🚨 Curious About Today’s Crypto Action? Here Are the Hot Topics!

News

The US Treasury Deaprtment has finally released the long-awaited DeFi broker tax reporting framework in its bid to capture revenue from the growing industry. According to the released framework, platforms offering trading services to report user transactions with the Internal Revenue Service (IRS).

Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has made a bold prediction about Bitcoin price. He forecasts that Bitcoin will reach $350,000 by 2025, urging investors to prioritize self-custody over institutional ETFs. Kiyosaki’s statements have sparked interest, particularly as BlackRock’s Bitcoin ETF recently recorded a massive outflow.

In the latest news, Fox Business correspondent Charles Gasparino’s comments on Judge Torres’s ruling in the Ripple vs. SEC case sparked a heated debate. Calling the decision “idiotic,” Gasparino faced criticism from crypto market enthusiasts and lawyers. His remarks not only sparked controversy but also highlighted differing perspectives on the implications of the case for the crypto industry.

Markets

The crypto market today is in a cool-off phase as the holiday season unfolds. Bitcoin (BTC) and Ethereum (ETH) have declined, with BTC dropping below $95K and ETH falling to the $3,300 range. Bitcoin has remained between $94K and $108K for over a month, while top altcoins show bearish momentum, with most losing 1% to 5% in the past 24 hours.

The overall market cap has also dropped by approximately 2%, now at 3.28 trillion. Trading volume has seen a significant decline of 34%, as many investors are in a holiday mood and enjoying the last days of 2024. Market activity is expected to pick up after the first week of January when trading volume will likely return to normal levels. The Fear and Greed Index is currently at 51, indicating a neutral sentiment in the market.

Ripple’s (XRP) weak market outlook is a result of Bitcoin’s crash from its $108K ATH. This drop has caused XRP price to be primed for another crash that could send it to $1. Here are five signs that support this bleak out for Ripple.

The recent downturn in the crypto market saw significant losses, with Bitcoin dropping below $95,000. This bearish trend has impacted several altcoins, leading to substantial sell-offs. Here are three altcoins to sell now to avoid massive losses in January 2025, as they respond to current market dynamics.