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13 May 2026, 04:35

India Hikes Import Tariffs on Gold and Silver to 15%, Impacting Consumers and Industry

BitcoinWorld India Hikes Import Tariffs on Gold and Silver to 15%, Impacting Consumers and Industry India has raised import tariffs on gold and silver to 15%, a move that is expected to affect domestic prices, consumer demand, and the country’s sizable jewelry industry. The decision, reported by Reuters, marks a significant increase from previous rates and reflects the government’s ongoing efforts to manage the trade deficit and curb imports of precious metals. Policy Details and Rationale The revised tariff, which applies to both gold and silver, brings the import duty to a uniform 15%. Previously, gold imports were subject to a 12.5% duty, while silver was at 10.75%. The hike is part of a broader strategy to reduce the country’s current account deficit by discouraging non-essential imports. Gold is one of India’s largest import items by value, and the government has historically used tariff adjustments to influence demand and conserve foreign exchange reserves. Impact on Domestic Market and Consumers For Indian consumers, the immediate effect is likely to be higher retail prices for gold and silver. Jewelers anticipate a slowdown in purchases, particularly in the wedding season, which is a peak period for gold buying. Industry bodies have expressed concern that the tariff increase could push buyers toward the unofficial market, where gold is smuggled to avoid duties. In 2023, India imported over 800 tonnes of gold, making it one of the world’s largest consumers. The tariff hike may also temper demand ahead of the festive season, a critical period for the jewelry trade. Market Reactions and Analyst Views Financial markets have reacted cautiously. Domestic gold futures rose immediately after the announcement, reflecting the pass-through of higher import costs. Analysts suggest that while the tariff hike may reduce official imports in the short term, it could also encourage recycling of existing gold holdings. The silver market, though smaller in volume, is similarly affected, with industrial users of silver facing higher input costs. Broader Economic Context The tariff adjustment comes amid a global environment of fluctuating commodity prices and a strong US dollar. India’s trade deficit widened in recent months, and the government is seeking measures to stabilize the rupee. The gold import tariff has been a recurring policy lever; it was cut in 2021 to boost demand during the pandemic and has now been raised to address fiscal priorities. The move also aligns with efforts to promote domestic gold recycling and reduce dependence on imports. Conclusion India’s decision to raise import tariffs on gold and silver to 15% is a significant policy shift with direct implications for consumers, the jewelry industry, and the broader economy. While aimed at curbing imports and supporting the trade balance, the hike risks dampening demand and potentially fueling illicit trade. The coming months will reveal how effectively the policy achieves its goals without disrupting the domestic market. FAQs Q1: When did the new 15% import tariff on gold and silver take effect? The tariff hike was announced recently and took effect immediately upon the government notification, as reported by Reuters. The exact date of implementation aligns with the official notification. Q2: How will this tariff increase affect gold prices in India? Domestic gold prices are expected to rise as importers pass on the higher duty to consumers. The extent of the price increase will depend on global gold prices, the rupee-dollar exchange rate, and market demand. Q3: Is there any exemption or relief for the jewelry industry? As of the current policy, no specific exemptions have been announced for the jewelry industry. The uniform 15% duty applies to all imports of gold and silver, including those used for manufacturing jewelry for export. This post India Hikes Import Tariffs on Gold and Silver to 15%, Impacting Consumers and Industry first appeared on BitcoinWorld .

