Daily Crypto Signals: Tax Clarity and Price Volatility Mark Year-End Trading
The crypto market faces increased regulatory scrutiny and price volatility as Bitcoin trades below $95,000 while altcoins show mixed performance amid holiday trading conditions.
Latest Developments in the Crypto Market
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| π₯ |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| π₯ |  | Read Review | FSCA, FSC, ASIC, CySEC, DFSA | USD 5 | Visit Broker |
| π₯ |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | ASIC, FCA, CySEC, SCB | USD 100 | Visit Broker |
| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
Maintaining that rewards should be taxed at receipt rather than at sale, the IRS has adopted a strong position on crypto staking taxation. Their reply to a second lawsuit contesting its tax treatment reveals this clarity. Botswanaβs central bank, meantime, supports legislative frameworks while classifying bitcoin as a low-risk investment. Regarding political events, Donald Trump has named former college football player Bo Hines to head his suggested Presidential Council of Advisers for Digital Assets.
Bitcoin Under $95,000
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With a 1.2% daily drop, Bitcoin BTC/USD is under negative pressure and trades at $94,264. Technical analysts advise prospective support levels between $85,000 and $86,000; other traders believe the $90,000 level will be retested. Though institutional demand is still strong with MicroStrategy acquiring 5,262 Bitcoin from December 16-22 at an average price of $106,662, the bitcoin has witnessed a 15% fall from its previous all-time highs.
XRP Testing $1.98 Support?
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XRP XRP/USD has moved into a correcting phase following $2.90, its highest level since January 2018. Technical study indicates a possible 15β20% down to $1.98 support level from the $2.24 trade price now. Declining whale numbers and the development of a declining triangle pattern help to justify the bearish view. Long-term prospects are still bright, though, with prospective XRP ETF developments and the SEC vs. Ripple litigation outcome acting as potential trigger.
Top Altcoins to Keep An Eye On
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There is notable price activity displayed by several main altcoins:
- Solana (SOL) is testing crucial support at its uptrend line, trading at $189.04
- BNB faces resistance at $688.66 with key support at $635
- Cardano (ADA) shows bearish signals after breaking below key support at $0.91
- Avalanche (AVAX) trades below its 50-day moving average at $38.38
Macroeconomic events still affect the market, especially the Federal Reserveβs hawkish attitude on interest rates, with low prospects of rate reductions in early 2024.
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