🌟 Today’s Crypto News – January 2, 2025 🌟
▫️ Exchange Rankings
• Coinbase remains at rank 202.
• Phantom Wallet stays below rank 500.
▫️ Bears Eye $90K BTC Amid Pre-Holiday Decline
• Bitcoin could drop to $90,000, as bearish sentiment grows and interest in long positions wanes ahead of the New Year.
▫️ China Tightens Crypto Oversight
• Chinese banks will now track all transactions involving digital assets and report them to the authorities as part of stricter regulations.
▫️ IRS Eases Crypto Tax Rules
• The U.S. Internal Revenue Service (IRS) has temporarily relaxed crypto tax calculation rules:
• Owners of digital assets on centralized exchanges (CeFi) are no longer required to use the FIFO (First In, First Out) method for tax calculations.
• Alternate methods like HIFO (Highest In, First Out) or Specific Identification can now be used.
▫️ Crypto Venture Funding Poised to Grow in 2025
• Venture investments in crypto projects reached $13.6 billion in 2024 and could rise to $18 billion in 2025.
• Blockchain startups received 4.9% of the total $279 billion in global venture funding last year.
▫️ Spot Bitcoin ETFs See Strong Capital Inflows
• U.S. spot Bitcoin ETFs recorded a net capital inflow of $35.2 billion in 2024.
• This occurred despite a $21.4 billion outflow from Grayscale’s GBTC fund.
▫️ Syria Explores Digital Currency
• Syria is considering the creation of a digital Syrian pound on blockchain, along with the legalization of BTC trading and mining to boost its economy.
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