Crypto News Today – July 5th, 2024

Welcome to “Crypto News Today,” your daily summary of  the Crypto Industry.

U.S. Treasury Finalizes Crypto Tax Regulations with New 1099-DA Form

The U.S. Treasury has finalized new crypto tax regulations, requiring brokers to report digital asset transactions using the 1099-DA form starting in 2025. The rules aim to close the tax gap by treating crypto transactions like traditional financial activities, exempting DeFi platforms and miners. Read all about it on the TDR Website! 

Bitcoin Nosedives Under $58K Amid Wallet Movements

Bitcoin plunged below $58,000 following large-scale movements in Mt. Gox and German government wallets, raising investor concerns. Bitcoin’s notional open interest has dropped by $7 billion as well.

Bitcoin Rally Hinges on Rate Cut, Bitfinex Exec Says

Bitfinex executive Jag Kooner said in a report that a potential interest rate cut could spark a Bitcoin rally. Current economic conditions and central bank policies are seen as critical factors influencing the cryptocurrency’s future trajectory.

Worldcoin Jumps 9% on Former Google and Apple Hires

Worldcoin surged by 9% as the company announced the hiring of former Google (NASDAQ: GOOG) and Apple (NASDAQ: AAPL) executives. The new hires are expected to bolster Worldcoin’s position in the competitive crypto market.

Bitcoin Drops Below 200-Day Average

Bitcoin’s price fell below its 200-day moving average, a key technical indicator of market trends. This movement brought the bull market trendline into focus, and analysts are closely monitoring potential support levels.

Major UK Parties Silent on Crypto Issues Ahead of Election

As the UK election approaches, major political parties have yet to clarify their positions on cryptocurrency issues. This silence leaves the future of crypto regulation and adoption uncertain in one of the world’s leading financial hubs.

Read more crypto news on the TDR Website! 

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