Detroit to Accept Crypto Taxes, and Federal Reserve Cuts Rates - November 8, 2024
Also, Polymarket could be banned in France, and Coinbase integrates BTC on Solana.
TL;DR: Crypto Insights in Seconds
Detroit: Residents will soon be able to pay taxes using PayPal’s crypto services.
Fed: A 25-basis-point cut by the Fed adds fuel to an already bullish crypto market.
U.S. Policies: Ethereum veteran Vinay Gupta proposes U.K.-inspired crypto policies for the U.S.
Polymarket: French regulator examines Polymarket after winner takes $50 million.
Coinbase: Integrates Bitcoin on Solana.
Price Update
Bitcoin Rallies Amid $4 Billion BlackRock ETF Trading Volume
Bitcoin’s price has surged, hovering around the $76K mark, posting its fourth-best performance day this year. This rally coincided with BlackRock’s Bitcoin ETF hitting a record $4 billion in trading volume, reinforcing Bitcoin’s position as a sought-after asset during global financial shifts.
U.S. Crypto News
Detroit to Allow Crypto Tax Payments via PayPal Starting Next Year
In a significant step for crypto adoption, Detroit will enable residents to pay their taxes in cryptocurrency beginning in 2025, facilitated through PayPal’s crypto services. This initiative positions Detroit as one of the first U.S. cities to accept crypto for tax payments, which could indicate potential growth for similar programs nationwide as more cities look to modernize payment systems.
Federal Reserve Cuts Interest Rates, Driving Increased Crypto and Market Activity
The U.S. Federal Reserve’s recent decision to cut interest rates by 25 basis points has been a boon for crypto markets, as lower rates often drive investors toward higher-risk assets like digital currencies. The Fed seeks to navigate a delicate balance between curbing inflation and fostering economic growth, with the crypto market responding positively to this looser monetary policy.
Ethereum Veteran Vinay Gupta Proposes U.K.-Inspired Crypto Policies to U.S.
Vinay Gupta, an early Ethereum pioneer, is looking to engage with President Trump’s administration to promote crypto-friendly policies modeled after the U.K.’s regulatory framework. This is an effort to encourage clear, innovation-friendly regulations that could foster a healthier U.S. crypto landscape in the coming years.
Don’t Miss Anything
French Regulator Investigates Polymarket
France’s gambling regulator, Autorité Nationale des Jeux (ANJ), is reviewing Polymarket, a crypto-based prediction market platform, for possible legal issues due to its betting nature, which is restricted in France. This scrutiny follows a high-profile $50 million win by a French bettor on Polymarket’s platform for predicting Trump’s U.S. election victory.
Coinbase Integrates Bitcoin on Solana, Boosting DeFi Prospects
Coinbase has introduced support for Bitcoin on the Solana blockchain, an integration that could expand DeFi possibilities for BTC holders. This move enables Solana’s DeFi ecosystem to leverage Bitcoin liquidity, creating new opportunities for BTC holders to participate in decentralized finance through Solana’s lower-cost and high-speed network.
Bitcoin’s rally and record ETF volumes show the strong institutional backing crypto continues to attract, especially in light of recent U.S. monetary policy adjustments. Detroit’s upcoming crypto tax payment option and the Federal Reserve’s rate cut illustrate the ongoing integration of crypto within mainstream finance. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
