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21Shares files an SEC S-1 for a Polkadot ETF on the Cboe BZX Exchange, tracking DOT via the CME CF Rate with Coinbase Custody as custodian.
Quick Take Transactions on the Bitcoin network fell to an 11-month low in January, indicating reduced activity on the network. Bitcoin’s backlog of unprocessed transactions has also plummeted, leading to record-low transaction fees as miners clear out Bitcoin’s mempool. Several blocks went unfilled on Saturday. Several U.S.-based Bitcoin mining firms are exploring diversifying their operations by offering compute for AI and high-performance computing workloads.
Quick Take Colder weather led to higher energy prices in the U.S., prompting Bitcoin’s mining difficulty to adjust downward for the first time since late September, 2024, according to Bitcoin mining firm Luxor. The U.S. accounts for 36% of global Bitcoin mining hashrate, with Texas alone contributing nearly half that sum, according to Luxor’s estimates.
- 13:31Indian cryptocurrency holders face a 70% tax penalty for not disclosing earningsAccording to India's Finance Minister Nirmala Sitharaman in the 2025 federal budget announcement, cryptocurrency will be included in Section 158B of the Income Tax Act for reporting undisclosed income. The amendment allows for collective assessment of unreported cryptocurrency gains, giving it the same tax treatment as traditional assets such as currency, jewelry and gold bars. According to the new amendment, cryptocurrencies will fall under the definition of Virtual Digital Assets (VDA), with the new amendment stating: "Under existing definitions of virtual digital assets, crypto-assets have been defined in section 2(47A) of this law [...] Under section 285BAA of this law, reporting entities will be required to provide information on crypto-assets." As a signal to concerns from cryptocurrency holders, Indian authorities may impose up to a 70% tax penalty on previously undisclosed cryptocurrency profits. According to this document, this fine could apply for up to 48 months after relevant fiscal years where crypto earnings were not disclosed; it states that an additional income disclosed in updated Income Tax Return [ITR] forms should pay taxes and interest totaling 70%.
- 13:28Data: Bitcoin mining revenue in January was 1.4 billion US dollars, a decrease of 2.78% from the previous monthAccording to The Block data, Bitcoin mining revenue reached $1.4 billion in January 2025, a decrease of 2.78% compared to $1.44 billion in December 2024.
- 13:26Zhu Su: The more tokens are issued, the more irreplaceable Bitcoin becomesThe founder of Three Arrows Capital, Zhu Su, posted on social media saying that with thousands of tokens being issued every day, the irreplaceability of Bitcoin becomes even more clear.