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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Starting January 1, 2025, U.S. cryptocurrency holders will face stricter tax enforcement as brokers must report transactions to the IRS via Form 1099-DA, increasing transparency but raising concerns of a market sell-off. Missing cost basis records could lead to higher taxable gains, prompting traders to liquidate assets to minimize tax exposure. The IRS will utilize blockchain analysis tools for audits, emphasizing the need for accurate reporting of past and current crypto activities.
Tether's USDT stablecoin remains available for trading on several European exchanges, including Binance, Crypto.com, and Kraken, despite Coinbase's recent delisting to comply with upcoming regulatory requirements. While some exchanges have not publicly addressed the delisting, OKX announced its removal of USDT in March 2024, focusing on euro-based pairs. With the full implementation of the Markets in Crypto-Assets Regulation (MiCA) approaching on December 30, other platforms still have time to decide on USDT's status.
The crypto industry experienced significant growth in 2024, with predictions for Bitcoin to reach $210,000 and Solana to hit $1,000 by 2025, driven by corporate adoption and favorable regulations. The rise of meme coins and stablecoins, alongside the potential for major crypto firms to go public, signals a shift towards mainstream acceptance. Analysts highlight the importance of the U.S. political landscape in shaping the future of digital assets, particularly under a crypto-friendly administration.
FTX's reorganization plan will commence on January 3, 2025, prioritizing creditor repayments for claims under $50,000, which represent over 90% of all creditors. Payments, expected to recover up to 118% of claims, will be made in cash or stablecoins, facilitated by Kraken and BitGo. Eligible creditors must complete specific steps to receive distributions, following the approval of the Chapter 11 bankruptcy plan with 94% creditor support.
FTX has announced that its Chapter 11 reorganization plan will take effect on January 3, 2025, marking the initial distribution date for affected customers. The first distribution is expected within 60 days, with partnerships established with BitGo and Kraken to facilitate the process. FTX's native token, FTT, has seen a significant price increase, trading at $3 after a period of consolidation.
Dogecoin (DOGE) is currently experiencing a downside correction, trading below the $0.4050 level and the 100-hourly simple moving average. A bullish trend line is forming with support at $0.3950, and if DOGE can clear the $0.4050 and $0.4095 resistance levels, it may rally towards $0.4150 and beyond. Conversely, failure to rise above $0.4050 could lead to further declines, with major support at $0.3980 and $0.3750.
XRP price has begun a fresh upward trend, moving above the $2.40 level and breaking key resistance points, including $2.44 and $2.50. Currently trading above the 100-hourly Simple Moving Average, the price faces resistance near $2.525 and $2.5850, with potential gains targeting $2.720 or $2.750. However, failure to surpass $2.525 could lead to a decline towards support levels at $2.4550 and $2.420.
Ethereum is experiencing a price increase, currently trading above $4,000, with key resistance levels at $4,120 and $4,250. A successful breakout above $4,120 could lead to further gains towards $4,350 or $4,500. However, failure to surpass this resistance may result in a decline, with initial support at $3,940.
Bitcoin has surged past the $105,000 resistance, reaching a new all-time high of $107,777. Currently trading above $104,000, the cryptocurrency shows bullish momentum, with key support at $105,000 and potential resistance near $107,500. A failure to break above this resistance could lead to a correction, with major support levels at $103,000 and $102,000.
The Federal Court of Australia has fined Bit Trade, operator of Kraken, $8 million for offering an unauthorized margin lending product to over 1,100 customers without a Target Market Determination. The Australian Securities and Investments Commission (ASIC) highlighted that the product led to significant customer losses, totaling $7.85 million. The ruling underscores the necessity for compliance in the digital asset sector, prompting calls for clearer regulations to protect investors.
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