Bitcoin (BTC), the world’s largest cryptocurrency by market value, has surpassed $41,000 after falling as low as $37,000 over the weekend. The price increase comes as key Asian equity markets open for trade in the green on Wednesday, brushing off contagion worries from the U.S.-China equities spat, as investors in the region await the release of Fed minutes.

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As the consolidation between $36K and $45K levels continues, Bitcoin’s price has been able to establish support in the $37-38K zone yet again. Given the present bullish momentum, a retest of the 100-day moving average and finally, the $45K resistance zone appears to be near.

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The latter has proven to be a strong supply zone, rejecting the price many times in recent weeks. If this level is ultimately broken, the next objective is expected to be the 200-day moving average ($49K), which is one of the most important indications for determining whether the market is bullish or bearish.

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Bitcoin fear and greed index on Wednesday, March 16, 2022, went from the extreme fear level of 21 to the level of 24 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $39,566.58, up 2.97%. In the last 24 hours, the highest it touched was $41,465.45 and the lowest was $38,342.50. Bitcoin has a current market cap of $751,282,481,998. It has a circulating supply of 18,984,668.00 BTC coins and a maximum supply of 21,000,000 coins.

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IT department targets unaccounted crypto transactions of 700 investors

The income tax department of India is reportedly cracking down on non-payment of taxes from cryptocurrency gains. The IT department is investigating the high-value cryptocurrency transactions of around 700 investors, the Economic Times reported Tuesday, adding that the authority is proposing to issue notices to them. According to income tax officials, the majority of these individuals either failed to declare their crypto earnings on their tax filings or did not submit tax returns at all. They may be subject to a 30% tax, penalty, and interest. A senior official with the Indian Central Board of Direct Taxation (CBDT) told the publication: “We have a long list of people who were transacting in crypto assets but were not paying tax. Initially, (we) have shortlisted about 700 transactions, where tax liability is very high.” High-net-worth people, non-resident Indians, entrepreneurs, students, and housewives are among those on the list. Some have never filed a tax return. Some individuals, according to tax officials, have gains exceeding Rs 40 lakh but have either not filed tax returns or have stated zero income on their filings. Furthermore, people have been characterizing cryptocurrency transactions differently on their tax returns, with some claiming income as capital gains and others declaring income as business income.

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NFTs coming soon to Instagram: Mark Zuckerberg

Meta Inc. CEO Mark Zuckerberg said that Instagram is exploring plans to add non-fungible-tokens (NFTs) to the platform. Zuckerberg was speaking at a session by Southwest. He said, “we’re working on bringing NFTs to Instagram in the near term,” reported Engadgets. Although he didn’t give clarity on how Meta wants to implement NFT to its platforms. “Over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment,” Zuckerberg was quoted as saying by The Verge. The tech CEO also believes that NFTs could play a role in the company’s eventual metaverse. “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places,” he said adding that, “there’s like a bunch of technical things that need to get worked out before that’ll really be seamless to happen.”