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The cryptocurrency industry in the United States continues to grapple with debanking issues, despite recent positive legislative moves. According to blockchain regulatory advisers, these efforts might persist until January 2026, when President Trump could appoint a new Federal Reserve Governor. The collapse of crypto-friendly banks in early 2023 led to allegations of Operation Chokepoint 2.0, where critics claimed the government was pressuring banks to sever ties with crypto firms. Despite Trump's pro-crypto actions, including an order to use seized Bitcoin for a national reserve, the industry still faces challenges. Caitlin Long of Custodia Bank highlighted ongoing examinations by the Federal Reserve on two crypto-friendly banks, suggesting a potential conflict if the Fed does not align with other regulators like the OCC and FDIC in overturning anti-crypto guidance. The issue of debanking also affects European crypto firms, with operational challenges persisting into 2025.
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In his opinion piece, Robin Singh, CEO of Koinly, discusses the increasing scrutiny from tax agencies on cryptocurrency transactions as Bitcoin's value surges. He warns that tax authorities are not only focusing on future transactions but are also backtracking to scrutinize past activities, potentially leading to audits for those who have not reported their gains accurately. Singh highlights the shift towards automated data-sharing, exemplified by the IRS's new wallet-by-wallet tracking method, which provides more detailed data to tax agencies. He also notes the global trend towards tax data sharing, with agreements like CARF set to enhance information exchange by 2027. The article emphasizes that the era of self-reporting is fading, with tax agencies worldwide enhancing their systems to catch up with the crypto market's complexities, including decentralized finance and non-fungible tokens. Singh advises investors to be proactive in their tax compliance to avoid future complications.
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The Australian Federal Police (AFP) have issued warnings to over 130 individuals targeted by a sophisticated SMS scam where fraudsters impersonate representatives from Binance, a well-known cryptocurrency exchange. These scammers send text messages that appear legitimate due to their ability to spoof sender IDs, making the messages look like they come from Binance itself. The scam involves notifying victims of a supposed account breach and urging them to transfer their cryptocurrency to a 'trust wallet' for safety, which is actually controlled by the scammers. This method allows the fraudsters to steal the assets quickly, moving them through a network of wallets, complicating recovery efforts. The AFP has highlighted the urgency of verifying communications through official channels and has noted that such scams exploit telecom vulnerabilities. In response to these and similar scams, the Australian government plans to implement an SMS Sender ID Register to combat fraudulent activities, with a pilot program already in operation.
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In a recent analysis, CryptoQuant's CEO, Ki Young Ju, challenges the common belief among Bitcoin bulls that the market cycle peak is yet to come due to the absence of retail investor activity. Ju argues that retail investors are already participating in the market, but through Bitcoin ETFs rather than direct onchain transactions. This shift to ETFs, which offer regulatory protection, does not reflect in onchain metrics, leading to a misunderstanding of retail involvement. Since the introduction of spot Bitcoin ETFs in January 2024, there has been a significant inflow of funds, with around $35.88 billion invested, predominantly by retail investors. Ju also notes a lack of new liquidity, suggesting that the Bitcoin bull cycle might be over, although he predicts it could take 6-12 months for Bitcoin to surpass its all-time high. This perspective comes amidst declining Google search trends for "crypto," indicating waning retail interest since Bitcoin's peak in January.
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The article discusses the recent developments surrounding XRP, the cryptocurrency associated with Ripple. XRP has seen a significant recovery of nearly 30% over the past two weeks, driven by a broader crypto market rebound and the conclusion of Ripple's legal dispute with the U.S. Securities and Exchange Commission (SEC). Technical analysis indicates that XRP is forming a symmetrical triangle pattern, a classic bullish continuation setup, which could lead to a 75% price increase if it breaks out above the upper trendline, targeting $4.35 by June. However, despite these positive technical signals, Ripple is still grappling with an injunction that restricts its ability to sell XRP to institutional investors, potentially limiting its market expansion. The article also notes the increased market activity due to the introduction of XRP futures by Bitnomial, which could enhance liquidity and trading ease. However, the legal hurdles remain a significant concern for Ripple's future operations and XRP's market performance.
