Looking for today’s crypto scoop? Here’s what’s been buzzing in the world of digital currencies, from Bitcoin’s price movements to regulatory updates and more.
All eyes are on Bitcoin as it inches closer to the $72,000 mark, with analysts predicting this could set off a chain reaction, potentially propelling it past the psychological barrier of $75,000. Meanwhile, U.S.-based Bitcoin exchange-traded funds (ETFs) are seeing significant inflows, and FTX has reached a settlement with the IRS on a sizable tax bill.
Bitcoin’s $72,000 Threshold: Catalyst for New Highs?
According to analyst Willy Woo, hitting $72,000 could be the tipping point for Bitcoin, triggering a surge that pushes it beyond $75,000 and into new all-time high territory. Woo suggests that a breakthrough at this level could lead to mass liquidations of short positions, potentially propelling the price even higher.
As of the latest data, Bitcoin has climbed 3.15% in the past 24 hours, trading at $71,124. Over the week, it’s seen a 4.8% increase, adding to the anticipation surrounding its potential upward trajectory.
U.S. Bitcoin ETFs Experience Strong Inflows
U.S.-based Bitcoin ETFs have witnessed their second-largest inflow day on record, with a combined net inflow of $886.6 million, as reported by Farside Investors. Notably, Grayscale’s Bitcoin ETF saw a rare inflow day, marking a shift from previous outflows since January.
This surge in ETF activity coincides with Bitcoin’s 2.9% rally over the last 24 hours, highlighting growing investor interest and confidence in the digital asset.
FTX Resolves Tax Dispute with IRS
Crypto exchange FTX has reached a significant milestone in its legal proceedings, settling a $200 million tax dispute with the IRS. The agreement, subject to court approval, aims to resolve a $24 billion tax claim initially filed by the IRS.
Under the proposed settlement, FTX will pay $200 million as a priority tax claim within 60 days of approval, with an additional $685 million as a subordinated claim. The exchange maintains that while it acknowledges tax obligations, it disputes the amount owed, particularly in relation to funds used by former CEO Sam Bankman-Fried.
As the crypto landscape continues to evolve, these developments underscore the ongoing intersection of digital currencies and regulatory frameworks, shaping the future of the industry.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
