Regulation
Cryptocurrency News Today – July 5, 2024
Welcome to “Crypto News Today”, your daily digest of the cryptocurrency industry.
US Treasury Department Finalizes Cryptocurrency Tax Regulations with New Form 1099-DA
The U.S. Treasury has finalized new cryptocurrency tax regulations, requiring brokers to report digital asset transactions using Form 1099-DA starting in 2025. The rules aim to close the tax gap by treating cryptocurrency transactions as traditional financial assets, exempting DeFi platforms and miners. To learn more, visit the TDR website!
Bitcoin Falls Below $58K on Wallet Movements
Bitcoin has plunged below $58,000 following large-scale movements in Mt. Gox and German government wallets, raising concerns among investors. Bitcoin’s notional open interest has also fallen by $7 billion.
Bitcoin Rally Depends on Rate Cut, Says Bitfinex Executive
Bitfinex executive Jag Kooner said in a report that a potential interest rate cut could trigger a Bitcoin rally. Current economic conditions and central bank policies are considered critical factors influencing the future trajectory of the cryptocurrency.
Worldcoin Jumps 9% on Ex-Google, Apple Hires
Worldcoin jumped 9% as the company announced the hiring of former Google (NASDAQ: GOOG) and Apple (NASDAQ: AAPL) executives. The new hires are expected to strengthen Worldcoin’s position in the competitive cryptocurrency market.
Bitcoin Falls Below 200-Day Average
Bitcoin price has dropped below its 200-day moving average, a key technical indicator of market trends. This move has exposed the bull market trend line and analysts are closely monitoring potential support levels.
UK’s Major Parties Silent on Cryptocurrency Issues Ahead of Election
As the UK election approaches, major political parties have yet to clarify their positions on cryptocurrency issues. This silence leaves the future of cryptocurrency regulation and adoption in one of the world’s leading financial centers uncertain.
Read more cryptocurrency news on the TDR website!