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The Trump administration is actively considering budget-neutral strategies to increase its Strategic Bitcoin Reserve, as highlighted by Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets. One of the proposed methods involves realizing gains from the government's gold certificates, which are currently undervalued compared to the market price of gold. This approach aligns with Senator Cynthia Lummis’ Bitcoin Act of 2025, which suggests using the fair market value of gold certificates to fund Bitcoin purchases. The U.S. government already holds a significant amount of Bitcoin, approximately 207,000 BTC, from criminal and civil seizures, positioning it as the largest known Bitcoin holder among nation-states. Hines emphasized Bitcoin's unique commodity status, distinguishing it from other digital assets in the government's strategic considerations. Additionally, there is bipartisan support in Congress for advancing cryptocurrency legislation, particularly concerning stablecoins and market structure, indicating a broader acceptance and understanding of digital assets in legislative circles.
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The Australian government, led by the Labor Party, has announced plans to regulate cryptocurrency exchanges under existing financial services laws, with draft legislation expected in 2025. This move comes as part of a broader strategy to tackle issues like debanking, especially with a federal election looming. The proposed regulations will require crypto platforms to adhere to standards similar to traditional financial services, including safeguarding customer assets and obtaining necessary licenses. However, exemptions are planned for smaller entities and those not directly involved in financial product trading. Additionally, the government will explore the feasibility of a central bank digital currency and introduce an Enhanced Regulatory Sandbox to allow testing of new financial products. This framework aims to keep Australia competitive in the global crypto market while addressing regulatory uncertainties, as highlighted by industry leaders like Caroline Bowler of BTC Markets and Jonathon Miller of Kraken Australia. The initiative reflects a proactive approach to integrating cryptocurrencies into the national financial system while ensuring consumer protection and market stability.
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Bitcoin has experienced a significant rebound of 14% after reaching a four-month low near $76,600, yet it remains approximately 25% below its record high of around $110,000. Despite this recovery, market analysts are predicting further declines, with some suggesting Bitcoin could drop to as low as $65,000. Technical analysis points to bearish signals such as the "dark cloud cover" pattern, which indicates a shift in market sentiment where sellers overpower buyers, often leading to further price drops. Additionally, Bitcoin's failure to break through resistance zones like $86,000-88,000 and $90,000-93,000 has reinforced the bearish outlook. The cryptocurrency's tight correlation with traditional equity markets, which are also showing bearish patterns, adds to the negative sentiment. Analysts like CryptOpus and George have highlighted these patterns, suggesting that a break below key support levels could trigger a deeper sell-off. External factors like global trade wars and potential US recessions are also cited as risks to the crypto market's stability.
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BaFin, Germany's financial regulatory authority, has imposed a ban on the public sale of Ethena GmbH's USDe token, alleging that it violates the European Union's MiCAR regulations and involves the sale of unregistered securities. The regulator has mandated Ethena to freeze the assets backing the token, shut down its website, and halt new customer acquisitions. Despite these restrictions, secondary market transactions of USDe are not affected, and the token remains redeemable through Ethena BVI Limited. Ethena's attempt to gain regulatory approval under MiCA was unsuccessful, with BaFin citing significant compliance issues. Despite regulatory hurdles, Ethena has managed to secure substantial investments, including over $100 million for a new token aimed at institutional investors and a partnership with World Liberty Financial, a DeFi protocol initiated by former US President Donald Trump.
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The article discusses the growing trend of using Bitcoin to purchase food, both in-store and online, as the cryptocurrency gains acceptance as a store of value and a medium of exchange. By 2025, it's projected that Bitcoin will be accepted at 15,000 merchants and restaurants globally. Payment processors like Bitrefill and BitPay facilitate these transactions, handling thousands each month. Even if merchants don't accept Bitcoin directly, consumers can use Bitcoin-funded debit cards or gift cards to make purchases. The article highlights Bitcoin's original purpose, as envisioned by its creator Satoshi Nakamoto, to enable direct payments without intermediaries. It also recounts the historical significance of Bitcoin's first food purchase, known as Bitcoin Pizza Day, where Laszlo Hanyecz paid 10,000 BTC for two pizzas. The piece provides practical advice on how to pay for food with Bitcoin, including using Lightning wallets for fast, low-fee transactions, and lists several food chains and services that accept Bitcoin, like Burger King, Subway, and food delivery platforms like Manufy.
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Despite Bitcoin's price dropping to a four-month low of $76,600 on March 11, long-term holders have shown resilience by continuing to hold their profits, suggesting a unique market dynamic. Research from Glassnode indicates a decline in sell-side pressure among these holders, with their activity remaining subdued. This behavior contrasts with typical bull market tops where intense sell-side pressure and profit-taking are common. Additionally, new Bitcoin whales, defined as addresses with at least 1,000 BTC acquired within the last six months, have been aggressively accumulating, with over 1 million BTC added since November 2024. This accumulation, especially the recent addition of over 200,000 BTC in a month, points to a shift in market dynamics, possibly driven by increased institutional or high-net-worth participation. While some market observers see this as a normal correction with potential for further growth, others like CryptoQuant's CEO predict a bearish or sideways market for the next 6-12 months.
