May 2024 - Page 2 of 2 - CryptoCurrencyWire

MondayMay 06, 2024 9:00 am

Bernstein Analysts Predict Crypto Market Growth to $7.5 Trillion in 2025

Cryptocurrency appears to be gearing up for significant growth, according to a recent report. The report suggests that the collective value of crypto could triple to reach $7.5 trillion by the year 2025. Researchers Mahika Sapra and Gautam Chhugani from Bernstein highlighted several key factors in a note to their clients that could fuel this surge. According to Bernstein’s analysis, Bitcoin might reach $150,000 by next year, buoyed by the unprecedented influx of funds into 10 newly launched Bitcoin spot ETFs earlier this year. While the pace of inflows has tapered off since the beginning of last month, Bernstein views…

FridayMay 03, 2024 9:00 am

Stagflation Fears Cause Crypto Market to Slide

Cryptocurrency markets are experiencing a downturn amid concerns over potential economic stagnation in the United States. According to data from CoinDesk Indices, Bitcoin, the largest digital currency by market capitalization, was trading at $62,400 on April 29, 2024, after declining 2.5% during the previous day. Ether was also down by 3%, trading at $3,200, while CoinDesk 20, an index tracking the most liquid cryptocurrencies, had dropped by 2.6% to 2,197 points. The market sentiment seems to be at a critical juncture, with conflicting views on its future trajectory; analysts are weighing both optimistic and pessimistic scenarios. According to the analysis…

WednesdayMay 01, 2024 9:00 am

Proposed IRS Crypto Tax Form Raises Concerns About Wallet Address Exposure

Concerns rippled through the cryptocurrency sector last week as an early version of an IRS document surfaced, sparking anxiety and confusion. Portions of the document hinted at the possibility that individuals engaged in American decentralized finance (DeFi) might soon need to disclose their self-managed wallet details to the federal government. By 2025, the document, titled Form 1099-DA, is set to become obligatory for any crypto transaction that the U.S. Internal Revenue Service (IRS) deems to have originated from a brokerage. However, the exact implications of this requirement remain murky. While it’s widely expected that crypto exchanges will fall under the…