Bitcoin Struggles at $100,000, Altcoins Tumble, India Seizes $2M in Hawala-Crypto Raid

Bitcoin traded down on Friday and capped at around $100,000. Altcoins also dropped. Concerns that the US central bank favors a less aggressive monetary policy. They expect to hike rates earlier than in 2024 globally dampened the mood. Bitcoin has pulled back 10 percent from its record high.

The analysts explained this by a resistance level of $100, 000 and also a correction in the broader market. Although BTC continues to survive, problems exist regarding how to keep or gain an uptrend. Cardano, Avalanche, and Chainlink tokens decreased dramatically.

Nevertheless, the Original Bitcoin Derivatives Index remains to be neutral to bullish. Announcements that the Fed has cut the rates expected for the short term helped to reduce the disproportionality concerns about corporate earnings. However, Turkey’s more stringent crypto regulation contributed to the discussion again

$2M Seized in India as Tax Raids Uncover Hawala-Crypto Connection

Police officers specializing in Income Tax in Jaipur have arrested wedding planners who provided hawala operators and cryptocurrency transactions. Authorities targeted twenty individuals connected with Jaipur-based wedding planners last week and recovered $2 million in cash and jewelry.

They also recovered three cryptocurrency wallets. Studies showed that the guests used cash to pay for wedding services, and Hawala operated in Gujarat and Rajasthan converted the money to cryptocurrency. Either the hawala operators evaded KYC rules as they entered many cryptocurrency exchanges or used middlemen to bypass the stringent KYC measures.

Clients paid for wedding services in cash, which was then converted into cryptocurrencies through hawala networks operating in Gujarat and Rajasthan. 1 Hawala operators likely exploited lax KYC regulations on some crypto exchanges or used intermediaries to circumvent stricter KYC requirements.

Authorities were able to obtain these records, which include WhatsApp messages and spreadsheet records of such transactions. The structure of the modular money laundering would seem to connect to several major cities. In India, resorts, hotels, and other service providers that also accept cash operations are involved. Other cities are also likely to be investigated or raided to address the mentioned unlawful business operations within the wedding and events market.

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