News

🏛 IRS Declares Crypto Staking Rewards Taxable Amid Lawsuit

The Internal Revenue Service (IRS) has clarified its stance on the taxation of cryptocurrency staking rewards, stating that such rewards are taxable upon receipt. The announcement comes amid an ongoing lawsuit filed by crypto investor Joshua Jarrett. Joshua challenges the IRS’s approach to taxing staking activities. This legal development has sparked widespread attention within the cryptocurrency community.

🤖 Elon Musk xAI Secures $6B To Boost Generative AI Expansion

Elon Musk xAI has raised $6 billion in its latest funding round, according to a filing with the U.S. Securities and Exchange Commission. This round adds to the $6 billion raised earlier this year, bringing the company’s total funding to $12 billion. The capital injection positions xAI to expand its generative AI initiatives and enhance its competitive edge.

🇷🇺 Russia Bans Crypto Mining In 6 Regions Amid Bitcoin Strategic Reserve Anticipation

In a recent development, Russia has imposed a ban on crypto mining in six regions from January 1, 2025. Notably, the restrictions will be imposed on the regions for six years and will be in effect till March 15, 2031. This development also comes just after Russian lawmakers proposed creating a Bitcoin Strategic Reserve amid a global shifting focus toward the flagship crypto.

Sponsored

🌐 Investors Shift to Pepeto: Next Huge Presale Opportunity

As meme coins like Brett, Popcat and PNUT face steep declines, retail traders are shifting their focus to Pepeto ($PEPETO), a presale powerhouse raising $2.8 million in under two months.

Markets

📊 Crypto Prices Today December 24: BTC Hits $94K, Virtual Surges, ZEC Rises

The crypto prices today showed mixed trends, with Bitcoin (BTC) trading below $94,000 after a week-long decline from its $108,000 all-time high. Virtual Protocol (VIRTUAL) surged by 35%, becoming the top gainer, while Zcash (ZEC) followed with a 20% increase in the last 24 hours. Major altcoins like Ethereum (ETH), XRP, and Solana (SOL) showed signs of recovery, recording gains of 3% to 5% during the same period.

The global crypto market cap rose approximately 2% to $3.32 trillion, while trading volume grew by 20% to $170 billion. The Fear and Greed Index stands at 55, indicating neutral sentiment. Here’s a quick snapshot of the top cryptocurrencies by market capitalization and price movements.

🎄 Ethereum Coins Gearing for Christmas Rally with Over 20% in Gains

The broader crypto market is witnessing mixed trends. Bitcoin (BTC) trades at $94,000, marking a significant decline from its $108,000 all-time high, while major altcoins like Ethereum (ETH), XRP, and Solana (SOL) show signs of recovery. In this environment, as the crypto market operates in a holiday season, several Ethereum-based coins are catching investors’ attention with impressive rallies. Among the most notable are Movement (MOVE), Minotaurus (MTAUR), Bitget Token (BGB), and Virtuals Protocol (VIRTUAL). These altcoins show strong growth potential, with gains exceeding 20% in recent weeks.

🚀 3 Key Metrics That Hint Bitcoin Price Will Hit $100K Soon

After crashing nearly 15% Bitcoin has spent nearly a week below $100K and BTC currently trades at $94,124. Despite the brutal crash and sideways movement when will Bitcoin price hit $100,000? This article explores three key on-chain metrics that suggest that BTC is preparing for a strong bounce.

In the previous article, CoinGape explore three reasons why Bitcoin price crash will end soon. This article explores why BTC should bounce soon and revisit the historic $100K level.