#ftx #usdr #avalanche #galxe Major tokens seemed to stabilize on Friday morning following a week-long price drop. Crypto traders expect the approval of a spot bitcoin ETF to reinvigorate the markets.Major tokens, such as XRP, Solana's SOL, BNB Chain's BNB have stabilized after being in the red.Crypto markets seemed to stabilize in the past 24 hours following a nearly week-long drop as ongoing geopolitical conflicts seemed to weigh down on prices of riskier assets.Markets slumped since Monday as traders priced in rising oil prices and a drop in traditional equities as the turmoil could impact international trade, analysts told CoinDesk.Bitcoin hovered just over the $26,8000 mark after losing 3% in the past week, with ether (ETH) traded over $1,500 after a 5% weekly hit. Other major tokens stabilized after seeing some losses: XRP and Solana’s SOL had dumped as much as 8%, while BNB Chain’s BNB and dogecoin (DOGE) had performed slightly better with a 3% loss.Some analysts opined the current price action observed in bitcoin markets was not necessarily bullish or bearish, and pointed to an equilibrium among buyers and sellers instead.“Bitcoin has recently been in a building phase, neither particularly bullish nor bearish,” said Andy Bromberg, CEO of Beam told CoinDesk in an email. “At the moment, there's a balance, with few newcomers entering into Bitcoin and equally few exiting,”“This balance creates a relatively stable price. Significant movement is unlikely to happen until after some sort of catalyst, such as the halving or the introduction of spot ETFs,” Bromberg added.Traders are eagerly awaiting the approval of a spot bitcoin exchange-traded fund (ETF) in the U.S., expecting the offering to open the floodgates to broader institutional demand and an inflow of new money.Meanwhile, part of Friday’s stability in the bitcoin-led market may have come from confidence in the long-term “quality” asset after an initial sell-off scare.“After the exuberance of the last few years, we’ve seen a large flight to quality, both in terms of providers and assets,” said Dan O’Prey, Chief Product Officer of Bakkt in a note to CoinDesk. “Bitcoin, being the most deceFOLLOW US TO GET #cryptocurrency NEWS

#galxe #usdr #ftx #avalanche Jordan Atkins Seven U.S. senators are urging the Treasury Department and Internal Revenue Service (IRS) to move faster on implementing digital asset tax reporting requirements agreed back in August, warning that waiting until 2026 to enact the rules would lead to $50 billion in lost annual tax revenue.The rules would oblige ‘digital asset middlemen,’ including brokers, trading platforms, payment processors, and certain wallet providers, to report gross proceeds for all digital asset sales and exchanges from January 1, 2025. Brokers must also report information on gains and losses from January 1, 2026.The call came from a letter dated October 10 and bearing the name of seven senators, including Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Angus King Jr. (I-Maine), Gary Peters (D-Mich.), Sheldon Whitehouse (D-R.I.), and Brian Schatz (D-Hawaii).The senators wrote that while they understand and appreciate the rules proposed by the IRS last August, the current plan for them to go into force in 2026 was an unacceptable and ‘self-inflicted’ delay.“Although we are pleased that the Administration has proposed a strong rule that would help close the massive crypto tax gap, we are alarmed by the self-inflicted two-year delay for the rule’s implementation, which would contravene the requirements of the Infrastructure Investment and Jobs Act, disadvantage law-abiding Americans, and cause the federal government to lose out on billions of dollars in tax revenue. We urge your agencies to limit this troubling delay and implement the final rule as swiftly as possible, while maintaining the rule’s substance in the face of industry attacks.”The Infrastructure Investment and Jobs Act referred to in the letter directed that new reporting requirements for US senators urge IRS, Treasury to implement digital asset tax rules should be applied to all tax returns starting in 2024. According to the senators, research suggests that digital asset tax evaders create a $50 billion annual loss of revenue for the IRS and that further research has US senators urge IRS, Treasury to implement digital asset tax rules even that estimation is too small.Sen. Warren released a statement after the rules were initially published, saying that the proposed regulations did not go far enough to prevent ‘wealthy tax cheats’ from hiding income in digital assets.The letter is also notable because it reflects an ongoing trend of government and regulators explicitly calling out the industry’s PR blitz on the subject of digital asset regulation, which, based on internal communications leaked in various investigations and cases against digital asset firms, is entirely disingenuous. This is cited explicitly as a reason that a delay in the rule is unacceptable:“Moreover, any delay would give crypto lobbyists even more opportunity to undermine the Administration’s efforts to impose basic reporting requirements on the nearly unregulated crypto sector, at a time when the industry is already pushing to repeal the recently enacted reporting requirements. The time to act is now.”READ ARTICLES THAT INCREASES YOUR TRADING PROFITABILITYTrue to form, following the announcement of the new rules in August, digital asset interest groups complained that the rules were over-broad and leave some industry participants with no way to comply, including the Crypto Council for Innovation and the Blockchain Association. The latter group has lobbied for a bill that would repeal the reporting requirements.The senators’ letter is also true to form, especially as far as Sen. Warren is concerned. She has regularly complained of the harms caused by gaps in digital asset rules, raising concerns about US senators urge IRS, Treasury to implement digital asset tax rules, money laundering, and potential US senators urge IRS, Treasury to implement digital asset tax rules4 to the regular financial system in the event of a crash.As of now, the rules are set to come into effect in the staggered approach envisioned by the IRS: gross proceeds reporting from January 2024, and complete profit/loss reporting from January 2026.

The Israel Police’s Lahav 433 cyber section has frozen crypto accounts related to Hamas.Crypto #crypto Aid Israel has announced that it will accept donations in different cryptocurrencies.Monday, #cryptocurrency cryptocurrency prices fell along with global equities markets and surging oil costs due to fresh unrest in the Middle East. On Monday, the violence between Israel and Hamas entered its third day. Oil prices seemed to be affected by traders’ speculation that the war may disrupt supplies if it spread to neighboring nations like Iran.As per Santiment, the rising discussions regarding the conflict is on the surge among the community members. The conflict hasn’t had a significant effect on the cryptocurrency market so far, but if it escalates further, it could result in heightened price sensitivity.Curb on Hamas Crypto AccountsThe Israel Police’s Lahav 433 cyber section, according to a statement, has frozen crypto accounts related to Hamas. The police spokesperson’s office said that Hamas had been utilizing social media profiles to solicit donations since Saturday. To combat terrorist organizations’ use of cryptocurrencies, Lahav 433 collaborates with the Defense Ministry, Shin Bet, and other intelligence organizations.Lahav 433 collaborated with UK law enforcement to get a Barclays bank account frozen. On Monday, members of the Israeli crypto and web3 communities announced the launch of Crypto aid Israel to gather money for Israelis who have been displaced and are in need of emergency assistance since the commencement of hostilities with Hamas.Crypto Aid Israel has announced that it will accept donations in several different cryptocurrencies, including bitcoin, ether, and stablecoins USDT and USDC, via a multi-signature wallet that will be collectively controlled through several parties.The movement of these crypto contributions has been facilitated by a number of Israeli institutions and authorities. An insider to the program claims that for the first time, these institutions will serve as a conduit for the transfer of crypto assets to traditional financial institutions. MOST ESPECIALLY BTC #BTC #avalanche Highlighted LEGITNEWS247

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