BTC gains $118K: Short Sinks, Sim-Swap & Indian Taxes Make a Big Deal

Jakarta, Pintu News – Bitcoin (BTC) is stealing the spotlight once again after the price briefly breached USD 118,000 (±Rp 1.92 trillion), triggering a major liquidation in the “short” market worth around USD 1 billion (±Rp 16.24 trillion). At the same time, a Canadian citizen sued a service provider for falling victim to a “sim-swap” that cost him millions of dollars, while in India, crypto users are now subject to an 18% GST tax on transactions on platforms like Bybit. This article summarizes these important events in an informative and neutral format.

📈 Bitcoin Price Spike and Impact on Short Squeeze

Bitcoin’s (BTC) price increase to USD 118,000 caused a massive wave of “short squeeze”. Investors who were “short” BTC were forced to close their positions due to margin calls, causing liquidations worth around USD 1 billion (±Rp 16.24 trillion). In addition, data showed that margin systems on some exchanges such as Binance and Bitfinex automatically executed position closures, further exacerbating the selling pressure. These events reflect the extreme volatility in the cryptocurrency market, and highlight the high risks that leveraged traders face.

This phenomenon shows how sudden price movements can create market instability. This “short squeeze” risk has led many analysts to warn investors to use stricter risk management. Amidst the volatility, technical indicators such as RSI and MACD experienced extreme fluctuations, fueling further speculation about the next direction of crypto. This event also emphasized the importance of regulatory oversight of crypto derivatives platforms to protect market stability.

Also Read: Crypto Investment July 2025: Assets to Watch Out For!

👩‍⚖️ Canadian Lawsuit over Sim-Swap Case

A Canadian woman filed a lawsuit against a telecommunications service provider after her SIM card was compromised through a sim-swap scam, resulting in the theft of millions of dollars worth of cryptocurrency funds. The perpetrator changed the victim’s phone number, took over her crypto account, and withdrew the funds without her knowledge. This case highlights the weakness of SMS-based two-factor authentication when used to access digital wallets and trading platforms.

The lawsuit serves as a warning to service providers to improve verification procedures, such as using more biometrics or app authentication instead of SMS. In addition, users are encouraged to adopt security methods such as app-based 2FA authenticators and storing assets in “cold storage” wallets that are not connected to the internet. Similar cases have occurred before, prompting telecom regulators in some countries to change policies to hold suspicious number transfer transactions.

🇮🇳 18 % GST Tax on Crypto Transactions in India

India is now imposing an 18% Goods & Services Tax (GST) tax on cryptocurrency transactions on platforms like Bybit. This new rule aims to record each transaction and increase state revenue. Although Bybit has implemented the policy, some users have criticized it for slowing down the pace of crypto adoption in the country.

This tax burden has the potential to reduce transaction volumes, especially among existing retail users in India. The 18% tax is on top of the 30% income tax as well as an additional transaction tax, so the total tax burden could reach 48%. Analysts advise crypto players to seek regulatory certainty, and continue to monitor regulatory developments, as lack of clarity could trigger additional volatility in Asia-Pacific markets.

Conclusion

Recent events-the Bitcoin price breaking USD 118,000, the sim-swap case in Canada, and the 18% GST tax in India-demonstrate the complex dynamics of the cryptocurrency world. From pricing to security to regulation, the crypto market continues to evolve rapidly. For investors and users alike, it is important to remain vigilant about the risks of extreme leverage, enhance personal security, and monitor local regulations to stay in tune with global developments.

Also Read: Revealed! The Future of Bitcoin and Crypto Market in the Second Half of 2025

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Bitcoin.com. BTC’s $118K Rally Wipes out $1B in Shorts, Canadian Woman Sues Over Sim-Swap Scam. Accessed July 14, 2025.