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DeFi Education Fund Sues US IRS Over Controversial Tax Rules
Published
16 hours agoon
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adminCrypto industry advocacy group, the DeFi Education Fund has filed a lawsuit against the US IRS barely 24 hours after it released its controversial tax framework. Despite claims that the agency finalized the regulation months ago, the DeFi Education Fund tagged it a “midnight” rulemaking. Specifically, the lawsuit alleges that the tax body exceeded its statutory authority with its demand from DeFi platforms.
The Fight Against DeFi Tax Rules
The lawsuit from DeFi Education Fund alleges that the new tax rules targeting DeFi protocol violates the Administrative Procedure Act (APA). The Fund explained that during the rule’s comment period, the public advised the US IRS not to move forward with the planned tax rules.
However, the tax agency ignored the warnings that the rules will place unnecessary burden on software developers. The suit argues that this rule “puts unlawful compliance burdens on software developers who build so-called ‘trading front-end services.’”
The DeFi Education Fund said this regulation will stiffen innovation and burden American enterpreneurs if it stands.
As part of the provisions of the new DeFi tax, the trading front-end service providers will have to record the transaction details of users. This way, the outfits will need to provide these details on demand to the IRS with users advised to fill Form 1099 for tax reporting purposes.
Bill Hughes, a lawyer with software provider ConsenSys had already predicted that this rulemaking from the regulation will come with lawsuits. It remains to be seen how the case will pan out, even with the growing support from members of the community.
Controversial US IRS Regulations
Besides the DeFi broker tax rules, the broader crypto industry have always called out the US IRS for some of its demands. As reported earlier by Coingape, the regulator has declared that crypto staking is taxable upon receipt. The agency revealed this in a lawsuit, filed against it by an industry insider Joshua Jarrett.
In addition to these, the Digital Chamber has flagged some privacy concerns in some of the agency’s tax policies. Overall, experts believe the regulator is doing all it can to established some of its ideologies before the new administration takes over.
With key lawsuits now hanging over the US IRS, all eyes are now on Treasury Sec nominee Scott Bessent on whether these rules will be repealed or not.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Analyst Reveals Timeline When Bitcoin Price Could Jump To $140,000
Published
1 hour agoon
December 29, 2024By
adminCrypto analyst Jelle has provided a bullish outlook for the Bitcoin price for the remainder of this market cycle. The analyst predicted that the flagship crypto will reach $140,000 and revealed when this price surge could likely happen.
When The Bitcoin Price Will Jump To $140,000
In an X post, Crypto Jelle predicted that the Bitcoin price could rally to $140,000 in the next three months. This came as the analyst highlighted a cup and handle pattern, which put BTC’s price target at this level.
Crypto analyst Titan of Crypto also suggested that Bitcoin could rally to $140,000 in the next three months. In an X post, the analyst shared an accompanying chart, which he tagged as the ‘Bitcoin 2025 Roadmap.’
The accompanying chart showed that the Bitcoin price could reach $140,000 at the start of the new year. However, this price is unlikely to mark the top for Bitcoin, as it could still surge to $150,000.
Other market experts have even provided a more bullish outlook for the flagship crypto. Engineer Ted Boydston predicted that BTC could hit $225,000, the biggest bull run for the flagship crypto.
Meanwhile, renowned finance author Robert Kiyosaki predicted that the flagship crypto will hit $350,000 in 2025. While it remains to be seen if the flagship crypto could reach such heights, fundamentals such as Donald Trump’s inauguration support a bullish continuation.
A Price Rebound Is Imminent
In an X post, crypto analyst Ali Martinez stated that the Bitcoin price could be preparing for a rebound. The analyst mentioned that Bitcoin is showing a bullish divergence on the hourly chart against the Relative Strength Index (RSI).
The analyst added that the percentage of Binance traders going long on BTC has increased from 53.12% to 64%. These traders are said to have a solid record of being right.
Martinez further stated that the Bitcoin price needs to break above $94,800 to confirm this rebound. A break above this level could send BTC to $95,300 or even $96,000.
On the flip side, the analyst warned that if Bitcoin drops below $93,600, the bull case is off the table as the flagship crypto could drop to $84,000 or even $70,000.
However, the bullish case is looking more likely. In another X post, the analyst revealed that there was a spike in Bitcoin’s Taker Buy/Sell ratio on the top crypto exchange OKX. This indicates a surge in aggressive buying, which is a sign of upward momentum ahead.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Will Dogecoin Price Hit $20 On Its Next Leg Up?
Published
7 hours agoon
December 29, 2024By
adminAnalyst Javon Marks forecasts that Dogecoin (DOGE) price is poised for a major rally, potentially reaching $20 during the ongoing bull cycle. Marks’ analysis is based on historical performance trends, which have shown progressively larger price gains in Dogecoin’s previous cycles. Current market activities, including a rebound in DOGE price and increased whale transactions, suggest a promising outlook for the meme coin.
Will Dogecoin Price Surge to $20? Analyst Predicts Monumental Bull Cycle Ahead
In a recent analysis shared on X (formerly Twitter), Javon Marks expressed confidence in Dogecoin’s potential to achieve unprecedented growth during the ongoing bull cycle. His observations highlighted a pattern of progressively larger price gains in Dogecoin’s previous cycles, with the current trajectory suggesting another monumental run.
