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.
ADDING: I’m told by a Capitol Hill source that due to a technicality that requires bills that affect the budget to originate in the House, the Senate will need to vote on the joint resolution one more time.
After this final vote (which is expected to pass like the last one),… https://t.co/mbovD6V8I1
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.
Stellar (XLM) has been up almost 19% over the last seven days, and its market cap is now close to $9 billion. The RSI has surged above 70, while the ADX shows rising trend strength, and the EMA lines confirm bullish momentum.
XLM is holding an uptrend and pushing toward key resistance around $0.30. However, if support levels fail, signs of overheating could lead to short-term pullbacks.
Is Stellar Overheating? RSI Hits 71.5
Stellar is currently showing strong bullish momentum. Its Relative Strength Index (RSI) climbed to 71.5, significantly from 55.2 just three days ago.
This rapid increase highlights a surge in buying activity, reflecting growing investor confidence in XLM’s short-term price prospects. The sharp move also suggests that Stellar has quickly transitioned from a neutral to a more aggressively bullish setup, capturing attention among traders who closely monitor momentum indicators for entry and exit signals.
Such a fast rise in RSI often indicates intense demand, but it can also signal that the asset is approaching stretched conditions, which may increase volatility.
The RSI, or Relative Strength Index, is a technical indicator used to assess the strength and speed of an asset’s recent price movements. It operates on a scale from 0 to 100, where readings above 70 generally suggest an asset is overbought, and readings below 30 indicate oversold conditions.
When the RSI crosses above 70, it often warns that the asset could be due for a pause, consolidation, or minor correction as buying momentum overheats.
With Stellar’s RSI now at 71.5, XLM has officially entered overbought territory. This could mean that while bullish sentiment remains dominant, the price is increasingly vulnerable to pullbacks if momentum slows or traders begin locking in profits after the recent surge.
XLM Trend Momentum Builds as Buying Pressure Dominates
The Stellar Directional Movement Index (DMI) chart signals strengthening trend momentum. Its Average Directional Index (ADX) is currently at 37.41, up from 26.56 just two days ago.
This sharp increase in ADX suggests that the trend is gaining strength, confirming that market participants are firmly committed to the prevailing direction.
An ADX above 25 generally indicates the presence of a meaningful trend, and with XLM’s ADX now approaching 40, the uptrend is well-established and becoming increasingly powerful, attracting more attention from momentum traders and technical analysts.
The ADX, or Average Directional Index, measures the strength of a trend. It does not indicate the direction. It moves between 0 and 100. Readings below 20 show a weak or non-existent trend. Readings above 25 suggest a strong and sustainable trend is underway.
Along with the ADX, the DMI tracks two other important lines. The Positive Directional Indicator (+DI) measures upward pressure, while the negative directional indicator (-DI) measures downward pressure.
XLM’s +DI is now at 33.59. It was at 22.81 two days ago but is slightly down from a recent peak of 36.47. This shows some short-term volatility, even with strong overall buying pressure.
Meanwhile, the -DI has dropped sharply to 9.91 from 19.8 three days ago. This signals that selling pressure has weakened considerably.
Taken together, these movements confirm that XLM remains firmly in an uptrend. However, small fluctuations in +DI suggest that while bulls are still in control, the pace of buying could face brief pauses or small pullbacks as the rally matures.
Stellar Bullish Trend Intact, but Key Support at $0.279 Must Hold
Stellar’s Exponential Moving Averages (EMAs) are flashing strong bullish signals, with the short-term EMAs currently positioned above the long-term ones. This classic pattern reflects sustained upward momentum.
The next major resistance level sits around $0.30, a psychological barrier that could briefly slow XLM’s advance.
However, if Stellar manages to break decisively above $0.30, the path higher opens toward $0.349 and potentially $0.37, which would mark the first time XLM trades above $0.35 since March 2.
On the downside, the support level at $0.279 has become crucial for maintaining the bullish structure.
