Crypto week at a glance: New tax laws lead to big drop in trading volume

economictimes.indiatimes.com:

By WazirX The new cryptocurrency tax policy is now active and has led to a significant drop in trading volumes on major Indian crypto exchanges. Given that the overall market is moving towards the upside, it is likely that the activity has moved towards the grey market to avoid taxation.Pressure on SEC increasesMichael Sonnenshein, the CEO of the world’s largest digital asset management firm Grayscale, mentioned in an interview that it might sue the SEC if its application to convert its Bitcoin trust into a Bitcoin ETF is rejected. This comment might stem out of frustration as Grayscale’s GBTC, which has over 30.6 billion dollars in AUM, has been trading at a discount of approximately 25 per cent from its NAV (net asset value).

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GBTC used to trade at a premium (above the NAV or net asset value of the fund) primarily due to the lack of an alternative institutional investment vehicle for Bitcoin. However, that has significantly changed. This can be attributed to the increase in competition and to the extremely high fixed management fee of 2 per cent making Gbtc (not Bitcoin) undesirable. A Bitcoin spot ETF could be the next catalyst when it comes to mass adoption as an ETF eliminates the complexity barrier. The investor does not need to know about hardware wallets, crypto exchanges and anything technical. All he has to do is buy the publicly available ETF and it is in the best interest of Grayscale to make this happen.The $600 million hackThe gaming industry is a multibillion-dollar industry. It is one of the 1st industry to jump into the crypto space and Axie Infinity is