India’s Crypto Taxes Pushing Users Away, Crypto Daily TV 5/1/2023

Core Scientific to shut down Celsius crypto mining equipment.

Bitcoin miner Core Scientific will shut down mining rigs tied to Celsius Mining, Core’s largest client with over 37,000 machines, after moving to reject its contract in recent days. Both companies are undergoing Chapter 11 bankruptcies.

Indonesia to start crypto exchange.

Indonesia plans to set up a crypto exchange this year before it shifts regulatory powers over such assets to the Financial Services Authority, from a commodities agency. Crypto assets in Indonesia are currently traded alongside commodity contracts under the supervision of the Commodity Futures Trading Regulatory Agency, known as Bappebti.

India’s crypto tax pushing traders to foreign exchanges.

India’s tax rules on crypto, which went into effect last April, has resulted in local exchanges ceding the lion’s share of the market to those operated by foreign players. Binance, Coinbase and other foreign exchanges commanded 67.6% of the crypto market share in India as of October 2022, up from 50% in November 2021.

BTC/USD gained 0.8% in the last session.

The last session saw the Bitcoin gain 0.8% against the Dollar. The Stochastic indicator is giving a negative signal. Support is at 165251 and resistance at 168891.

The Stochastic indicator is giving a negative signal.

ETH/USD skyrocketed 3.1% in the last session.

The Ethereum-Dollar pair rose 3.1% in the last session after gaining as much as 4.2% during the session. The Williams indicator indicates an overbought market. Support is at 1200.791 and resistance at 1226.611.

The Williams indicator points to an overbought market.

XRP/USD rose 0.5% in the last session.

The Ripple-Dollar pair gained 0.5% in the last session after rising as much as 2.5% during the session. The MACD is giving a positive signal. Support is at 0.3348 and resistance at 0.3562.

The MACD is currently in the positive zone.

The last session saw LTC drop 0.7% against USD.

Litecoin fell 0.7% against the Dollar in the last trading session. The Ultimate Oscillator is giving a positive signal. Support is at 72.5967 and resistance at 77.8167.

The Ultimate Oscillator is currently in the positive zone.

Daily Economic Calendar:

US ADP Employment Change

The ADP Employment Change is a measure of the change in the number of employed people in the US, making it an indicator of the labour market. The US ADP Employment Change will be released at 13:15 GMT, the US Initial Jobless Claims at 13:30 GMT, and the French 10-y Bond Auction at 09:50 GMT.

US Initial Jobless Claims

The Initial Jobless Claims measure the number of people filing first-time claims for state unemployment insurance.

FR 10-y Bond Auction

The auction sets the average yield on the bonds auctioned off. Yields are set by bond market investors, and therefore they can be used to estimate investors’ outlook on future interest rates.

FI Trade Balance

The Trade Balance is the total difference between exports and imports of goods and services. A positive value shows a trade surplus, while a negative value represents a trade deficit. Finland’s Trade Balance will be released at 07:00 GMT, Japan’s 10-y Bond Auction at 03:35 GMT, and Japan’s Consumer Confidence Index at 05:00 GMT.

JP 10-y Bond Auction

The auction sets the average yield on the bonds auctioned off. Yields are set by bond market investors, and therefore they can be used to estimate investors’ outlook on future interest rates.

JP Consumer Confidence Index

The Consumer Confidence captures the sentiment that individuals have regarding economic activity. A high level of consumer confidence indicates a stronger economy.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.