The IRS has proposed that crypto exchanges enforce the electronic acceptance of Form 1099-DA, impacting digital asset transaction reporting.
Exchanges could terminate accounts of users who refuse electronic delivery, signaling a major shift in compliance.
The public can provide input on this proposal until May 5, 2026.
US spot Bitcoin ETFs have experienced net outflows for five consecutive months since October 2024, according to data from SoSoValue. March 2025 is showing early signs of reversing this trend, with preliminary data indicating new inflows to Bitcoin ETF products. This potential shift could signal renewed institutional interest after a prolonged period of fund withdrawals.
The cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have exhibited a superb comeback, increasing over 2000% since reaching their lows during the 2018 bear market.
Analysis of macro liquidity trends suggests potential support for crypto markets in coming weeks. Global liquidity has maintained a 90% correlation with BTC since 2012 and continues growing at approximately 10% annually. Key indicators include easing financial conditions, accelerating US total liquidity following recent constraints, and expanding credit mechanisms through the eSLR. Additional supportive factors cited include expected US rate cuts, tax refunds flowing into bank balance sheets, and China’s expanding monetary base. Stablecoin issuance grew 50% last year and continues accelerating, with trading volumes in the trillions of dollars. Weekly and daily technical indicators suggest potential for trend reversal within the next two weeks if weakness continues.
Coinbase has pointed out the complexity of the IRS 1099-DA tax forms which many US users are currently receiving for reporting digital asset transactions.
The absence of cost basis in the current reporting system adds confusion for users. Coinbase intends to address this by implementing cost basis calculations in the next tax year.
PI trading volume is $14.7m. Market capitalization reaches $2.15b.
Total crypto market cap stands at $2.31T with $55.09B in 24-hour volume. Bitcoin dominance holds at 58.39% while ETH dominance is at 10.31%. BTC trades at $67.3K, down 1.32% in 24 hours but up 0.73% over seven days. ETH sits at $2.0K, down 0.50% daily but flat at +0.50% weekly.
Top gainers include OKB (+8.43%), KITE (+6.38%), and ZRO (+3.49%). Losers include ZEC (-6.59%), NIGHT (-4.87%), and TRUMP (-4.81%). Sector-wide, NFTs & Collectibles declined 1.67%, while Filesharing dropped 1.88%.
Futures sentiment shows strong bullish positioning: BTC long/short ratio 2.06 (67.3% long), ETH ratio 2.86 (74.1% long), SOL ratio 3.28 (76.6% long). Options data shows BTC put/call at 0.69 with IV 63.6%, ETH put/call at 0.63 with IV 82.8%, indicating mixed hedging activity.
In commodities, gold trimmed gains despite geopolitical uncertainty as traders assess Federal Reserve outlook alongside rising oil prices. Silver saw spillover demand from safe-haven buying pressure. DeFi highlight: Sentora TVL surged 48.2% to $1.5B.
The U.S. Treasury presented its report under the GENIUS Act, advocating for AML/CFT regulations for DeFi platforms and suggesting a safe harbor law for digital asset holdings.
With crypto fraud losses amounting to around 9 billion USD reported by the FBI in 2024, the report emphasizes the urgent need for enhanced regulations to tackle rising crime in the sector.
Despite a minor dip, the World Uncertainty Index remains elevated, signaling persistent fears among market participants.
The current index level highlights significant market concerns, suggesting that economic instability continues to impact investors.
The World Uncertainty Index has retreated slightly from recent peaks but remains significantly elevated compared to historical levels. According to data from Cointelegraph, the index continues to reflect persistent macroeconomic concerns despite the modest decline. This elevated uncertainty typically influences risk appetite across markets, including cryptocurrency assets.