India Set to Review Crypto Tax Policies Amid Global Adoption Trends
India's approach to cryptocurrencies may shift as global sentiments change. The country currently imposes a 30% capital gains tax on crypto assets, treating them similarly to betting and lottery winnings. A recent amendment to the Indian Income Tax Act introduced severe penalties of up to 70% for undisclosed Virtual Digital Assets (VDAs). However, with economic affairs secretary Ajay Seth acknowledging the borderless nature of digital assets, a review of the harsh tax policies is anticipated.
El Salvador Continues Bitcoin Acquisitions
El Salvador has added 52 Bitcoins in 2025, bringing its total holdings to 6,055 Bitcoins, valued at approximately $600 million. This occurs despite an agreement with the IMF that limits public sector crypto participation. President Nayib Bukele argues that Bitcoin can benefit over 70% of the population lacking traditional banking access.
Bitcoin Market Overview
Bitcoin has traded within a range following Trump's election win, recently testing support at $91,000 after a 13% dip since February 2. This drop correlates with new tariffs imposed by the US on imports from Canada, Mexico, and China. Open interest decreased by 1.47%, while BTC derivative trading surged, resulting in $762 million worth of liquidated long positions.
Despite short-term volatility, long-term holders are accumulating. Analyst predictions suggest a potential market cap increase of 26%, reaching approximately $4.2 trillion, with Bitcoin possibly soaring to $120,000-$150,000 by 2025.