UK Proposes ‘No Gain, No Loss’ Tax Rule for DeFi in 'Major Win' for Users

Bitcoin's recent breakout above $95,000 has sparked renewed interest in the cryptocurrency market, leading to the liquidation of nearly $700 million in short positions. This surge in price reflects a growing risk appetite among investors, with market strategists suggesting that the rally has potential for further gains.

The cryptocurrency market has seen significant fluctuations recently, with Bitcoin's price experiencing volatility, briefly surpassing $90,000 before retreating to test support levels around $85,000. This instability reflects ongoing market uncertainty influenced by macroeconomic factors and Federal Reserve decisions.

Editor’s Note: Staying updated on cryptocurrency developments is crucial for investors and enthusiasts alike. Understanding daily trends can help navigate the volatile market and make informed decisions.

Senator Tim Scott, chairman of the Senate Banking Committee, expressed his intention to advance the cryptocurrency market structure bill despite unresolved issues, indicating a desire for legislative progress in the crypto sector.

Vitalik Buterin has expressed concerns regarding the current state of decentralized stablecoins within the decentralized finance (DeFi) sector, pointing out issues such as benchmark risk, flaws in oracle design, and the influence of staking-driven incentives. He argues that these factors contribute to a lack of resilience in stablecoins, which are crucial for the stability of DeFi.

Bitcoin has surged past $97,000, marking a significant rally as investors increasingly seek haven assets amidst economic uncertainties. This price movement reflects a growing bullish sentiment in the cryptocurrency market, with Bitcoin's recent performance pushing related equities higher.

Internet Computer (ICP) has surged by 13% as part of the CoinDesk 20 index performance update, reflecting a positive trend in its trading activity. This increase comes amidst a broader rise in the index, which has seen various constituents performing well.

Bitcoin has surged past $94,500, marking a significant breakthrough that has energized the crypto markets and led to substantial liquidations of short positions, particularly benefiting altcoins. This upward movement indicates a shift in market sentiment towards a more bullish outlook.