13 May 2026, 04:30

Altman denies deception as Musk trial puts OpenAI’s future on the line

OpenAI CEO Sam Altman took the witness stand in federal court in Oakland on Tuesday and told jurors he is an “honest and trustworthy businessperson,” rebutting weeks of testimony from former board members and executives who described a pattern of dishonesty. Musk’s attorney Steven Molo opened cross-examination with a single question: “Are you completely trustworthy?” Under the questioning that followed, Altman told the jury , “I was not trying to deceive the board.” The testimony came in the third week of Musk’s civil lawsuit accusing Altman, OpenAI president Greg Brockman, and Microsoft of betraying the company’s nonprofit mission. OpenAI is now valued at $852 billion. As Cryptopolitan reported on Monday, Microsoft CEO Satya Nadella opened the witness sequence with testimony that quantified Microsoft’s $92 billion projected return on its OpenAI investment. Musk wanted 90% and a succession plan running Elon Musk initially wanted roughly 90% of the equity in any for-profit OpenAI entity formed in 2017, Altman told jurors, per Yahoo Finance . The figure later changed, but the demand for majority control remained. In what he described as a “particularly hair-raising moment,” Musk suggested control of OpenAI should pass to his children if he died without a successor. The OpenAI CEO told jurors he was “extremely uncomfortable” with the prospect of Musk being named CEO of any for-profit OpenAI arm, citing concerns that Tesla, a car company, could not credibly act on OpenAI’s mission to build AI for the benefit of humanity. The founders believed no single person should control artificial general intelligence, the witness said. When they resisted Musk’s proposals, he eventually left the board in 2018. Musk had “demotivated” key researchers by ranking their accomplishments, and morale rose after his departure. What Musk’s attorney pressed on credibility Molo cited testimony from former OpenAI board members Helen Toner and Tasha McCauley, who described what Toner called “a pattern of behavior related to his honesty and candor, his resistance to board oversight.” Co-founder Ilya Sutskever testified Monday that he wrote a 2023 memo to the board characterizing Altman as exhibiting “a consistent pattern of lying” that caused a loss of trust and productivity. Sutskever later backtracked and signed a letter supporting Altman’s reinstatement. A text exchange from the 2023 ouster has become trial fodder for memes: Altman asked then-CTO Mira Murati if events were moving “directionally good or bad.” Murati wrote back, “Sam, this is very bad.” Altman acknowledged that his outside investments include Helion, Stripe, and Cerebras Systems, all of which have business ties with OpenAI. The Wall Street Journal reported that the U.S. House Committee on Oversight and Government Reform has requested information related to possible conflicts of interest ahead of OpenAI’s planned IPO. A verdict on OpenAI’s hybrid structure could reshape three pending IPOs Altman testified that OpenAI’s nonprofit parent benefits from the current hybrid structure and that its equity stake in the for-profit subsidiary is now worth more than $200 billion. The hybrid model is not unique. Mozilla Foundation operates a similar structure for Firefox-related operations. Several Blue Cross insurers shifted from nonprofit to for-profit models over decades under close regulatory scrutiny, often after extended legal fights over public accountability. A ruling forcing OpenAI back into a fully nonprofit model could jeopardize the IPO planned for this year. Anthropic is reportedly raising at a $900 billion valuation, and Musk recently merged xAI with SpaceX in a deal valued at $1.25 trillion. Altman is expected to continue testifying Wednesday. Closing arguments follow, with an advisory jury verdict expected the week of May 18. The smartest crypto minds already read our newsletter. Want in? Join them .

13 May 2026, 04:20

Alameda Research Moves $20.9 Million in Crypto From KuCoin in Sudden Withdrawal Spree

BitcoinWorld Alameda Research Moves $20.9 Million in Crypto From KuCoin in Sudden Withdrawal Spree An address linked to the now-defunct trading firm Alameda Research has withdrawn approximately $20.89 million in various cryptocurrencies from the KuCoin exchange over the past two hours, according to on-chain data from blockchain tracking platform Onchain Lens. The movement of funds from a collapsed entity’s wallet has drawn immediate attention from market observers and bankruptcy analysts. Details of the Withdrawal The wallet, identified as associated with Alameda Research, executed a series of transactions that included 162.64 Bitcoin (BTC), valued at roughly $13.21 million at current market prices, along with 274.29 Ether (ETH) worth approximately $630,000. Additional tokens moved include 315,299 MASK tokens, the native asset of the Mask Network, valued at around $168,000, and a substantial 6.877 million USDT (Tether) stablecoin transfer. Blockchain analysts note that large withdrawals from centralized exchanges are often interpreted as a move toward self-custody or asset consolidation. In the context of Alameda Research, which is undergoing bankruptcy proceedings following the collapse of FTX in November 2022, such movements could signal ongoing asset recovery efforts by legal or financial administrators. Context and Implications for the Market The Alameda Research wallet has been largely dormant since the FTX bankruptcy filing, making any sudden activity noteworthy. While the immediate market impact of a $20.9 million withdrawal is relatively minor in the context of daily crypto trading volumes, the move raises questions about the status of remaining Alameda assets and whether further liquidations or distributions are imminent. KuCoin, a Seychelles-based exchange, has not issued a statement regarding the withdrawal. The exchange has faced regulatory scrutiny in multiple jurisdictions, including the United States, where it was charged by the Department of Justice in 2024 for operating an unlicensed money-transmitting business. The movement of funds from KuCoin by a high-profile bankrupt entity may attract additional regulatory attention. What This Means for Creditors and Observers For creditors of the FTX estate, the withdrawal could represent a positive step in the asset recovery process. The FTX bankruptcy team, led by CEO John J. Ray III, has been actively recovering and consolidating assets to repay creditors. The transfer of funds from an exchange to a wallet under direct control reduces counterparty risk and suggests progress in securing estate assets. However, the move also underscores the complexity of tracing and recovering crypto assets across multiple exchanges and wallets. The involvement of KuCoin, which has been described by some analysts as a higher-risk exchange due to its regulatory status, adds another layer of uncertainty to the recovery timeline. Conclusion The $20.9 million withdrawal from KuCoin by an Alameda Research-linked address is a significant on-chain event that provides a rare glimpse into the ongoing asset management of the bankrupt trading firm. While the immediate market reaction has been muted, the development is closely watched by bankruptcy analysts, regulators, and creditors seeking clarity on the status of remaining FTX and Alameda assets. Further movements from the wallet are expected as the estate continues its recovery efforts. FAQs Q1: Why did Alameda Research withdraw funds from KuCoin? A1: While the exact reason is not confirmed, large withdrawals from exchanges are typically done to move assets into self-custody or consolidate holdings. In Alameda’s case, this is likely part of the bankruptcy estate’s asset recovery and protection process. Q2: Is this withdrawal related to the FTX bankruptcy case? A2: Yes. Alameda Research was a sister firm of FTX and is included in the bankruptcy proceedings. The movement of funds is likely being managed by the estate’s administrators as part of ongoing asset recovery efforts. Q3: How was this withdrawal detected? A3: The transactions were identified and reported by Onchain Lens, a blockchain analytics and tracking platform that monitors wallet addresses associated with known entities. This post Alameda Research Moves $20.9 Million in Crypto From KuCoin in Sudden Withdrawal Spree first appeared on BitcoinWorld .

