U.S. House Overturns IRS DeFi Rule: Trump’s First Crypto Law Ahead?

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The post U.S. House Overturns IRS DeFi Rule: Trump’s First Crypto Law Ahead? appeared first on Coinpedia Fintech News

U.S. lawmakers voted to cancel an IRS rule that required crypto companies, including DeFi platforms, to collect and report taxpayer and transaction information. The House passed the vote 292-132, following the Senate’s decision to reject the rule that was finalized during the final days of former President Biden’s administration. This could change how crypto businesses are regulated.

Fox Business Journalist Eleanor Terrett noted that due to a rule that budget-related bills must start in the House, the Senate will need to vote on the resolution one more time. Once that vote passes, it will go to President Trump’s desk as the first crypto-related bill to become law.

Missouri Republican Jason Smith urged lawmakers to support the resolution, saying the IRS rule could hurt U.S. businesses and stifle innovation. He added that the rule might be impossible to enforce, as DeFi platforms are different from centralized crypto exchanges or banks and cannot gather the required user information to comply with the rule. 

Last week, 70 Senators voted to overturn the IRS rule, with Trump’s advisers urging him to sign it. Rep. Jason Smith (R-Mo.) noted the Senate must approve it again due to budget rules. If signed, the IRS would be blocked from enforcing similar rules in the future.

Illinois Democrat Danny Davis argued the rule was part of the 2021 Infrastructure Act, comparing crypto to stocks and saying crypto platforms should report like stock brokers. Meanwhile, North Carolina Republican Tim Moore claimed the rule overstepped and could harm U.S. innovation in digital assets.

Texas Democrat Lloyd Doggett called the resolution “special interest legislation,” saying that it could help tax cheats, criminals, and terrorist financiers, and add $4 billion to the national debt, going against President Trump’s goal to cut the debt.

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Fartcoin (FARTCOIN) Hits 12-Week High With No Signs of Slowing

Solana-based meme coin FARTCOIN has emerged as the top-performing cryptocurrency in the market today, surging by 19% over the past 24 hours. 

It trades at its highest level since January 30, marking a 12-week peak. With buying activity still underway, the meme coin seeks to extend its rally in the short term. 

FARTCOIN Buyers Tighten Their Grip

On the FARTCOIN/USD daily chart, bullish momentum continues to build. The token’s positive Balance of Power (BoP) indicator reflects a strong dominance of buyers in the market. At press time, this is at 0.69.

FARTCOIN BoP.
FARTCOIN BoP. Source: TradingView

The BoP indicator measures the strength of buyers versus sellers in the market. When its value is positive, buyers are dominating and exerting more pressure than sellers.

Therefore, FARTCOIN’s rising positive BoP suggests increasing demand and the potential for continued upward price movement. 

Furthermore, the bars forming FARTCOIN’s Elder-Ray Index have steadily increased in size over the past few days, highlighting a consistent rise in bullish pressure. 

FARTCOIN Elder-Ray Index.
FARTCOIN Elder-Ray Index. Source: TradingView

The Elder-Ray Index measures the strength of buyers (bull power) and sellers (bear power) by comparing an asset’s high and low prices to its exponential moving average (EMA). When its value is positive, bull power is dominant. 

This growth suggests that FARTCOIN’s buyers are gaining greater control of the market, pushing prices higher with each passing session. 

FARTCOIN Eyes Breakout 

As of this writing, FARTCOIN trades at $1.06, just below the major resistance level of $1.16. If demand strengthens and the meme coin manages to flip this price level into a support floor, its rally would gain momentum, potentially pushing the price toward $1.46.

FARTCOIN Price Analysis.
FARTCOIN Price Analysis. Source: TradingView

On the other hand, if profit-taking begins, this bullish outlook could be invalidated. In that scenario, FARTCOIN’s value may dip as low as $0.74.

If the bulls are unable to defend this support level, FARTCOIN’s price could fall further to a low of $0.19.

The post Fartcoin (FARTCOIN) Hits 12-Week High With No Signs of Slowing appeared first on BeInCrypto.

Analyst Warns Ethereum Price Could Crash To $1,060, Here’s Why

Analyst Warns Ethereum Price Could Crash To $1,060, Here’s Why

Ethereum price has been experiencing a prolonged bearish trend, raising concerns among investors and analysts. Recent technical analysis suggests that the cryptocurrency’s price could decline further, potentially reaching as low as $1,060. Multiple factors, including weak market structure, lack of bullish momentum, and negative on-chain data, influence the downward movement.

Ethereum Price Faces Continuous Rejections at $4,000 Resistance

According to price analysis by Mags, Ethereum has failed to break the $4,000 resistance level three times in this cycle. Each rejection has led to a further decline, with the latest downturn pushing the cryptocurrency below its mid-range level. The price is now also trading below an upward-sloping trendline support, which had been holding since the previous cycle bottom.

Analysts warn that Ethereum could continue its decline if it does not reclaim $2,500 in the near term. A further drop below the current levels could expose ETH to a potential fall toward $1,060, where the range low is positioned. The lack of strong support suggests that downward movement remains a strong possibility.

ETH price
Source: X

Market data indicates that Ethereum price remains under bearish pressure. The altcoin has not shown signs of establishing a solid bottom, raising the risk of prolonged losses. Without a strong recovery above resistance levels, the bearish trend may persist.

ETH/BTC Pair Remains in a Bearish Trend

Additionally, the ETH/BTC trading pair has been underperforming, signaling weakness in Ethereum’s relative strength against Bitcoin. The Relative Strength Index (RSI) on the three-day chart remains below 30, a level that often indicates oversold conditions. However, historical trends show that oversold levels have not always marked a definitive bottom for Ethereum price.

Since mid-2024, ETH/BTC has recorded multiple breakdowns, with declines of 13%, 21%, 25%, and 19.5%. The 50-day and 200-day Exponential Moving Averages (EMAs) continue to trend downward, reinforcing the bearish outlook.

Additionally, analyst CarpeNoctom has pointed out that ETH/BTC has yet to confirm a bullish divergence on its weekly chart, further suggesting that ETH price could struggle to find support.

ETH price
Source: X

Declining ETF Flows and Weak On-Chain Activity

Since the start of the year, Ethereum-based exchange-traded funds (ETFs) in the US have seen consistent outflows. In March 2021, the net assets of spot Ether ETFs decreased by 9.8%, amounting to $2.54 billion. Bitcoin ETFs, on the other hand, suffered a slight decrease of 2.35% to $35.74 billion. This divergence indicates that institutional fund managers are losing interest in Ethereum.

Further, there is decreasing network usage evidenced by on-chain data. It is worth mentioning the median gas fees have declined on the mainnet and fluctuating at approximately 1.12 GWEI in March. This is a far lower turnover as compared to the previous calendar year, meaning that there are less transaction taking place on the network.

Despite a market cap of $231.96 billion, the ongoing downward trend suggests continued selling pressure.

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