#AltcoinBreakout

The cryptocurrency market experienced a significant surge in May, driven by institutional interest and DeFi growth, despite macroeconomic uncertainties. Bitcoin led the rally, hitting record highs, while Ethereum saw substantial gains after its Pectra upgrade. Altcoins and NFTs also saw increased activity, with corporate treasuries expanding their crypto holdings, signaling growing confidence in digital assets.The Income Tax Department is contacting people about crypto taxes. Many individuals did crypto transactions but did not report the income. The department suspects tax evasion and money laundering. They are using data to guide taxpayers. People who mis-declared crypto income should file updated returns. The department is verifying returns with crypto exchange data.