Regulation
Crypto News Today – July 5, 2024
Welcome to “Crypto News Today,” your daily digest of the crypto industry.
US Treasury 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 crypto transactions as traditional financial activities, exempting DeFi platforms and miners. Read all about it on the TDR website!
Bitcoin dips below $58,000 on wallet movements
Bitcoin fell below $58,000 following large-scale moves in Mt. Gox and German government wallets, sparking investor concern. Bitcoin’s notional open interest also fell by $7 billion.
Bitcoin’s Rise Depends on Rate Cuts, Bitfinex Executive Says
Bitfinex CEO Jag Kooner said in a report that a potential interest rate cut could trigger a rise in bitcoin. Current economic conditions and central bank policies are considered critical factors influencing the cryptocurrency’s future trajectory.
Worldcoin jumps 9% on hiring of former Google and Apple employees
Worldcoin jumped 9% after 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 its 200-day average
Bitcoin price has fallen below its 200-day moving average, a key technical indicator of market trends. The move has highlighted the bull market trendline, and analysts are closely monitoring potential support levels.
UK’s main political parties remain silent on cryptocurrency issues ahead of election
As the UK election approaches, the main political parties have yet to clarify their positions on cryptocurrency issues. This silence leaves uncertainty over the future of cryptocurrency regulation and adoption in one of the world’s leading financial centres.
Read more cryptocurrency news on the TDR website!