16 hours ago
A widely followed crypto analyst is leaning bullish on altcoins as Bitcoin ( BTC ) hovers below the $100,000 psychological level. In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 236,200 followers on the social media platform X that altcoins are due to explode over the coming weeks. According to Sherpa, one catalyst that will drive the altcoin rally is the fact that many of them have been capitulating for a long time. “Coins like [privacy-focused] Oasis (ROSE) chopped around for YEARS and are still consolidating. Hard to think these won’t fully send.” Source: Altcoin Sherpa/X Sherpa further says that the layer-1 blockchain Tron ( TRX ) is another good example of an altcoin that underwent consolidation for years before it skyrocketed recently. “So I expect something extremely strong for the next run here for these shitcoins because of how long they consolidated for. Not saying they’ll necessarily all hit or go past former all-time highs, but let’s see.” The analyst also cites other reasons that fuel his bullish stance, such as Bitcoin’s ( BTC ) dominance level and the macro-environment. “People call me bearish but I’m not bearish at all – I think that we’re going to have an incredible altcoin season in the coming months. This is due to several reasons (seasonality, Bitcoin dominance [at a] high, insane macro + government [environment], etc).” On when to potentially take profits, Sherpa says , “You don’t necessarily have to sell now; I don’t think it’s needed yet. We should have a great time in January/February. But if you mentally prepare yourself now, you will be more willing and able to sell later on, when you’re blinded by greed and insane gains.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Trader Says There Will Be a ‘Tremendous Altcoin Run’ in the Coming Weeks and Months – Here is why appeared first on The Daily Hodl .
The Daily Hodl
You can visit the page to read the article.
Source: The Daily Hodl
Tags :
Altcoins Trading Altcoin Sherpa altcoins Bitcoin Bitcoin dominance BTC Crypto News Oasis ROSE trading Tron TRX
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Solana Degens Fund Rare Tumor Research With Memecoin
A distraught father whose daughter has a rare brain tumor was pleasantly surprised by a multimillion-dollar memecoin gift on Christmas day after starting a campaign to raise money for research into a cure for the disease. Multimillion-Dollar Memecoin Christmas Gift Will Fund Clinical Trials Siqi Chen, co-founder of finance platform Runway, wakes up every day The Daily Hodl
IRS Targets DeFi: New Crypto Tax Rules to Shake Decentralized Platforms by 2027
The post IRS Targets DeFi: New Crypto Tax Rules to Shake Decentralized Platforms by 2027 appeared first on Coinpedia Fintech News The U.S. Internal Revenue Service (IRS) has introduced a new tax rule that will affect decentralized finance (DeFi) brokers. Starting in 2027, DeFi platforms will have to collect user trading information, issue tax forms, and provide customer details like names and addresses. This rule is meant to make digital asset taxes similar to traditional ones. However, some experts worry that this could be tough for decentralized platforms since they don’t have centralized entities to collect this data. This change is part of the 2021 Infrastructure Investment and Jobs Act, but it’s facing opposition from crypto groups. Why Experts are Against the Rule? Crypto industry leaders are pushing back against the IRS’s new rule that treats decentralized exchanges (DeFi platforms) like traditional brokers. Uniswap’s Chief Legal Officer, Katherine Minarik, and CEO, Hayden Adams, both argue that the rule should be challenged, with Adams hoping it will be rejected through the Congressional Review Act. Yep, @CampbellJAustin beat me to it. Reading fast here, but it sure does seem like the IRS says they’re regulating “any service effectuating transactions” as brokers… then goes on to classify DeFi tech as brokers… because it is involved in just a *part* of a transaction… as… https://t.co/H6zBG5sIK8 pic.twitter.com/j4dYzhuZJO — Katherine Minarik (@MinarikLaw) December 27, 2024 However, the rule, set to take effect in 2027, requires DeFi platforms to report user transactions and details about digital asset sales, creating potential compliance challenges for decentralized platforms that lack centralized structures. Moreover, Legal experts like Bill Hughes from Consensys argue the rule offers “all cost, no benefit,” adding that it will create significant hurdles without offering clear advantages. Treasury/IRS has finalized their DeFi broker tax reporting rule. Trading front ends would have to track and report on user activity – both US persons and non-US persons- starting in 2027. And it applies to the sale of every single digital asset – including NFTs and even… pic.twitter.com/CtFox668yn — Bill Hughes : wchughes.eth (@BillHughesDC) December 27, 2024 For crypto investors, this means more transparency and potentially higher compliance costs for DeFi platforms. While this could lead to better tax reporting, it may also push some smaller platforms to relocate or make changes, which could create temporary instability in the DeFi space. Other Crypto News As per the latest update, Do Kwon, the co-founder of Terraform Labs, will be extradited to the U.S. after Montenegro’s justice minister signed the order, following his arrest for using fake documents. Kwon faces charges related to the collapse of his crypto project. Meanwhile, Bitcoin remains strong above $96,000, despite a dip from its all-time high, with $475 million flowing into Bitcoin ETFs, and investors exploring new opportunities in AI-driven tokens and DeFi projects. Experts remain optimistic about Bitcoin’s future. In other news, Bitget plans to burn 40% of its BGB token supply to boost its value, and two new Bitcoin-focused ETFs are launching, reflecting the growing trend of companies adding Bitcoin to their balance sheets. As an investor keep an eye on the latest crypto news to manage your crypto assets with ease. The Daily Hodl
