The past week in crypto saw significant developments, including the IRS delaying new crypto tax reporting rules until the end of 2024, providing centralized exchanges more time to comply. Meanwhile, Do Kwon, facing legal challenges over the TerraUSD collapse, pleaded not guilty to charges and awaits extradition to the US after Montenegro denied South Korea's request. Find out more. Bitcoin A Hong Kong lawmaker has proposed incorporating Bitcoin (BTC) into the region's national reserves to enhance financial security and position Hong Kong as a global crypto hub. BlackRock's iShares Bitcoin Trust (IBIT) set a record as the most successful ETF launch in history, surpassing $50 billion in assets within 11 months, dominating both spot and options markets, and fueling Bitcoin's price surge to an all-time high. Altcoins A new altcoin, Yeti Ouro (YETIO), is attracting interest due to its innovative crypto-gaming combination. With the Bitcoin price flipping its 50-day Simple Moving Average, experts believe that Wave 3 of the crypto bull market — also known as the “altseason” — has started. With a proven track record in Web3 development, Blocksync has simplified the presale process, providing the expertise and tools you need to launch confidently. For the Choise.ai ecosystem, 2024 was packed with big moves and plenty of excitement. It brought together the B2C crypto banking app Choise.com (formerly Crypterium) and the B2B crypto banking platform Vault. Web3Bay prioritizes user privacy and security, utilizing IPFS (InterPlanetary File System) for decentralized data storage. Ripple (XRP) and Chainlink (LINK) investors are turning their attention to a rising star: the DTX Exchange (DTX). Business The FTX debtors group has announced that its bankruptcy plan officially took effect on January 3, marking the beginning of a crucial step in reimbursing the bankrupt exchange’s creditors. Regulation Do Kwon, the co-founder of Terraform Labs, has pleaded not guilty to all charges brought against him for his role in the $40 billion TerraUSD stablecoin collapse. The IRS has delayed implementing new crypto tax reporting rules until December 31, 2025, granting centralized exchanges time to adapt to new regulations and potentially avoiding increased tax liabilities for digital asset investors. Celsius Network has filed an appeal against a court ruling that dismissed its $444 million claim in the ongoing FTX bankruptcy proceedings, seeking to overturn the December decision by Judge John Dorsey, who disallowed Celsius’ claims due to procedural deficiencies and insufficient evidence. Montenegro has denied South Korea’s extradition request for Do Kwon, confirming the Terra Luna founder will be extradited to the US. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
