KEY POINTS

  • Dem lawmkers  talk of “guardrails” to protect crypto investors
  • India can impose 40% tax on crypto gains, report indicates
  • Bitcoin fell below $59,500 amid regulatory fears

Bitcoin fell below its sweet spot at $59,500, sending a ripple of panic across the entire crypto market. The slide was accelerated by tough talk from politicians and lawmakers in Washington and New Delhi on regulating the crypto market.

Bitcoin has dropped to montly lows, down by more than 8% from October and 18.10% lower from its ATH made a week ago. Altcoins have downtrended too, dropping by double digits.

In a Congressional hearing held Wednesday, Democrats talked about “guardrails” to protect ordinary investors from crypto-related scams, frauds, and manipulative tactics.

“The mainstreaming of digital assets is laying the foundation for hugeswaths of the economy to invest in this market,” Rep. Don Beyer, D-Va., chairman of the Joint Economic Committee, said in a statement, addin they “create significant consumer protection issues.”

The recent Squid Game scam proved a handy example for lawmakers trying to highlight the traps that await investors in cryptocurrencies. The token, which had risen as much as $2,800 crashed last week, the people who created it left no traces behind, vanishing with $3.38 million in investor money.

In India, seen as a major market for cryptos after Chinese authorities cracked down hard on them, a Reuters report citing unnamed sources said authorities could slap up to…

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