The report indicates that long-term holders have slowed their profit-taking activities, and coins accumulated during the recent all-time high run-up are gradually maturing into long-term holdings.

 

Source: https://decrypt.co/248179/bitcoin-price-flirts-with-55000-as-etfs-see-seventh-day-of-outflows

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j