Cryptocurrency

El Salvador's Bitcoin Policy Revisions for IMF Loan

Tuesday. December 10 at 3:00 PM

1 min. read

El Salvador is planning to revise its Bitcoin law to make accepting Bitcoin as a payment method voluntary instead of mandatory, addressing concerns raised by the IMF. The country aims to improve fiscal stability by reducing the budget deficit and enhancing regulations for Bitcoin use. By aligning with the IMF's recommendations, El Salvador could secure additional funding beyond the $1.3 billion loan. The country's initial adoption of Bitcoin as legal tender has faced challenges, including financial risks due to BTC's value fluctuations and lower-than-expected uptake. The request for an IMF loan is crucial for El Salvador to avert a fiscal crisis and maintain economic stability. The government is expected to implement structural reforms, including changes to the BTC law, to address IMF concerns while preserving the core of its BTC experiment. The outcome of negotiations with the IMF will shape El Salvador's economic future and serve as a case study for other nations considering crypto adoption.

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Whale Transfers Shake Solana Market

Wednesday. February 5 at 7:00 AM

Whales are transferring their Solana (SOL) holdings to presumed safe storage wallets, causing a stir in the market. On Feb. 4, 2025, 5 SOL transfers from various wallets were observed. Notably, a whale moved 1,190,645 SOL valued at $242,492,804 USD from one wallet to another. Another transfer involved 545,281 SOL worth $114,530,747. A third transfer of 637,214 SOL valued at $133,840,278 occurred, followed by a transfer of 1,189,009 SOL worth $250,416,345. The latest transfer saw 1,189,009 SOL tokens worth $255,078,377 moved to an unknown wallet. These actions may be whales adjusting their holdings or securing funds in cold wallets. Despite a recent crypto crash, Solana has rebounded to $212.45, showing a 4.39% increase. Technical indicators suggest a possible consolidation with a potential rise above $215 or a test of support levels below $205.

Cryptocurrency

South Korea City to Seize Crypto From Tax Evaders

Wednesday. February 5 at 6:00 AM

The Gwacheon City in South Korea is set to launch a virtual asset electronic seizure system to track and confiscate crypto from tax evaders. With plans for full-scale seizures in the coming months, the city aims to identify hidden assets and enforce tax collection. Currently, 361 individuals owe more than $2,060 in local taxes, totaling about $12.9 million in arrears. By comparing records with data from major domestic crypto exchanges, authorities will track down these tax evaders. Despite the postponement of a 20% crypto tax by the South Korean government, local agencies now have the power to seize digital assets from tax evaders. Gwacheon officials emphasize the importance of their new electronic seizure system in closing tax loopholes and ensuring fairness. Advance warnings will be issued to encourage voluntary payment before any asset seizures take place. The city has already seized $206,000 worth of crypto from tax evaders in the past five years, with $75,500 recovered in unpaid taxes in 2024 alone. The implementation of the new system is expected to enhance enforcement efforts and deter tax delinquents.

Cryptocurrency

Cardano Price Analysis: Potential Recovery Ahead

Wednesday. February 5 at 12:00 AM

Cardano (ADA) has experienced a notable price decline recently, dropping by 22% in the past four days. Despite appearing as a setback, this downturn could actually present a positive outlook for the cryptocurrency's future. The current MVRV Ratio sits at -21.81%, falling within the opportunity zone of -11% to -25%, historically indicating a strong reversal point and potential price rebounds. This zone also serves as an accumulation opportunity for investors due to perceived undervaluation. The Chaikin Money Flow (CMF) indicator has shown an increase, reflecting positive investor sentiment and potential for a price rally. With technical indicators aligning for a possible recovery, Cardano's price may see a significant upside in the short to medium term. However, maintaining support above $0.70 is crucial for sustaining the bullish momentum. Investors are advised to conduct their own research and seek professional advice before making financial decisions.

Cryptocurrency

US President Trump Signs Executive Order for Sovereign Wealth Fund Creation

Tuesday. February 4 at 8:00 PM

President Donald Trump signed an executive order on February 3, calling for the establishment of a sovereign wealth fund. This order builds on a previous directive for a national digital asset stockpile, indicating a growing emphasis on strategic financial reserves. The order tasks the Treasury and Commerce Secretaries with developing a detailed plan for the fund within 90 days. The aim is to utilize returns from the fund to enhance fiscal sustainability, reduce tax burdens, ensure long-term economic security, and bolster US economic leadership globally. While the order did not mention cryptocurrencies explicitly, it generated excitement among Bitcoin supporters, particularly due to Senator Cynthia Lummis' positive response. The move also coincides with various US states introducing bills to promote crypto adoption and regulatory clarity, reflecting a broader trend towards embracing digital assets in the country.

Cryptocurrency