A month back BTC was at below 18K and it touched almost 24k yesterday. That's a good progress and signs of market recovery. The analysts have been predicting that if the BTC crosses the 25K mark then we are surely out of the bear market. Though most of them have already started saying that we are already out of the bear phase and getting into the bull phase. But the experts still say that till the time BTC does not cross 25K levels it is still unpredictable. After almost 5 months BTC is finally showing good movements. Yes, this can be the end of the bear phase and start of the bull, but still we may see some few last tremors which may be a dip of 10% to 15% as predicted by the experts.
I can only say that this means that we may have those last few moments to buy at these prices. Because if once it starts moving up, then we may never see these prices ever again, even in the future bear phase. Just like 4 to 5 years back when BTC touched 6k levels and those who contemplated to buy it then also would never see these prices ever again and missed the train. So, if this train is also missed then the next low levels would be much higher than these. With the BTC going up, the overall market has recovered and the Alt coin prices are also moving up. I am eagerly looking to rise in ETH and Hive prices in direct comparison with BTC rise. Lately I have not invested in any new coin and I just continue to keep up with my existing portfolio.
In India the budget is coming up in a month's time and everyone is eager to know what it will hold for Crypto investors. Majorly people are looking at these 2 things. 1. As of now there is a 1% tax deducted at source on sale transactions of Crypto, which the public wants it to be removed. This 1% TDS is a capital loss for investors and eventually people will start looking at means to avoid this loss. The 2nd is the 30% tax on virtual assets. People want it to be treated similarly to securities trading and hence the tax structure and benefits also need to be in alignment with it, where if there are losses, Tax will be in proportionate to that.
With the reforms and a good tax structure rather, the government will benefit in tax collection rather than coming up with practices which discourage people and they start looking for alternatives. There are countries which are open to Cryptos without any regulations and a lot of big Crypto investors are already moving into these lands to keep their funds in their control. Just like Dubai, many big investors from India are making property investments in Dubai and working on their Crypto assets from there. Because with big portfolios it is beneficial for them to shift their base.
Crypto is still highly unregulated in India and hence still many people do not have the confidence to invest. Hopefully this year the budget should come up with some kind of structure to boost this investment space for Indians.
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