13 May 2026, 04:00

First Spot Zcash ETF? Grayscale Pushes Privacy Coin Into ETF Race

Grayscale has filed to convert its Zcash Trust into a spot exchange-traded fund, setting up a potential first for regulated exposure to a privacy coin in the U.S. ETF market. If approved and listed, the product would give investors exchange-traded access to ZEC without requiring them to custody the asset directly. The proposed ETF would hold ZEC, the native asset of the Zcash network, and is expected to list on NYSE Arca under the ticker “ZCSH.” The filing says the trust would be renamed Grayscale Zcash Trust ETF once the registration becomes effective and the shares are listed. Grayscale Brings Zcash Into the Spot ETF Race The filing pushes Zcash into a category that has so far been dominated by larger, more liquid crypto assets. Spot Bitcoin ETFs and spot Ether ETFs created a template for regulated crypto exposure, but a Zcash product would test whether that structure can extend to an asset whose market identity is closely tied to privacy-preserving transactions. Grayscale’s registration statement describes the product in direct terms. “The Trust’s purpose is to hold ‘ZEC’, which are digital assets that are created and transmitted through the operations of the peer-to-peer Zcash Network, a decentralized network of computers that operates on cryptographic protocols. The Trust’s investment objective is for the value of the Shares (based on ZEC per Share) to reflect the value of ZEC held by the Trust, as determined by reference to the Index Price, less the Trust’s expenses and other liabilities.” The filing also stresses that the shares are not the same as holding ZEC directly. “While an investment in the Shares is not a direct investment in ZEC, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ZEC. Grayscale Investments Sponsors, LLC is the sponsor of the Trust.” The trust is structured as a Delaware statutory trust. Grayscale Investments Sponsors, LLC is listed as sponsor, CSC Delaware Trust Company as trustee, The Bank of New York Mellon as transfer agent and administrator, Coinbase, Inc. as prime broker, and Coinbase Custody Trust Company, LLC as custodian. Trust Held Nearly 391,104 ZEC at Quarter-End The existing Grayscale Zcash Trust already holds a material ZEC position. In its latest quarterly filing, the trust reported 391,103.88769118 ZEC as of March 31, 2026, down from 393,522.33134026 ZEC at the end of 2025. Using the filing’s stated fair value of $254.27 per ZEC, that position was worth roughly $99.45 million at quarter-end, with Coinbase identified as the principal market for valuation purposes. The registration statement says creations and redemptions would occur in blocks of 10,000 shares, referred to as baskets. As of Nov. 21, 2025, approximately 817.0998 ZEC were required to create one basket of 10,000 shares. For now, the filing describes a cash-order model. Under that structure, an authorized participant deposits or receives cash, while a third-party liquidity provider sources or receives the ZEC. The trust is not currently able to process in-kind creations and redemptions with authorized participants, though NYSE Arca may later seek approval for that model. Privacy-Coin Context Returns to the Foreground The filing follows a notable shift in the regulatory backdrop around Zcash. The SEC concluded its review of the Zcash Foundation without recommending enforcement action or other changes, easing a long-running concern around one of the crypto market’s best-known privacy-focused networks. The Zcash Foundation said: “We are pleased to announce that the SEC has concluded its review and informed us that it does not intend to recommend any enforcement action or other changes against Zcash Foundation regarding this matter. This outcome reflects our commitment to transparency and compliance with applicable regulatory requirements. Zcash Foundation remains focused on advancing privacy-preserving financial infrastructure for the public good.” The SEC’s conclusion does not amount to ETF approval. It does, however, change the setting for Grayscale’s attempt to bring a privacy-coin product into a regulated public-market wrapper. At press time, ZEC traded at $551.44.

