Plus: Squid Game Chips Increase – Who’s Playing?
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GM. The Daily Squeeze is like a cryptocurrency news fruit salad: some bites are sweet, others a little sour, but they’re all good for you.
📝 The IRS classifies some DeFi platforms as brokers.
🍋 News: El Salvador joins the 6K+ BTC club, Solana co-founder sued by his ex-wife and more
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🍍 Taste of the market today
The crypto vibe is like opening the refrigerator for the fifth time in three minutes: you wait for a snack to appear… but not, it’s the same eggs and a bottle of old salad dressing (which is already a biohazard at this point) staring at you ☣️
The fear and greed index decreased to 65, which still means “greed,” but is close to “neutral.” Meanwhile, bitcoin I spent the entire weekend below $95k..
According to trader SkewBTC hovers around a key VAL (Low Value Area) – which is the bottom of a price range that experiences the most trading activity, so it tends to act as a support area. It is also near last week’s low and is at a key HTF. (High time period) trend line, then volatility could be on the way.
Trader Rekt Capital warned yesterday that if the $94,250 mark is missed on the daily chart (what was)BTC could fall into low $90k territories (which he did).
AND Analyst James Van Straten says that if the $90,000 support is broken, $75,000 could be the next stop. Wow, but also… an opportunity for those hoping to buy cheaper?
On a more positive note, Santiment suggests that if large owners continue to increase their purses, there is a possibility of a final pop before 2025 arrives.
So what will happen as the calendar changes? Well, I could rest easy… or maybe not 😏
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🥝 Harvest of memecoins
These coins may be memes, but those profits are no joke 💪
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24H Change |
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monkey monkey ape |
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dante DGPU |
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ether collective ETHER |
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year coin BUTTONHOLE |
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Data at 06:45 am EST.
Check out these memecoins and many more here.
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By the time you become an adult, it’s kind of the default setting to start disliking the IRS. If you’re new to adulthood and not feeling it yet, ask your uncle what he thinks about it. – This is how the feeling grows as you get older.
Well, Uncle Terry, let me tell you: cryptocurrencies are there with you today (By the way, if you’re reading this, happy new year, say hello to Aunt Leslie).
The IRS removed some new reporting requirements for cryptocurrency brokers that will go into effect in 2027. Basically, They are trying to make sure people pay taxes on their cryptocurrency transactions and are targeting the platforms that help make those transactions happen.
Who is a runner, you ask?
The IRS expanded the definition of “broker” to include Front-end DeFi platforms as decentralized exchanges.
So if the platform does something to facilitate transactions, such as offering a website where you can connect your wallet, Now I could count as a runner.
The IRS estimates that this change will affect:
What will the runners have to do?
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Collect KYC information: names, addresses and other personal data;
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Report transactions– File a new IRS form with details about cryptocurrency sales and exchanges.
Why is this so important?
DeFi was not created to track identities or transactions like this. Does the IRS care?… Draw your own conclusions.
And naturally, the crypto community went crazy:
The Blockchain Association even sued the IRS with claims that these regulations:
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Go beyond the legal authority of the IRS;
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Violate the Fourth Amendment (privacy rights);
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Violate the Fifth Amendment (due process).
If the lawsuit fails and the rules stand after all, head of research at Galaxy Digital Alex espina says DeFi platforms will have three options:
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Play along– Accept the broker’s tag, collect all user data and submit it to the IRS;
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Completely block US users;
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Or become unconditionally decentralized– abandon your websites, stop charging fees, and leave smart contracts unchanged (making it unprofitable for developers = terrible for innovation).
Uncle T, I see that vein on your forehead popping. Same. But hey, there is still a long way to go until 2027; maybe, just maybe, things will change before then… Less talking, more this: 🤞🙏
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🍋 News drops
🎉 El Salvador joined the club of countries that own more than 6,000 BTC. They are only behind the US, China, the UK, Ukraine and Bhutan in the BTC rankings.
💔 Solana co-founder Stephen Akridge is being sued by his ex-wife, Elisa Rossi, for allegedly profiting from his share of SOL tokens through reward staking. Rossi claims he used his cryptocurrency experience to maintain control of the tokens even though their divorce settlement divided them equally.
🦅 The extradition of Terraform Labs co-founder Do Kwon to the United States has been officially approved. This means that his country of origin, South Korea, had his extradition request rejected.
💼 Be careful, all of you – Scammers pose as job recruiters to trick people into downloading malware that allows them to steal cryptocurrency. They are accessing LinkedIn, freelance sites, Discord and Telegram and offering fake jobs with salaries between $200,000 and $350,000.
🦑 Netflix inspired tokens Squid Game have appeared with the release of season 2. But like the games in the series, these tokens could be a death trap. Community members are already warning about possible scams and rug pulling.
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🍌 Juicy memes
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