Analysis Today TheBitTimes.com

The IRS proposed the new crypto tax reporting rules in August earlier this year and if approved the new crypto tax regime will come into effect from January 2026. Coinbase crypto exchange chief legal officer Paul Singh Grewal called upon the crypto community to join the movement against the United States Treasury’s proposed tax reporting regulations on crypto currencies. Grewal urged the community to oppose the proposed regulations as it could set a dangerous precedent for surveillance. Grewal took to X (formerly Twitter) to address the concerns associated with the proposed crypto tax reporting rules and claimed that the proposed regulations go beyond the congressional mandate to establish tax reporting rules. He added that if the proposed regulations become a law, it would put the “digital assets at a disadvantage and threaten to harm a nascent industry when it's just getting started. “ Everyone who cares about fairness and supports American innovation should chime in on Tre...

A nonpartisan research and advocacy group says it is trying to invalidate efforts by a patent troll to sue crypto projects. The DeFi Education Fund (DEF), a Washington D.C.-based policy research group , said in a recent blog post it has taken action against True Return Systems LLC (TRS), calling the firm a “ patent troll .” According to the statement, DEF filed a petition last week with the US Patent and Trademark Office (USPTO), trying to initiate an inter partes review (IPR) and cancel all claims in a patent owned by TRS. The move comes after TRS filed a lawsuit against MakerDAO and Compound Protocol in October 2022 for alleged infringement of a US patent . DEF argues that the patent should have never been issued, citing a lack of unique solutions. “In our petition, we demonstrate to the USPTO that the technology described in the patent [owned by TRS] was not new or unique at the time the patent was granted, and, in fact, there was prior art in circulation ...

Also Read: Circle Set To Reveal Update On USDC Ecosystem Boost; What Could It Be? advertisement Weak Support For Terra Classic? Over the last 30 days, the LUNC market cap reduced by as much as $100 million to $360 million currently. This could likely mean the interest in buying the coin dwindled as may lead to further price drop. According to Blastoise, a LUNC supporter, the support level for the token with the USDT pairing is at around $0.000055 while the resistance level is at around $0.000068. “The current price is at the support level, which is a good sign. If the price can hold above the support level, it could signal a reversal to the upside.” On the flip side, a price break below the support level could signal a continuation of the downtrend. Will the LUNC price drop further below the $0.000055 level? In the led up to the US Federal Reserve‘s FOMC meeting between September 19-20, 2023, the Crypto Market could likely witness volat...

Cointelegraph analyst and writer Marcel Pechman breaks down the Federal Reserve balance sheet and explains why China’s deflation can negatively impact Bitcoin. On the latest episode of Macro Markets , analyst Marcel Pechman explains the impacts of the United States Federal Reserve’s balance sheet, breaking down how the Fed inflated its assets by $5 trillion between December 2019 and April 2022. Pechman notes that the expansion period coincides with a 38% crash in the S&P 500 index. Moreover, the Federal Reserve balance sheet surpassed the $8.9 trillion mark right as the stock market index reached its 4,800-point all-time high. The problem, according to Pechman, is that the U.S. Treasury Department has a huge deficit, as the government spends more than it gets from revenues and taxes. Consequently, it needs to start rolling some of the debt instead of letting it expire, so odds are it won’t be able to continue reducing the balance sheet any longer — something that has been a huge c...

Stuart Alderoty says that an appeal by the Securities and Exchange Commission could see Ripple consolidate its victory over the regulator even further. Concerns of a potential appeal by the United States securities regulator to the landmark Ripple ruling earlier this month were shrugged off by Ripple’s chief legal officer. Stuart Alderoty believes that if the SEC takes the case to an appeal , the court could move to consolidate Ripple Labs’ partial victory over the financial regulator even further. Speaking on a July 26 TechCrunch podcast, Alderoty reiterated his position that the XRP (XRP) token does not constitute an investment contract and that the Ripple team would not shy away from any appeal brought to the courts by the SEC. “We think the judge got that right, and we think that was a faithful application of the law, and I think a court of appeals will not only affirm that but maybe even amplify that to even a greater extent.” On July 13, Judge Analisa Torres ruled XRP was no...

Also Read: Tesla Retains Dogecoin As Payment Option; Removes Bitcoin advertisement According to the CME FedWatch Tool, a platform that assesses the likelihood that the Fed will change the target rate at the upcoming meeting, the market is fully confident that there will be a 25 bps hike from the current target rate of 500-525 bps. As many as 99.2% of respondents feel the US central bank will impose an interest rate hike in the July meeting. What Low Volatility Means For Bitcoin Price Currently, the top cryptocurrency’s volatility is at a six month low level, thanks to the recent sideways movement surrounding the news of financial giants like Blackrock filing for spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC). Glassnode data shows that the last time Bitcoin price saw such a tight volatility squeeze was in January 2023, when the Crypto Market price saw a jump with Bitcoin itself recording a 30% rise. Also, historically, t...

Mike McGlone Predicts If Bitcoin Price To Hit $20,000 or $40,000 Bloomberg Intelligence’s senior strategist Mike McGlone took to Twitter to share the contents of a crypto outlook report. He argues that the launch of several Bitcoin ETFs including BlackRock spot Bitcoin ETF will not shield Bitcoin from facing its first US recession, potential equity bear market, and hawkish central banks. advertisement The near-term outlook for Bitcoin is positive, but the key pivot point remained near $30,000 since 2021 amid the biggest money supply surge in history. He highlighted several obstacles that could potentially prevent BTC price from reaching $40,000. In response to the recent Bitcoin ETF-inspired rally, McGlone said “Physical Bitcoin ETFs in the US are a matter of time, we believe. BlackRock’s application to start such a fund appears to have expedited this process, but a launch may not come in 2023, and Bloomberg Economics expects the US to tilt to...

David Wessel Hints “Skip” In Rate Hikes The 69-year-old industry veteran expressed his belief that the Federal Reserve is likely to skip rate hikes at the June meeting, citing positive labor market conditions, decreasing inflation and the U.S. averting a possible default situation, which could have triggered a catastrophic market crash. advertisement During the interview, Wessel — a two-time Pulitzer Prize awardee — was quoted as saying: I think it’s pretty clear the Fed is going to skip rate hikes at the June meeting. He further highlighted that although the decision to hold the policy rate constant at an upcoming meeting should not be interpreted as reaching the peak rate for this cycle, skipping a rate hike would instead provide the Committee with an opportunity to gather more data before making further policy decisions. This aligns with the sentiments expressed by Fed Chair Jerome Powell on May 19, who also signaled support for...