13 May 2026, 03:39

Bitcoin Rallies on Aggressive Spot Demand as Market Absorbs U.S. Economic Data: Bitfinex

Following a period of speculation-driven surges, bitcoin (BTC) appears to be rallying due to spot demand. Within a short time, spot demand metrics have shifted from contraction to growth. This development comes as the crypto market digests U.S. economic data. According to the latest Bitfinex Alpha report, the ongoing bitcoin breakout reflects a widening gap between historical information about the U.S. economy and rapidly deteriorating sentiment evident in consumer data. This macro dynamic is significantly affecting risk assets like BTC and driving their prices higher. BTC Sees Structural Improvement Since the beginning of April, the crypto market capitalization has risen by $200 billion, following a 12% BTC rally that led to the strongest monthly performance in a year. By early May, BTC had broken above $80,000 – a level not touched since January 31. The move cleared the $78,000–$79,000, which had a dense overhead supply zone. Although the digital asset traded around $80,900 at the time of writing, the rally pushed it close to $83,000. Bitfinex analysts have stated that the move marked a structural improvement and shifted BTC above a major aggregate cost-basis level near $79,800. This price doubles as the True Market Mean, which BTC has now reclaimed. The most interesting part of this rally is that it was driven by aggressive spot demand. CryptoPotato reported last week that the market was not positioned for a surge above $80,000 due to weak demand. Spot Demand Recovers On-chain data shows that spot Cumulative Volume Delta (CVD) rose sharply after May 8, reflecting buyers absorbing supply at premium levels. Additionally, order books moved from bid-skewed to more neutral. Spot demand has stemmed from exchange-traded funds (ETFs) and from open-market accumulation. As of two weeks ago, Michael Saylor’s Strategy was also a major driver of spot demand. However, there is less momentum from the company’s end because the purchases have been linked to the yield-bearing product, STRC. Unfortunately, the stock has not traded at or above its $100 par value, which is a threshold required for Strategy to purchase more BTC. In fact, the business intelligence entity is even looking to sell some of its bitcoins. Nevertheless, conviction buyers, who are entities that accumulate BTC and rarely sell regardless of price, have increased their holdings. Analysts say they currently hold roughly 4 million BTC, following their largest surge since the COVID-19 crash. Historical data show that such growth from this cohort often precedes major price recoveries. The post Bitcoin Rallies on Aggressive Spot Demand as Market Absorbs U.S. Economic Data: Bitfinex appeared first on CryptoPotato .

13 May 2026, 03:18

Ethereum Price Slides Back To $2,250, Traders Watch Crucial Support

Ethereum price started a fresh decline and traded below $2,300. ETH is now consolidating above $2,250 and might struggle to recover. Ethereum started a downside correction below the $2,280 zone. The price is trading below $2,300 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $2,320 zone. Ethereum Price Faces Resistance Ethereum price failed to remain stable above $2,320 and started a downside correction, like Bitcoin . ETH price dipped below the $2,300 and $2,280 levels. The price even traded below $2,265. A low was formed at $2,256, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,382 swing high to the $2,256 low. Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average . Besides, there is a bearish trend line forming with resistance at $2,300 on the hourly chart of ETH/USD. If the bulls remain in action above $2,250, the price could attempt another increase. Immediate resistance is seen near the $2,300 level and the trend line. The first key resistance is near the $2,320 level or the 50% Fib retracement level of the downward move from the $2,382 swing high to the $2,256 low. The next major resistance is near the $2,335 level. A clear move above the $2,335resistance might send the price toward the $2,375 resistance. An upside break above the $2,375 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,420 resistance zone or even $2,440 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,265 level. The first major support sits near the $2,250 zone. A clear move below the $2,250 support might push the price toward the $2,200 support. Any more losses might send the price toward the $2,150 region. The main support could be $2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,250 Major Resistance Level – $2,320