A successful retest of this support could serve as a healthy consolidation before another leg higher, but a clear loss of $0.279 could trigger a more meaningful correction.
If that happens, XLM price could slide toward the next major support at $0.258, and if selling pressure accelerates, deeper retracements toward $0.239 or even $0.20 are possible.
Solana (SOL) price is at risk of losing the battle for dominance to Ethereum after the latter recorded a 380% surge in exchange netflows, suggesting that traders may be rotating capital from SOL to ETH. This capital rotation might have a negative impact on Solana and potentially trigger a massive crash.
Solana Price at Risk as Ethereum Inflows Surge 380%
Solana price is at the risk of trending downwards as on-chain data hints that retail traders may be shifting their attention from other altcoins to Ethereum, as the largest altcoin defends the support zone between $1,750 and $1800. This resilience has sparked a 380% surge in ETH exchange netflows in the last 30 days, per IntoTheBlock data, which is an indication that market interest is notably high.
Ethereum Netflows
Besides the surge in exchange netflows, large transaction volumes have also spiked by 133%, hinting that whales are also actively trading ETH as the sentiment around this altcoin changes to “mostly bullish.”
Data from Artemis also supports a bearish Solana price prediction and the thesis that the SOL price is losing its competitive edge over Ethereum after the latter ranked with the highest netflows in the last month. During the same period, Solana did not even rank among the top 20 coins in terms of network netflows.
30-Day Netflows
With the on-chain data favouring Ethereum, the Solana price may be on the verge of a massive crash and could soon lose its critical support level. Such a dip could shift the trend in the SOL/ETH ratio that has been on an uptrend for months after Ethereum underperformed against SOL.
What’s Next for SOL – Crash or Rally?
Despite the on-chain data favouring Ethereum and hinting that the price of Solana may crash soon, analysts have shared different views on the future performance. One analyst on X noted that if SOL fails to sustain the support zone between $140 and $145, it may fall to around $115, at which point holders will register losses. Meanwhile, popular analyst Ali Charts stated that the squeezing Bollinger bands on the four-hour chart hint at a parabolic rally for SOL.
The one-day chart appears to support the bearish thesis around SOL value today as the AO histogram bars turn negative, an indication that the bullish momentum is growing weak. If these bars cross below the zero line, it will confirm that a bearish momentum is at play, which may push the SOL price to $138, and if this level also fails, a crash to $100 may be imminent.
The RSI line is tipping south, albeit remaining above 50, an indication that the selling pressure is increasing, and this may push Solana lower if there is inadequate buying pressure. To invalidate the bearish thesis, buyers need to step in to absorb the sold coins and push SOL past $178, as this will spark an uptrend past $195 to $200.
SOL/USDT: 1-day Chart
Considering the ongoing capital rotation from other altcoins to Ethereum, the Solana price is at risk of a downtrend and could drop lower and possibly retest levels below $120. The declining RSI and red AO bars further confirm that SOL is at risk of a crash happening in the near term.
American financial technology company Visa has launched stablecoin payments in the Latin American (LATAM) region. The firm launched the product in partnership with Bridge, a Stripe company, as it looks to broaden access to stablecoin payments in multiple countries. Under the partnership, the company said Bridge Fintech developers can offer stable assets with a single API integration.
The Visa Stablecoin Offering
In its announcement to shareholders, Visa said customers can access the offering at local shops where its services are available. With a network of over 150 million merchants, the fintech giant reiterates its commitment to advancing payments initiatives.
The alliance with Bridge will also permit the issuance of new card programs in Colombia, Ecuador, and Mexico. Despite its bold step in this region, the company plans to expand into other markets in the coming months.
This update comes as rival Mastercard launched a solution for stable token transactions earlier this week. The move confirms the high stakes fintech firms are placing on stablecoins amid changing regulatory trends around the world.
ADDING: I’m told by a Capitol Hill source that due to a technicality that requires bills that affect the budget to originate in the House, the Senate will need to vote on the joint resolution one more time.
