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Crypto Capitulation: Bitcoin Plunges Below $54,000 as Mt. Gox and German Government Sell-Off Sparks Panic

The cryptocurrency market is reeling from one of its most severe sell-offs of the year, with Bitcoin (BTC) crashing through key support levels to fall below $54,000 for the first time since late February. The brutal downturn has erased over $170 billion in total market capitalization in a matter of days, sending shockwaves through the investor community. The primary catalysts for the plunge are two major sources of selling pressure that have overwhelmed market demand: 1.  **The Mt. Gox Repayments:** After a decade-long wait, the defunct Japanese exchange Mt. Gox has begun distributing billions of dollars worth of Bitcoin and Bitcoin Cash to its creditors. This week, the rehabilitation trustee moved approximately 47,229 BTC (worth around $2.6 billion) to a new address, signaling that distributions are imminent. The market fears that a significant portion of these coins, once received by creditors, will be immediately sold on the open market, creating a massive and sustained supply o...
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How to buy Bitcoin in India?

 Buying Bitcoin (BTC) in India is straightforward, but you need to follow legal guidelines and choose secure platforms. Here’s a step-by-step guide:


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### **📌 Step 1: Choose a Reputable Exchange (KYC Required)**  

Indian crypto exchanges comply with **FIU-IND regulations** (mandatory KYC). Top options:  

1. **WazirX** ([wazirx.com](https://wazirx.com)) – User-friendly, supports INR deposits.  

2. **CoinDCX** ([coindcx.com](https://coindcx.com)) – Large liquidity, good security.  

3. **ZebPay** ([zebpay.com](https://zebpay.com)) – Veteran exchange with strong compliance.  

4. **BitBNS** ([bitbns.com](https://bitbns.com)) – Supports many altcoins.  


**⚠️ Avoid P2P scams** (use exchanges with escrow if trading peer-to-peer).  


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### **📌 Step 2: Complete KYC Verification**  

- Submit **PAN card + Aadhaar + bank details** (selfie may be required).  

- KYC takes **minutes to 24 hours**.  


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### **📌 Step 3: Deposit INR (Indian Rupees)**  

- **Bank Transfer (IMPS/NEFT/UPI)**: Free, fast (5-30 mins).  

- **Credit/Debit Cards**: Higher fees (~2-4%).  


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### **📌 Step 4: Buy Bitcoin (BTC)**  

1. **Spot Trading**: Buy BTC directly at market price.  

2. **Limit Orders**: Set your desired price (better for large amounts).  

3. **Recurring Buys (DCA)**: Auto-invest weekly/monthly (e.g., ₹500/day).  


**💰 Fees**: Typically **0.1%-0.5%** per trade (varies by exchange).  


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### **📌 Step 5: Withdraw to a Secure Wallet (Recommended)**  

- **Hot Wallet** (for small amounts): Trusted mobile wallets like **Trust Wallet, Exodus**.  

- **Cold Wallet** (best security): **Ledger Nano X/S, Trezor** (stores BTC offline).  


**🚫 Never leave large amounts on exchanges** (risk of hacks/freezes).  


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### **📌 Step 6: File Taxes (Mandatory in India)**  

- **30% tax** on crypto profits (no loss offset).  

- **1% TDS** on every trade (track via exchanges/CA).  


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### **⚠️ Risks & Tips**  

✅ **Use only registered exchanges** (avoid Telegram/WhatsApp "deals").  

✅ **Enable 2FA** (Google Authenticator > SMS).  

❌ **Avoid "get rich quick" schemes** (most are scams).  


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### **Best for Beginners?**  

- **Start with CoinDCX/WazirX** → **DCA small amounts** → **Move to cold storage**.  


Need help picking a wallet or tax tool? Let me know! 🚀

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