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Bitcoin Wins, Pepe Plunges, Trump Surrenders | Crypto Week In Review

Scott Melker
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Title: The Week in Crypto: Tax Rules, Market Updates, and Political Developments

Introduction:

This week has been eventful in the world of cryptocurrency, with significant news and developments taking place. From the proposed tax rules by the Treasury and IRS to the market performance of Bitcoin and Ethereum, there is much to discuss. Additionally, the political landscape surrounding cryptocurrency is also worth exploring. In this article, we will delve into these topics and provide comprehensive insights into the latest happenings in the crypto space.

Tax Rules for Americans: Defining the Word “Broker”:

One of the major developments this week is the proposed tax rules for Americans by the Treasury and IRS. These rules aim to define the word “broker” for companies in the United States. However, the proposed rules may not be well-received by the crypto community. The definition of digital asset brokers includes trading platforms, payment processors, and certain wallet providers. While individual miners and stakers are exempt from broker requirements, certain wallet providers, including decentralized DeFi DEXs, may face challenges in complying with the regulations. This could potentially lead to the reporting of transactions to the IRS, which may pose privacy concerns for users. It is important for the industry to push for more sensible rules during the public comment period.

Bitcoin and Crypto Market Updates:

The crypto market has seen some fluctuations this week, with Bitcoin experiencing a dip below $26,000. However, it is important to note that these short-term price movements should not cause panic. The overall trend suggests a potential bull market in the future, with many experts predicting a price target of $150,000 in the next cycle. While the market may remain relatively stagnant for a while, it is crucial to stay informed and monitor key indicators such as RSI and moving averages for potential trend reversals.

Political Developments and Bitcoin:

The political landscape surrounding Bitcoin and cryptocurrency is also worth discussing. It is evident that the older candidates, such as Trump and Biden, do not support Bitcoin. However, there are emerging candidates, like Suarez and Vivek, who have outlined their favorable positions on Bitcoin. It is encouraging to see political candidates acknowledging the importance of cryptocurrency and blockchain technology. This could potentially have a significant impact on the future of the industry.

Challenges in DeFi and Meme Coins:

The recent incidents involving Curve and Balancer highlight the challenges faced by the decentralized finance (DeFi) sector. The Curve loan, which put the entire DeFi market at risk, raises concerns about the safety and risk management practices within the industry. Additionally, the rise of meme coins, such as Pepe, has led to market volatility and potential rug pulls. It is important for investors to exercise caution and conduct thorough research before engaging with such projects.

Conclusion:

In conclusion, this week has been eventful in the world of cryptocurrency, with significant developments in tax regulations, market performance, and political dynamics. It is crucial for investors and enthusiasts to stay informed and navigate the ever-changing landscape of the crypto market. While challenges exist, the industry continues to evolve, and it is important to focus on the long-term potential of blockchain technology and its impact on various sectors.

Frequently Asked Questions (FAQs):

1. What are the proposed tax rules for Americans in the cryptocurrency industry?
2. How has the crypto market performed this week, particularly Bitcoin and Ethereum?
3. What is the political stance on Bitcoin among different candidates?
4. What challenges are faced by the DeFi sector, and how do they impact the market?
5. What precautions should investors take when dealing with meme coins and potentially risky projects?

Tags bitcoinbtcbuy bitcoinchartscryptoethEthereumnftpepepodcastReviewTAtechnical analysistradingtrading viewWeb3WeekWins
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33 Comments

  2. The Ripple vs. SEC lawsuit highlights crypto's complexity. Ripple's win is praised, but the restrictions on selling to institutional investors casts doubt on its banking application. Silvia Macido’s coaching aids traders in this difficult environment. Silv’ias customized advice helps you spot opportunities and make strategic decisions.Learning is easy with Silvia’s help.

  5. Crypto is not about avoiding TAX – As long as I can Pay in Bitcoin and get a receipt recorded on the blockchain. That way everyone can verify "everyone" is paying the correct Tax !!!!!!!!! J P Morgan, Biden's family and all the others who enjoyed (Tax privileges) in the old regime. No One minds fair and open tax system for everyone!!!!!

  9. American people take ENORMOUS pride in seeing tRUMP and his cohorts take the perp walk and get the mug shot. Wake up Scott, they performed the crime, do the time. Like we all would. Dont be a schmuck!

  12. yea we know youre an establishment apologist. we can literally hear the soy in your voice.

    youll always be a nobody while he will be remembered as the best presiden in modern history

  17. Scott, I listen to 4 crypto YouTubers you are one. You educate and don't use click bait for viewers. You’re also are smart enough to keep politics off your channel, unlike others. Today was different I know but I'm glad you said what you did. I do disagree with your “like” of Robert Kennedy but we can't agree on everything

  18. Great vid as ever, Scott. Packed with information. But little bitcoin analysis of how BRICS and dedollarisation will play out with regard to near future of US election and peace breaking out in Ukraine.

  25. The fact you would register as a Democrat and call yourself a Bitcoiner is beyond comprehension.

    Democrat party is pure Evil and anti freedom , anti Free Speech.

    I’ll never watch your Woke Show again.

  26. Excellent analysis. Stock do not give returns in a straight line. Don't look for multi baggers. Don't track prices constantly. Get more capital to invest. Acknowledge faults and rectify. Don't buy and forget. Buy and trade and as you trade you also monitor instead. Understand what you are buying. Hedge positions and avoid over exposure. Crypto investment still remain the best. I love volatility that's where u make money. It's much better to put everything into crypto and continue trading with Charles Jasper trade signal. As I've made over $593k in some weeks of trading bitcoin through his guidance and trade signal with just $82k.

  27. Yes, there is the halving, but I think the ETF approvals will have more of an impact and needs to be priced into predictions if they go thru… Surprised you left that out. Cant just look at charts with that pending…

  28. Thank you for providing high-quality programming. Your description of the current situation, with investors fleeing to the safety of the US stock market and dollar to prevent a crash, is accurate. However, this "melt UP" phase will eventually end, and the global economy will crash, causing US markets to crash even harder due to the high levels of debt. This will be followed by a "Default Phase" with many massive bankruptcies, and finally "Asset Seizures," where banks and the government will declare a national emergency to justify debiting people's accounts. The legislation for such actions is already in place. My advice to those feeling the heat of inflation is to trade long-term more than ever. < I've made over 650k from day trading with Lambert Jason in just a few weeks. This is one of the best ways to protect your assets in case of a bearish market.

  30. Thanks for this great video. Many people say that now is the best time to invest in cryptocurrency, I have seen YouTube videos on how to invest, but I am still confused. Please

  33. Hey Scott, just wanted to say thanks for always sharing your thoughts on the markets. I listen to you and Mario all the time and I started my crypto journey right when the bear market started. I’ve been accumulating because of my conviction on my crypto picks and research, but people like YOU play a big role due to all the great information you provide in your platforms. Much appreciated.

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