#TrendTradingStrategy The cryptocurrency market saw a significant surge in May, fueled by increasing institutional interest and robust DeFi growth, even amidst broader macroeconomic uncertainties. Bitcoin spearheaded this rally, achieving new record highs. Ethereum also experienced substantial gains following its Pectra upgrade, which enhanced its network capabilities.

Beyond the major players, altcoins and NFTs demonstrated heightened activity, while corporate treasuries expanded their digital asset holdings, signaling growing confidence in the sector's long-term viability.

Simultaneously, the Income Tax Department is actively contacting individuals regarding crypto taxes, suspecting widespread non-reporting, evasion, and potential money laundering. The department is leveraging extensive data to identify those who haven't declared crypto income or have mis-declared it. They urge such individuals to file updated returns, as all submitted returns are being cross-verified with data obtained from crypto exchanges.