Tax Authorities Target Crypto Traders Over Non-Disclosures India’s Central Board of Direct Taxes (CBDT) has begun a comprehensive investigation targeting individuals and firms that failed to report or misrepresented their crypto-related income. The action comes amid rising concerns over tax evasion and potential money laundering through digital assets. Thousands of taxpayers have been flagged as “high-risk defaulters” for failing to comply with Section 115BBH of the Income Tax Act. This section, introduced in the Finance Act of 2022, imposes a flat 30% tax (plus surcharge and cess) on income from transfers of Virtual Digital Assets (VDAs). Importantly, no deductions (except…
Author: Blockto Team
Uniswap Retraces Gains After Overnight Flash Crash Recovery Uniswap’s UNI token fell 6.36% to $7.3864 in the last 24 hours, reversing an early morning rally triggered by a V-shaped recovery from $6.82. The sharp drop and rebound were followed by renewed weakness as global markets responded to intensifying Middle East tensions. UNI surged 9.5% off the lows, reaching as high as $8.40 before retreating. Trump’s Warning Spurs Risk-Off Sentiment In a Friday morning statement, former President Donald Trump warned of “more brutal” actions against Iran, pushing investors away from risk assets. He said Iran would face “death and destruction” if…
President Trump Discloses Massive Income from Blockchain Governance Tokens U.S. President Donald Trump has declared $57.4 million in income tied to World Liberty Financial, a decentralized finance (DeFi) project that has rapidly gained investor traction since its launch in late 2024. The figure appeared in Trump’s official 2025 financial disclosure, filed with the U.S. Office of Government Ethics on June 13. Trump holds 15.75 billion governance tokens in World Liberty Financial, granting him significant voting rights within the protocol. The document did not clarify how the income was generated—whether through token sales, staking rewards, or internal valuation-based disclosure. However, the…
Middle East Conflict Triggers Sharp Decline in Altcoins Cosmos (ATOM) tumbled 9.25% in the last 24 hours, dropping from $4.43 to an intraday low of $4.02, as the broader crypto market responded to heightened Middle East tensions. The sharp decline followed reports that Israel launched a bombing campaign in Iran, igniting widespread panic across risk assets. ATOM found critical support near $4.04, suggesting a short-term floor in a highly volatile environment. While ATOM faced steep losses, the decline was consistent with overall altcoin weakness. Traders moved out of riskier assets amid growing uncertainty, favoring defensive positions or shifting capital toward…
Strong Fundamentals Shine Amid Market Volatility NEAR Protocol surged 4% following a sharp 12.8% correction, regaining traction amid a turbulent market sparked by Middle East tensions. After falling from $2.50 to $2.18, NEAR rebounded to $2.239 before consolidating near $2.223, as buyers returned to the market with renewed interest. The correction followed Israel’s bombing campaign in Iran, which triggered a widespread sell-off across risk assets including crypto. Despite the short-term price dip, NEAR has made headlines for becoming the second most used Layer-1 blockchain, surpassing platforms like Ethereum, BNB Chain, and Tron in monthly active users, with over 46 million…
Historic Streak Ends with $2.1M Outflow Spot Ether ETFs in the U.S. recorded their first net outflow on June 13, following a record-breaking 19-day streak of consecutive inflows. The outflow totaled $2.1 million, marking the end of a bullish period for institutional Ethereum investment products. The streak began on May 16 and accumulated $1.37 billion in inflows, contributing nearly 35% of the total $3.87 billion since ETF launch in July 2024. Despite the inflow streak, Ether is trading below its price at the start of the run, with the current price at $2,552, down from $2,620 on May 16. Inflows…
ADA Slips on Governance Uncertainty Cardano’s native token ADA fell 6.01% to $0.6412, reacting to market volatility and an internal debate over a proposed $100 million stablecoin liquidity injection. The move comes as the Cardano community evaluates a proposal to deploy 140 million ADA from the treasury to boost liquidity for native stablecoins like USDM. ADA tested a low of $0.625 before rebounding modestly, facing resistance at $0.645. Divided Views on Treasury Allocation The proposal sparked strong opinions from both supporters and critics. Charles Hoskinson, Cardano founder, defended the plan, stating that the conversion could be executed gradually using over-the-counter…
Bitcoin Treasury Deal Gets Regulatory Green Light In a major development, Trump Media and Technology Group (TMTG) has secured approval from the U.S. Securities and Exchange Commission (SEC) for its $2.3 billion Bitcoin treasury registration. The SEC declared TMTG’s S-3 registration statement effective on June 13, allowing the company to move forward with its plans to hold a significant amount of Bitcoin as a corporate reserve. The registration allows the resale of approximately 56 million shares and 29 million shares tied to convertible notes, part of equity and debt agreements with about 50 investors. Bitcoin as a Strategic Treasury Asset…
SOL Price Drops Nearly 8% Amid Market Turbulence Solana’s SOL token fell 7.87% to $147.07, despite long-term bullish sentiment from institutional analysts. The price hit an intraday low of $142.13 during early Friday trading, reflecting a sharp correction from Thursday’s high of $159.60. Buyers defended the $143–$144 zone, forming a narrow consolidation range between $143.50 and $146.50. Trading volume spiked during the 13:30 UTC window, as bulls stepped in to prevent further downside, although resistance near $150 remains firm. Standard Chartered Expects SOL to Reach $275 in 2025 On May 27, global analysts published a formal price target of $275…
Uniswap Rebounds, Then Retreats Following Trump’s Warning to Iran The price of Uniswap’s UNI token dropped 6.36% to $7.3864 over the past 24 hours, despite a sharp intraday recovery. Earlier, UNI had rebounded nearly 9.5% from a low of $6.82 after a flash crash but failed to sustain momentum, facing rejection at the $8.40 resistance level. Mounting geopolitical pressure in the Middle East—particularly renewed threats from former U.S. President Donald Trump—has weighed heavily on market sentiment. In a direct message early Friday, Trump warned that Iran would face “more brutal” military action if it failed to reach an agreement with…