According to Javon’s analysis, DOGE price cycles exhibit exponential growth during bull runs, with significant surges noted in 2017 (90x) and 2021 (306x). Based on these historical patterns, projections for 2024 suggest a potential surge exceeding 306 times, targeting prices above $20.
The chart highlights consistent upward trends leading to explosive rallies, driven by market momentum and investor sentiment. If DOGE replicates past performance, the next cycle could see unparalleled highs.
Additionally, Dogecoin price recently rebounded to $0.3226 after touching a weekly low of $0.3097. This movement indicates that the $0.3097 mark could be a potential floor price signaling further upward momentum.
These analyses are in line with recent bullish predictions by Galaxy Research, which projects Dogecoin to reach $1 by 2025. The firm highlights key fundamentals like whale accumulation and Elon Musk’s D.O.G.E. initiatives as catalysts for this growth. While Dogecoin faces competition from other memecoins, its historical growth patterns suggest this target is achievable.
Whale Activity Boosts Dogecoin Ecosystem
The Dogecoin ecosystem has experienced a surge in whale activity, signaling increased interest among large-scale investors. Data from IntoTheBlock revealed that large transactions within the Dogecoin network have risen by 41% in the past 24 hours, with a cumulative transaction value exceeding $23 billion.
This uptick in whale transactions is a positive indicator for the meme coin rally, reflecting heightened market participation and liquidity. The sustained activity in this price range could provide the foundation for a stronger rebound in the midterm.
According to a recent Coingape report, Dogecoin price is signaling a bullish reversal as DOGE whales have accumulated an impressive 90 million DOGE in just two days. This surge in whale activity reflects growing interest among investors and suggests a meme coin rally. Positive on-chain indicators and increased market activity further support this sentiment.
At press time, DOGE price is trading at $0.3224, reflecting a 2.57% increase in the past 24 hours. The meme coin rally market capitalization stands at $47.52 billion, with a 24-hour trading volume of $1.43 billion.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Engineer Predicts Biggest Bull Run Coming Soon for Bitcoin; Here’s All
Published
10 hours agoon
December 29, 2024By
adminWith an almost negligible recovery in the last 24 hours, Bitcoin has been stranding around $94k despite hitting the ATH of $108.2k a few days ago. The Bitcoin price performance is also impacting the crypto market, but most experienced investors argue that this is a momentary phase. Interestingly, an engineer believes that the biggest Bitcoin bull run is coming soon, considering the M2 marker.
Understanding the Biggest Bitcoin Bull Run Phase
In a recent tweet, a popular crypto analyst & engineer, Ted Boydston, presented an interesting BTC price analysis, predicting the upcoming Bitcoin bull run phase. According to Ted’s analysis, the price oscillator on the M2 has recently formed, which provides buy and sell signals. As the M2 money stock analyses the liquid cash circulation, including physical cash (M1), checking deposits, and other near money instruments like saving, money markets, etc, it is a key economic indicator that influences all the financial markets, including the crypto market.
The engineer’s prediction also focuses on the same, as he talks about the Bitcoin price movements and the global liquidity trends. More importantly, the oscillator derived from the PPO of M2 sits at the lower panel. As a result, it flashed the buy signal and entered the green zone. More importantly, historical reports confirm that such signals often head to major money printing and Bitcoin’s manic phase. Eventually, this leads to the famous Bitcoin bull run.
During this time, investors often witness increased price volatility and rapid price appreciation. Although this signal works pretty well, there was one exception in 2016. It failed to flash a signal back then, as the Bitcoin halving event primarily drove the BTC price rally.
Interestingly, the investor’s expectations are still consistent to witness Bitcoin regaining support and surging past the current ATH of $108.2k.
Expert Bitcoin Price Predictions & Forecasts
Until recently, the biggest target for BTC price was $100k, but that has been achieved, so now the eyes are on what’s more coming. Many crypto analysts have claimed to see Bitcoin price at $150k or even $1M, but the most understandable one is that Bitcoin might reach $225k per Boydston’s analysis.
Boydston talks about the manic phase bull market, wherein each BTC cycle, a top is formed at around 0.382 Fibonacci retracement level. If the same data is put in the current cycle, the BTC price target is $225K with the Bitcoin bull run. Another crypto analyst has come with a similar outlook and predicted that Bitcoin price could reach $225k in June 2025. More importantly, he also predicted a major altcoin season beginning after that.
Such similar outlooks increased the probability of that happening for real. One other outlook focuses on Tether’s dominance, which is in a tough spot with its decreasing circulating supply with Europe’s Tether Ban.
Final Thoughts
Ted Boydston’s analysts’ Bitcoin price prediction has presented a new image of the possible bull market for this cryptocurrency. As the M2 has flashed a buy signal, this has hinted that Bitcoin’s manic phase will begin soon. Interestingly, another crypto analyst has added the timelines to that as the Bitcoin bull run could result in the BTC price hitting $225k in June 2025 before handing over the bulls to the altcoins. This might make hundreds of investors’ dreams come true. However, careful investment and strategic planning are a must, as many factors could hinder this path. More importantly, running the technical analysis and making smart decisions are the keys to returns, not the internet analysts’ prediction, as they vary from time to time and from person to person.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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