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Timing the crypto dip: Top coins to keep on your radar

Dip buyers in crypto are waiting in suspense, trying to find any chance to buy-in. But it seems the market is really rallying with most coins on a bull run. But the next dip may actually come sooner before you think. Here is why:

  • Most coins despite rallying have stagnated in recent days.

  • It is likely that some investors may decide to lock in profits after the recent rally.

  • Geopolitical and economic risks have still remained at a high

In case you are waiting for the next crypto dip, there are some coins that you should pay very close attention to.

Bitcoin (BTC)

The performance that Bitcoin (BTC) has shown in recent days has been quite remarkable. The coin has rallied from nearly $32,000 and is now slightly above $47,000. However, even though BTC has managed to smash past its 50- and 100-day SMAs, the coin appears to have stagnated in its attempt to clear the 200-day SMA.

Data Source: Tradingview 

It’s now three days in a row where Bitcoin has tested that price and got rejected. There is major resistance on the 200-day SMA it seems and as such, we may see some sharp fall if BTC fails again to cross over.

ApeCoin (APE)

ApeCoin (APE) just came into the market the other day and has managed to get a market cap of around $3.8 billion in just a few days. But a pullback is coming. Just recently, APE was trading at $6 and at half the current market cap. It is likely the coin will fall back sharply in a correction and as such, it will be a great time for dip hunters to buy.

There are also other dip-buying opportunities to look out for, including Shiba Inu, Axie Infinity, Cardano, and others.

The post Timing the crypto dip: Top coins to keep on your radar appeared first on Coin Journal.

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These 3 Decentraland (MANA) alternatives could blow up in the coming months

Decentraland (MANA) is one of the biggest metaverse projects in crypto right now. But it is not alone in fact, many new projects have been coming up, and they are far cheaper and less risky. But why would you even be considering getting an alternative to MANA? Well, here are some facts:

  • Decentraland appears to have very limited upside potential.

  • Investors are always looking for new, more exciting projects.

  • There is a lot of room on the metaverse for a lot of coins to shine.

With that in mind, we decided to come up with a list of MANA alternatives that have immense potential. Here they are:

Genesis Worlds (GENESIS)

Genesis Worlds (GENESIS) dubs itself as the 100-year metaverse. Its concept is largely based on how Decentraland works. In essence, users get to buy virtual real estate and other virtual items that are backed by NFTs. 

Data Source: Coinmarketcap.com

However, Genesis offers a more immersive virtual experience and is also adding social and gaming elements into its metaverse. What makes this project so exciting is the fact that it still has a market cap of around $1.4 million. The potential for growth is huge.

Terra Virtua (TVK)

Terra Virtua (TVK) is a blockchain project which is planning to combine NFTs and virtual reality fully. The aim of this project is to give users a way to interact with digital collectibles in an immersive experience within the metaverse. There will also be a virtual marketplace within the metaverse where users can sell and buy NFTs.

CEEK VR (CEEK)

CEEK VR (CEEK) is music and entertainment-centered virtual universe where artists can monetize their content within the metaverse. The aim is to promote virtual performances and concerts as well as celeb-inspired virtual communities. CEEK is a highly undervalued project with so much potential for growth.

The post These 3 Decentraland (MANA) alternatives could blow up in the coming months appeared first on Coin Journal.

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India’s crypto tax policy takes effect on 1 April: Here’s a brief recap

In February, India’s Finance Ministry introduced new tax proposals on cryptocurrency, with the effective date of the capital gains tax set for 1 April 2022.

That has been clear since. But what else might crypto holders need to keep tabs on?

What the Taxation of Virtual Digital Assets says

As part of her budget speech then, Finance Minister Nirmala Sitharaman announced a 30% capital gains tax on all Virtual Digital Assets (VDAs). She also introduced a 1% TDS levy on all transactions involving crypto.

The crypto community has also known since a clarification was announced two weeks ago, that there would be offsetting of losses in one asset with the income from another.

Also key is the clarification that costs of mining would not apply in tax calculations as cost of acquisition. More than that, using VDAs for gifts would also constitute a taxable event.

Note that non-fungible tokens (NFTs) also fall into the category of virtual digital assets.

Key dates

  • 1 April 2022 – the effective date for the 30% capital gains tax on VDAs.

  • 1 July 2022 – the 1% TDS levy on all cryptocurrency transactions.

The government needs to rethink this policy, crypto exec says

“Tomorrow, new crypto tax comes into effect. The Indian Government needs to rethink this tax policy,” Nischal Shetty, the CEO of crypto exchange WazirX tweeted on Thursday.

According to him, the taxes could force people to find ways to trade on foreign exchanges, trade without KYC or use grey markets. There could also be large tax defaulters, not to mention the potential for large claims of TDS refunds.

“The flat 30% tax rate may not prove the best outcome since it does not consider aspects of long and short term gains calculated in line with the holding period of VDAs,” Rishi Anand, Partner at DSK Legal told The Times of India.

“Gifting VDAs may not become mainstream due to this tax regime,” he added.

The post India’s crypto tax policy takes effect on 1 April: Here’s a brief recap appeared first on Coin Journal.