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Bitcoin's price is currently facing a ceiling at $87,500 due to manipulative tactics by large traders, or "whales," on the Binance exchange. According to analysis by Material Indicators, these whales are using a technique known as "spoofing" to control the price by shifting liquidity blocks above the current price, effectively capping Bitcoin's upward movement. Despite Bitcoin maintaining a support level at $80,000 and reaching highs of $87,500, the market has not been able to push past this threshold. The analysis points to "Spoofy the Whale" as the entity responsible for this price suppression. Meanwhile, market observers like Daan Crypto Trades emphasize the importance of the $84,000 to $85,000 range for maintaining bullish momentum, highlighting the significance of key trend lines like the 200-day SMA and EMA. This situation underscores the ongoing battle between market manipulators and bullish investors, with the latter trying to establish a new support level to prevent a price retrace.
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Jed McCaleb, known for his ventures in cryptocurrency with Mt. Gox and Ripple, is now setting his sights on space with his company Vast. His latest project, Haven-1, is a commercial space station planned for launch in May 2026, aiming to secure a NASA contract to replace the aging International Space Station. The success of this venture is critical for McCaleb, as failure could lead to a significant financial setback. Vast is closely tied to SpaceX, utilizing their technology and former employees, including CEO Max Haot, to develop Haven-1. The station will initially support short-term visits but future models like Haven-2 are planned to include advanced features like artificial gravity and comprehensive life support systems. McCaleb's ambition reflects a broader vision of expanding human presence beyond Earth, drawing parallels with other space entrepreneurs like Elon Musk. However, the path to success is fraught with competition from other space companies and the inherent risks of space exploration.
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United States President Donald Trump is set to speak at Blockworks’ Digital Asset Summit in New York, marking a historic moment as the first time a sitting US president has addressed a cryptocurrency conference. This event highlights a significant shift in policy towards the crypto industry, which faced over 100 enforcement actions under the previous administration. Trump's engagement with the sector includes signing executive orders to foster digital asset integration, forming a crypto advisory team, and establishing a US Strategic Bitcoin Reserve. His administration has also seen the appointment of pro-industry leaders to key regulatory roles, and the SEC has notably dropped charges against several crypto firms. The speech, to be delivered via video, is anticipated to provide further regulatory clarity on issues like stablecoin regulation and taxation, reflecting the industry's hope for a more supportive regulatory framework.
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In a recent market update, Bitcoin (BTC) showed signs of volatility despite repeated promises from US President Donald Trump about making the US the "crypto capital of the world." Trump reiterated his commitment to not selling confiscated US Bitcoin and ending regulatory mechanisms like Operation Chokepoint 2.0 during his virtual remarks at the Blockworks Digital Asset Summit 2025. His statements helped propel Bitcoin's price above $86,000, breaking a four-month downtrend. The cryptocurrency also reclaimed significant moving averages, including the 200-day simple moving average (SMA) and exponential moving average (EMA), which are crucial indicators of investor sentiment. Analyst Rekt Capital highlighted Bitcoin's breakout from a downtrend on its relative strength index (RSI), a trend in place since November 2024. However, trading firm QCP Capital expressed caution, noting the Federal Reserve's hawkish outlook and potential risks of stagflation, suggesting that the market's initial excitement might not sustain.
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The SEC's decision to drop its appeal against Ripple has been celebrated by the firm, but it leaves the broader cryptocurrency industry without the regulatory clarity it desires. Ripple's CEO, Brad Garlinghouse, views the decision as providing certainty for Ripple, although some legal loose ends remain. Legal experts, however, caution that this case does not set a precedent for other crypto firms, as the regulatory environment remains uncertain. The crypto community had hoped for clearer guidelines from this case, but the SEC's policy direction under potential new leadership remains unclear. Meanwhile, legislative efforts in Congress continue, with bills like the stablecoin bill and FIT 21 aimed at providing a legal framework for cryptocurrencies. Despite these efforts, the crypto industry still faces challenges in achieving the regulatory clarity it seeks, with ongoing debates about how to proceed with rulemaking and market structure legislation.
