Top 5 crypto headlines: India to impose 70% penalty on crypto investors, Bitcoin is now not legal tender in El Salvador, AI tokens downfall, Bitcoin Crashes below $98k
India to impose 70% penalty against undisclosed crypto trading
The Indian government decided to impose a new law this year against crypto traders who are hiding their crypto holdings. Any person who will be found hiding his holding will face up to a 70% tax penalty. Some Indian crypto influencers predicted that the government might revise 30% of crypto tax rules to give some relief to the investors, while some predicted that they might impose new tax rules on the loss faced by the crypto traders.
Bitcoin crashed below $100k level
Bitcoin crashed below $100k level & hit $98.1k level. This sudden correction in the trade price of cryptocurrencies caused a $555 million liquidation in the market. Big investors grabbed discounted BTC & suggested to others never to lose hope.
Bitcoin is no longer a currency in El Salvador
Reportedly El Salvador’s congress passed a reformed Bitcoin Act to remove the status of Bitcoin as a legal tender. The decision was part of the country’s $1.4 billion loan deal with the International Monetary Fund (IMF). Now, merchants or any type of goods service providers will not be forced to accept Bitcoin, but they will be allowed to accept it voluntarily.
The downfall of AI Crypto Tokens
In the last 24 hours, the trade price of the majority of the Artificial intelligence (AI) tech-focused crypto tokens crashed badly. For instance, Solana AI Agents crashed by 20.86%, Base AI Agents crashed by 19.45%, Virtual tokens crashed by 19.72%, and ai16z tokens fell by 25.62%.
USA government increases tariffs for China, Mexico, & Canada
To boost the US earnings & economy, US President Donald Trump introduced new increased tariffs (up to 25% tax) on Mexico, Canada and China. Some financial experts said that such decisions may badly impact the volatile money market because financial markets that rely heavily on technology stocks may fall into chaos.
Read also: Elon Musk’s DOGE successfully accessed the US Treasury Payment system!
