Bitcoin approaches $90,000 as optimism grows in cryptocurrency market

Bitcoin has surged to nearly $90,000, gaining over 25% since the recent U.S. presidential election results. This rally is linked to renewed optimism in the cryptocurrency market, driven by potential support for digital assets from the new U.S. administration. In India, cryptocurrency trading is legal following a Supreme Court ruling in 2020. However, traders face strict tax regulations, including a 30% tax on profits and a 1% tax deducted at source on transactions above ₹50,000. To trade cryptocurrencies in India, users must select a registered exchange, complete KYC verification, and understand the tax implications. The market remains active despite regulatory challenges, with ongoing interest from both individual and institutional investors.