UK Crypto Tax Update: New DeFi Rules and “No Gain, No Loss” Policy Explained

Traders are closely monitoring the cryptocurrency market as the odds of a Federal Reserve rate cut have surged to 85%, significantly impacting market sentiment. This development coincides with Tom Lee's continued accumulation of Bitcoin and the viral resurgence of the Space Quest Bitcoin logo, highlighting a dynamic shift in investor behavior and market expectations.

Justin Sun is embroiled in a legal and reputational dispute in Hong Kong regarding the management of $456 million in TrueUSD reserves, alleging fraud against First Digital Trust during a press conference on November 27. Sun's claims highlight potential regulatory shortcomings in Hong Kong's trust company oversight.

Ethereum's price is currently testing a critical support level around $3,100, as market bulls strive to maintain momentum following a period of volatility. The cryptocurrency is trading near $3,000, showing signs of recovery from extreme oversold conditions, while global institutions continue to accumulate ETH discreetly.

The Solana-based memecoin Bonk has begun trading on Switzerland's SIX Swiss Exchange, following the launch of a regulated exchange-traded product (ETP) by Bitcoin Capital AG. This listing allows investors to gain exposure to Bonk through standard brokerage accounts without the need for a cryptocurrency wallet.

SpaceX has transferred 1,163 Bitcoin, valued at approximately $105 million, to a new wallet linked to Coinbase Prime, reducing its total on-chain holdings to 6,095 BTC. This transfer follows a previous move of 1,215 Bitcoins worth $133.7 million, indicating a strategic shift in asset management by the company.

Vitalik Buterin, co-founder of Ethereum, has donated 128 ETH, approximately $760,000, to two decentralized messaging applications, Session and SimpleX, emphasizing their importance for the future of privacy-focused communication. This move underscores his ongoing concerns regarding the erosion of digital privacy in the cryptocurrency space.

The cryptocurrency market experienced a notable rebound on November 27, with Bitcoin's price rising sharply above $90,000 after hitting a recent low, while Ethereum (ETH) surpassed the $3,000 mark. This resurgence follows two consecutive days of positive ETF flow data, particularly from major players like BlackRock.

Thai authorities have ordered the digital identity project World, backed by Sam Altman, to cease operations in the country and delete all user identification data collected from residents, as announced by the Ministry of Digital Economy and Society.