SoSo Daily Feb 2 | The Indian government will impose tax penalties of up to 70% on undeclared cryptocurrency profits.

According to sosovalue, the price of $BTC is 97,214 USD, a decrease of 4.96% from yesterday. The market cap of $BTC is 1.93 trillion USD, accounting for 56.7% of the total market cap; $BTC's 24-hour trading volume is 45.89 billion USD, making up 28.5% of the total trading volume.
The price of $ETH is 2,968.2 USD, down 9.02% from yesterday; the market cap of $ETH is 357.73 billion USD, representing 10.5% of the total market cap; $ETH's 24-hour trading volume is 28.10 billion USD, comprising 17.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.2% of the total cryptocurrency market cap, and their combined trading volumes constitute 46.0% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 17:50 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Jeo Boden. As of 17:50 today, its market cap is 2.42M, with a coin price of 0.0035 USD, witnessing a 24-hour increase of 84.2%.
The second is OGLONG. As of 17:50 today, its coin price is 0.00024760 USD, with a 24-hour increase of 61.1%.
The third is Litentry. As of 17:50 today, its coin price is 1.2020 USD, showing a 24-hour increase of 60.3%.
In fourth place is Kujira. As of 17:50 today, its coin price is 0.29830 USD, with a 24-hour rise of 43.3%.
In fifth place is Refereum. As of 17:50 today, its coin price is 0.000036030 USD, increasing by 33.2% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:

The Indian government will implement a new tax law in 2025, imposing tax penalties of up to 70% on undeclared cryptocurrency gains, applicable to undeclared gains that can be traced back up to 48 months. This measure is part of the newly revised Section 158B of the Income Tax Act of India, aimed at strengthening the tax regulation of cryptocurrencies. According to the amendments, cryptocurrencies will be classified as Virtual Digital Assets (VDA), and like traditional assets such as cash, jewelry, and gold bars, they will face back taxes and punitive tax audits if not declared on time. The new tax regulations will apply retroactively from February 1, 2025. According to government reports, India has identified a total of 824 crore rupees (approximately 97 million USD) in unpaid Goods and Services Tax (GST) from multiple cryptocurrency exchanges. (Cointelegraph)

Next news:

According to reports from Wu Shuo, Whale Alert has monitored the unlocking of 400 million XRP (approximately $1.14 billion) from a custody account about 12 minutes ago. It is reported that Ripple locked 55 billion XRP (accounting for 55% of the total supply) in custody accounts based on the XRP Ledger in 2017. The custody accounts are controlled by smart contracts, automatically releasing 1 billion XRP each month (1 billion per month before 2020, then adjusted to 450 million per month). Each time 1 billion XRP is unlocked, it does not fully enter the market; Ripple typically only uses a portion of the tokens (for example, 20%-25% for market sales), while the remainder is re-locked in the custody account and delayed for release in future months. In 2020, Ripple extended the originally 55-month custody agreement to 70 months to further slow the release rate.

Next news:

According to Wu's report, monitored by @EmberCN, the address labeled as 1inch: Investment Fund spent 10 million USDC in the past 45 minutes to purchase 3,257 $ETH at an average price of 3,070. It is reported that this address has previously profited from multiple $ETH swings, showing a good win rate.

Next news:Wu learned that He Yi, co-founder of Binance, responded to recent controversies in a new post: "Good projects and entrepreneurs will shine on their own; it just takes time. I agree that the projects listed on Binance are subpar, and there is no wealth effect. This is a common issue in the industry right now. It can also be said that Binance's products are not good enough; we are investing a lot of resources into compliance, and the gap in wallet products is very obvious. Binance's strong promotion of airdrops to BNB users is indeed something we are taking care of. These are all facts." At the same time, she admitted that Binance is currently facing issues like being too large to pivot quickly, expending energy on dealing with regulatory pressure, organizational rigidity due to growth, and talent iteration. She noted that every industry and company has its inevitable responsibilities and challenges, but she strongly opposes baseless accusations.
Next news:
Next news:

Odaily Planet Daily reported that according to Onchain Lens's monitoring, in the past 20 hours, two whales have accumulated a total of 8.34 million FARTCOIN, respectively:

• Whale One: Spent 14,779 JITOSOL (approximately 3.66 million USD) to purchase 5.50 million FARTCOIN, currently holding 8.39 million FARTCOIN, worth approximately 5.52 million USD.
• Whale Two: Spent 2.43 million USDC to buy 2.84 million FARTCOIN.

Next news:The U.S. Treasury Secretary stated that the cryptocurrency economy will continue to exist.
Next news:

Odaily Planet Daily reports that Michael Saylor posted on X: "Never sell your Bitcoin."

Next news:Binance co-founder He Yi published an article on Odaily Planet Daily, stating that Binance Labs has been renamed Yzi Labs and will operate independently, led by Ella Zhang and directly managed by CZ. He Yi emphasized that Labs and Binance are completely independent teams, each making their own decisions. Although Binance has a firewall in place for listing coins, if a project is willing to airdrop tokens to Binance users, it will be considered a reference indicator. He Yi welcomes public supervision and reports of any misconduct, stating that any Binance employee who solicits money from projects will be severely punished. Reports can be sent directly to CZ or Ella, and the reporting reward has always been effective. He Yi describes himself as a practitioner of "value investing" and welcomes criticism to encourage reflection.
Next news:

Odaily Planet Daily reported that Binance co-founder CZ posted on X platform stating an unpopular opinion: you need Bitcoin, not Bitcoin needs you.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.