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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/key-developments-in-crypto-and-u-s-legislation/" data-wpel-link="internal">Key Developments in Crypto and U.S. Legislation</a><br></p>
<p class="p1" style="text-align: justify"><a href="https://coin-turk.com/terra-luna-ve-3ac-cokusunun-gizem-perdesi-kalkiyor" data-wpel-link="internal">Cryptocurrency</a> exchange <strong>Bitfinex</strong> analysts suggest that <a href="https://en.coin-turk.com/bitcoin-reaches-all-time-high-in-a-critical-metric-is-btc-preparing-for-a-new-rally/" data-wpel-link="internal">Bitcoin</a> prices may consolidate for up to two months following the halving event. BlackRock’s Bitcoin ETF fund experienced its first day of trading, recording joint record outflows with other ETF funds. Meanwhile, a proposed bill threatens to change the taxation of U.S. crypto networks. Here are three significant developments from the last 24 hours.</p> 
<h2 class="p1" style="text-align: justify" id="comments-from-bitfinex-analysts-on-bitcoin">Comments from Bitfinex Analysts on Bitcoin</h2> 
<p class="p1" style="text-align: justify"><a href="https://en.coin-turk.com/hong-kong-strives-to-become-a-global-hub-for-crypto-assets-amid-chinese-ban/" data-wpel-link="internal">Cryptocurrency</a> exchange <strong>Bitfinex</strong> analysts say that Bitcoin could experience price consolidation for up to two months following its halving event. The latest edition of the Bitfinex Alpha market report indicates that Bitcoin could continue to be a reference for price movement in the crypto market in May and a leading indicator for the entire cryptocurrency market value.</p> 
<p class="p1" style="text-align: justify">According to the report, the macroeconomic environment is more resilient than in previous years, and the likelihood of an interest rate cut remains low in the short term. Additionally, analysts stated that compared to previous crypto market cycles, general consumers and businesses are better prepared and informed about the state of the basic economy:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“As a result, we believe we could see a 1-2 month consolidation in Bitcoin prices and trading within a range with $10,000 volatilities on both sides.”</p> 
</blockquote> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-291795 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/bitfinex.webp" alt="" width="1200" height="675"></p> 
<h2 class="p1" style="text-align: justify" id="dark-day-for-etf-funds">Dark Day for ETF Funds</h2> 
<p class="p1" style="text-align: justify">The United States’ spot Bitcoin exchange-traded funds reported record net outflows, and BlackRock’s fund also experienced its first day of trading. The iShares Bitcoin Trust <strong>(IBIT)</strong> saw an outflow of $36.9 million on May 1st; a total of $526.8 million was withdrawn from nine other Bitcoin ETF funds.</p> 
<p class="p1" style="text-align: justify">Hashdex Bitcoin ETF (DEFI) was the only platform with zero flow, while Fidelity Wise Origin Bitcoin Fund (FBTC) had the largest outflow with $191.1 million. Bloomberg ETF analyst James Seyffart noted that Bitcoin ETF funds still operate smoothly in all areas, and inflows and outflows are part of the life of an ETF fund.</p> 
<h2 class="p1" style="text-align: justify" id="noteworthy-step-in-the-u-s">Noteworthy Step in the U.S.</h2> 
<p class="p1" style="text-align: justify">United States Congress members Drew Ferguson, a Republican from Georgia, and Wiley Nickel, a Democrat from North Carolina, proposed a new bill that would tax block rewards from proof of work and proof of stake networks when sold, not when received.</p> 
<p class="p1" style="text-align: justify">Named the Tax Clarity for <a href="https://en.coin-turk.com/blackrocks-bitcoin-move-sends-a-powerful-message/" data-wpel-link="internal">Crypto</a> Assets Act, the new legislation would declare staking rewards as property created under U.S. tax law, and taxes related to block rewards would be collected at the time of purchase. Nickel described the current rules as overly complex, leading to investor confusion, double taxation, and the relocation of American businesses overseas.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/key-developments-in-crypto-and-u-s-legislation/" data-wpel-link="internal">Key Developments in Crypto and U.S. Legislation</a></h5>

Key Developments in Crypto and U.S. Legislation

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