empty
11.04.2025 04:38 PM
Trump makes another step towards crypto market

Bitcoin and Ethereum plunged late yesterday but then managed to recover their positions. For now, the bears still have more strength than the buyers, but this may only be temporary, until Donald Trump finally decides on trade tariffs and duties, and the turmoil in the stock market settles down.

This image is no longer relevant

In the meantime, Trump has taken another step toward regulating the digital asset market. Representative Mike Carey announced yesterday that President Trump signed a resolution to repeal the controversial IRS rule on cryptocurrencies. This move was expected, given that the White House referred to the rule as "midnight madness" in the final days of the previous administration. The rule set requirements for "custodial brokers" to collect and report user data to the IRS.

According to the lawmaker who introduced the measure, President Donald Trump signed a resolution repealing the controversial crypto tax rule that had been developed during the final stretch of the Biden administration.

Earlier this year, Republican Senator Ted Cruz of Texas and Representative Mike Carey of Ohio introduced a joint resolution to overturn the rule, which imposed obligations on "custodial brokers" to gather and report user data to the tax agency. Carey, who was present at the signing on Thursday, stated that this is the first-ever signed legislation on cryptocurrency.

"By repealing this misguided rule, President Trump and Congress have given the IRS the opportunity to refocus on its existing responsibilities to American taxpayers, rather than creating a new layer of bureaucratic hurdles," Carey said in a statement.

Notably, the Senate voted to repeal the rule back in March, followed by the House of Representatives. The measure then returned to the Senate due to its budgetary implications. The vote received some Democratic support, including from Senate Minority Leader Chuck Schumer, although most of the backing came from Republicans.

Trump's signature will officially end the IRS's rulemaking activity related to brokers, which is expected to have a positive impact on the cryptocurrency market and its new participants.

This image is no longer relevant

Technical outlook for Bitcoin

Buyers are currently aiming to reclaim the $81,500 level, which opens a direct path to $82,400. From there, it's a short leap to $83,430. The furthest target is the high near $84,700—breaking above it would signal an end to the bear market. In the event of a decline, buyers are expected to appear around $80,500. If the trading instrument falls back below this zone, BTC could quickly drop to the $79,400 area. The lowest target is $78,200.

This image is no longer relevant

Technical outlook for Ethereum

A clear consolidation above the $1,570 level opens the way to $1,617. The ultimate target is the high around $1,655—breaking through it would mark the end of the bear market. If Ethereum falls, buyers are expected near $1,523. A drop back below this area could quickly send ETH down to the $1,472 zone. The furthest target is $1,430.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Pavel Vlasov
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

The Death Cross EMA condition on Solana confirms that sellers remain dominant despite the potential for temporary strength, Friday, July 25, 2025.

Solana – Friday, July 25, 2025 With the EMA in a Death Cross condition and the RSI (14) in a Neutral Bearish condition, Solana cryptocurrency indicates that sellers are still

Arief Makmur 12:03 2025-07-25 UTC+2

The appearance of divergence in the RSI on Litecoin indicates the potential for limited upside up to its pivot level on Friday, July 25, 2025.

Litecoin – Friday, July 25, 2025 The appearance of divergence between the RSI(14) indicator and Litecoin's price movement indicates the potential for limited upside. The RSI(14) remains in a neutral

Arief Makmur 12:03 2025-07-25 UTC+2

Bitcoin plunges to $115,000

Sooner or later, this had to happen. After Bitcoin had made brave attempts to break above $120,000, the price dropped to nearly $115,000. In fact, this is nothing surprising

Jakub Novak 09:41 2025-07-25 UTC+2

Tether confidently advances toward entry into the US market

Bitcoin continues to trade within the 116,500–120,000 channel, showing solid volatility. Ethereum, however, is performing significantly worse following a recent decline in spot ETF inflows. Meanwhile, yesterday Tether CEO Paolo

Jakub Novak 10:07 2025-07-24 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 24

Bitcoin once again attempted to break above $119,000 but failed, retreating today toward the $117,000 level. Ethereum has dropped back below $3,600 and is currently heading toward the $3,500 area

Miroslaw Bawulski 09:20 2025-07-24 UTC+2

Ethereum enjoys buoyant demand

In recent weeks, Ethereum has demonstrated explosive growth but has still not surpassed its historical all-time high. Clearly, with new money flowing into the market, Ethereum is experiencing a demand

Jakub Novak 15:57 2025-07-23 UTC+2

Spot Ethereum keeps soaking up fresh capital

Despite Ether dipping below the $3,700 mark, net inflows into spot Ethereum ETFs reached $533.9 million yesterday, the third-largest daily inflow since their launch. According to SoSoValue, the iShares Ethereum

Jakub Novak 12:07 2025-07-23 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 23

Bitcoin once again broke above $119,000, briefly surpassing the $120,000 mark, but then pulled back to around $118,500. This indicates considerable difficulty in returning to the all-time high near $123,000

Miroslaw Bawulski 09:18 2025-07-23 UTC+2

Crypto market: altseason gains momentum

The crypto market is showing strong signs of entering a new phase of altseason—a period of accelerated growth for altcoins. In mid-July, the DOGE/USD pair returned to the mid-term bull

Jurij Tolin 16:46 2025-07-22 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 22

Bitcoin once again failed to consolidate above the $119,000 level, falling back to the $116,000 area during the Asian session today. Ethereum also fell slightly after hitting $3850. Meanwhile, according

Miroslaw Bawulski 09:50 2025-07-22 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.