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Bitcoin rebounds after massive sell-off; BRETT and Poodlana shine

  • Bitcoin trades above $55k after a sharp sell-off that saw it break below $50k.
  • Brett (BRETT) meme coin is leading top gainers among the top 100 coins by market cap.
  • Poodlana has surpassed $5 million in presale with 10 days to go before it lists on DEX.

Several altcoins are green as the price of Bitcoin rebounds from the lows reached on Monday amid the staggering sell-off that engulfed crypto and stocks.

As Bitcoin (BTC) price looks to extend its bounce above $55k, meme coin Brett (BRETT) is leading the altcoin flip with over 30% gains in 24 hours. Meanwhile, traders eyeing the new Solana-based meme coin Poodlana (POODL) have increased the presale tempo as the project surpasses the $5 million mark.

Bitcoin trades above $55k as market eyes recovery

Matt Hougan, the chief investment officer of Bitwise, is bullish despite the crypto crash.

He in a post on X on Monday that the meltdown that eviscerated the crypto market on Aug. 5, 2024 was comparable to the crash that hit global capital markets in mid-March 2020.

As happened then, Bitcoin led cryptocurrencies lower amid the chaotic reaction to the Covid pandemic. But the market bounced, and Hougan believes the current downturn could offer such an opportunity.

Bitcoin has recovered some of the losses seen when it dropped to below $50k, and could benefit from an explosive bounce if the declines represented a fresh bottom.

BRETT leads market gainers with 30% spike in 24 hours

The crypto market has returned to above $2 trillion in market cap as several altcoins post notable gains in the past 24 hours. Although Ethereum (ETH), Solana (SOL) and BNB (BNB) have registered decent gains during the early Asian hours, the biggest gainer at the time of writing is Base meme coin Brett (BRETT).

According to CoinMarketCap data, BRETT has seen a 33% jump in its price to reach a 24-high of $0.094. Brett’s trading volume has increased 5% to over $93.8 million. While BRETT is outpacing Bittensor (TAO), AIOZ Network (AIOZ), Ondo Finance (ONDO), and Akash Network (AKT) at the time of writing, its price remains in the red over the past week and month.

BRETT price is down 31% over the past week, while its losses over the past month are around 23%.

Poodlana presale: Traders scoop POODL

Poodlana (POODL) is attracting huge attention despite the current market outlook. Having launched its presale on July 17, the new Solana meme coin has seen its total raise surpass $5 million in a record 20 days.

Solana’s newest meme coin describes itself as the project ‘where crypto meets couture.’ It’s inspired by the poodle, a dog breed that’s driving the fashion world wild, with top global celebrities and elites keen on making a statement with poodle fashion.

This merging of fashion and crypto to drive the new era of dog-themed market tokens has found its greatest traction in Asia, with China, Japan and Korea leading the new crypto wave. Poodlana’s presale success suggests its launch could be an explosive debut in the market.

When is the Poodlana DEX launch?

Because Poodlana offered a 30-day presale, the project expects to list its token on Aug. 16. The presle price started at $0.06 and will hit $0.0539 in the last presale stage, before hitting the DEX within an hour of the token sale closing.

That means traders looking to position with a new SOL meme coin at discounted prices have 10 days only to buy POODL. Details also show Poodlana will launch with 100% of its presale tokens unlocked.

Currently, POODL is priced at $0.0416, with the next stage set to see it rise to $0.0458.

You can discover more about this new meme coin by joining the community here.

The post Bitcoin rebounds after massive sell-off; BRETT and Poodlana shine appeared first on CoinJournal.

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Indian law enforcement agency DGGI wants $86M unpaid GST from Binance

  • India demands $86 million in unpaid GST from crypto exchange Binance.
  • Indian law requires 1% TDS on crypto transactions and 30% tax on profits.
  • Binance plans to resume operations in India after being banned in January 2024 for noncompliance.

In a significant move, Indian authorities have demanded nearly $86 million in unpaid Goods and Services Tax (GST) from the cryptocurrency exchange Binance.

This marks a pivotal moment as it is the first instance of the Indian government levying a tax demand on any crypto exchange. It comes barely a month after India’s financial watchdog, the Financial Intelligence Unit (FIU), imposed a 188.2 million rupees ($2.25 million) fine on Binance for violating India’s anti-money laundering (AML) rules.

India’s stringent crypto tax framework

The Directorate General of Goods and Service Tax Intelligence (DGGI) issued the demand on August 6, highlighting the rigorous enforcement of the country’s tax regulations on cryptocurrency transactions.

According to Indian law, all crypto service providers and investors are required to pay a 1% Tax Deducted at Source (TDS) on every crypto transaction, regardless of its value.

Additionally, a 30% tax is imposed on all profits derived from crypto investments. These regulations aim to ensure proper tax compliance and curb potential tax evasion in the burgeoning crypto market.

While Indian crypto exchanges such as WazirX and CoinDCX have implemented internal mechanisms to simplify tax obligations for their users, offshore exchanges like Binance have lagged in enforcing these requirements.

Recently, Binance, along with several other offshore crypto exchanges, faced a ban in India in January 2024 due to non-compliance with local regulations.

However, Binance has shown intent to resume operations in the region, contingent on settling its tax liabilities.

The DGGI’s notice underscores the government’s commitment to holding all market participants accountable, regardless of their geographical base. It signals a more stringent regulatory environment for crypto exchanges operating in India.

As Binance moves forward with plans to restart its operations after clearing its dues, this case sets a precedent for how India might handle similar situations with other offshore crypto platforms.

The coming months will be crucial for Binance as it navigates this complex regulatory landscape and strives to regain its foothold in the Indian market.

The post Indian law enforcement agency DGGI wants $86M unpaid GST from Binance appeared first on CoinJournal.