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Santiment Named Three Altcoins: According to Data, These Are the Most Talked About!

Bitcoin (BTC) started the new week strong and at a new record. This record was driven by the excitement of Donald Trump’s inauguration, but Trump’s failure to mention Bitcoin and cryptocurrencies in his speech brought a sharp decline. As the market tries to recover in the aftermath, on-chain analytics platform Santiment has listed the most popular cryptocurrencies in the market. According to the data, he said that memecoins attracted the most attention after Donald Trump`s inauguration ceremony, and that Dogecoin (DOGE), TRUMP and MELANIA were trending. “Following the historic US presidential inauguration, the altcoins that attracted the most attention were memecoins. TRUMP: Discussions on the risks involved in investing in a volatile market after listing on Coinbase. MELANIA: Trending due to recent launch of memecoin, immediately generating significant market activity and volatility. Controversy highlights its association with Trump memecoin. Melania coin’s initial valuation exceeded $9 billion, but has experienced significant fluctuations amid broader market uncertainty. DOGE: trended due to its association with the newly launched US Department of Government Efficiency led by Elon Musk, featuring Dogecoin as its logo. The initiative sparked controversy and created a buzz on social media as it intertwined the cryptocurrency with government operations. Additionally, discussions around the potential for new memecoins linked to public figures like Trump and Musk contributed to speculation about Dogecoin’s future performance and importance in the crypto space. *This is not investment advice. Continue Reading: Santiment Named Three Altcoins: According to Data, These Are the Most Talked About! Decrypt

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The Taxman Is Watching: Staying Ahead of the New Rules

Tax. The word may make you cringe, but it`s also one you probably don’t want to ignore. Bitcoin (BTC) hit $100,000 for the first time in December 2024, and while you’ve probably had your fair share of “I told you so” moments with the crypto skeptics over the holidays, now is the time to make sure you’re clued in on the tax side of things if you’re planning to cash in on profits. It’s not just about keeping track of your own jurisdiction; you should stay aware of global rules as well, as your jurisdiction may adopt them in the future. Long-term Bitcoin holders are profiting — and the taxman is watching With the average long-term Bitcoin holder having paid around $24,543 for their Bitcoin, it’s clear that many hodlers are now sitting on profits nearly four times that amount. For those who’ve hodled through the ups and downs, it’s been a rewarding payoff. But let’s not kid ourselves — tax authorities worldwide are getting a lot better at tracking these gains. The days of thinking crypto profits fly under the radar are long gone. Whether you like it or not, the taxman is catching up, and he’s getting more savvy by the day. For instance, the United States Internal Revenue Service (IRS) recently introduced a new rule stating that investors must use wallet-based cost tracking for crypto assets from 2025 onward. Crypto investors had to quickly adjust to IRS changes Previously, crypto users could group all their assets together to calculate their cost-basis for taxes under the Universal tracking method . But now, the IRS requires each wallet or account to be treated as its own separate ledger. This isn’t exactly great news for crypto investors, as it limits them on what counts as their cost-basis for sold assets — everything has to be tied to the same crypto wallet. As a crypto tax software platform, Koinly has had to move quickly to keep up with the changes, just like the investors that use our platform. One of the updates we’ve made is allowing users to adjust their cost-basis settings from a certain date, without affecting previous tax calculations. Other countries may potentially follow the IRS`s lead in the future I wouldn’t be surprised if this wallet-tracking rule starts spreading to other parts of the world in the coming years. Australia , the United Kingdom, Ireland , and many other countries all apply a fairly similar tax treatment to cryptocurrencies as the United States. While they haven’t introduced anything like this yet, it shouldn’t be ruled out. It was clear from the start that tougher crypto tax laws were on the way, and the IRS made no secret of it. Earlier in 2024, it ramped up their efforts by bringing in private-sector experts from the crypto world to help bolster their approach to taxing crypto. It’s not unusual for countries to adopt tax rules that have already been implemented elsewhere, and this has happened with crypto in a few cases already. Take the approach of taxing short-term crypto gains while leaving long-term gains tax-free — something countries like Germany and Malta have already adopted. Portugal, for example, had no crypto taxes until 2023. Then, it added a 28% tax on short-term gains, while long-term holders still get a break. As crypto continues to grow and gain traction worldwide, staying on top of tax laws around the world is becoming more and more important. Over the next couple of years, I expect we’ll see a lot of changes in how governments handle crypto taxes. Decrypt