6 hours Crypto Highlights: IRS Tax Proposals, ETF Developments, Liquidations 🚨
The White House is currently reviewing a proposal from the IRS that would require U.S. citizens to report their outbound cryptocurrency holdings for tax purposes. This move could significantly impact how individuals manage their crypto assets, especially those holding large amounts abroad.
In a positive development for the crypto sector, LevelField Financial, known for its crypto-friendly approach, has received approval to acquire a bank in Chicago. This acquisition is expected to enhance its services and offerings in the digital asset space.
A Cardano holder reportedly lost 87% of a $6.9 million investment during a failed USDA swap. This incident highlights the risks associated with decentralized finance and the importance of conducting thorough due diligence before engaging in such transactions.
The performance of #XRP and #Solana ETFs has been notably strong, contrasting with the lagging performance of #Bitcoin and #Ethereum. This trend may indicate shifting investor preferences towards altcoins as they seek better returns.
Recent data shows that #Bitcoin has experienced liquidations totaling $91,000, which raises concerns about market volatility. Traders are closely monitoring these developments as they could signal potential market corrections in the near future.
Future Predictions & Token Movements
Analysts suggest that #Bitcoin is retesting major bull market support levels, with predictions indicating possible price movements towards either $130,000 or $80,000. The upcoming weeks will be crucial for determining which direction the market will take.
In contrast, #XRP has seen a decline of 16% from its recent peak, with 35% of its supply now considered unprofitable. This situation may lead to increased selling pressure if the trend continues.
Market analysts are predicting that #Shiba_Inu could see increased activity due to recent developments and community engagement. As meme coins continue to gain traction, investor interest may surge.
Hyped tokens:
- #XRP – Gaining attention due to ETF performance and recent market movements 📈
- #Solana – Strong ETF results attracting investors looking for alternatives 🌟
- #Shiba_Inu – Meme coin hype continues to drive interest among retail investors 🐕
Best Tokens to Watch
- #Bitcoin – Critical support levels suggest potential for a bullish reversal 🚀
- #Ethereum – Continues to be a strong contender in the altcoin space 🔥
Tokens to Avoid
- #Cardano – Recent losses in high-value swaps raise concerns about volatility ⚠️
