| Table of Contents |
| Quick Facts |
| ETH Outperforming BTC: Is it a Possibility? |
| IRS Introduces New DeFi Broker Rules |
| Other Notable Stories from the Past Week |
Quick Facts
- Bitcoin’s dominance index reaches a 2-year high
- Ethereum’s PoS upgrade gains momentum
- DeFi protocols see significant growth
ETH Outperforming BTC: Is it a Possibility?
A recent report by a prominent cryptocurrency analyst has sent shockwaves through the community, predicting that Ether (ETH) will outperform Bitcoin (BTC) in January 2025. According to the forecast, ETH’s price is expected to surge to $1,500, while BTC is expected to trade at around $20,000. The analyst attributed this predicted performance to several factors, including ETH’s increasing adoption in the DeFi space and its scheduled upgrade to a proof-of-stake (PoS) consensus algorithm.
However, not everyone is convinced by this prediction. Some experts argue that BTC’s dominance in the market and its established brand recognition make it more likely to retain its value. Others point out that the complexity of the DeFi space and the lack of regulation make it challenging to predict the performance of ETH and other altcoins.
IRS Introduces New DeFi Broker Rules
In a move aimed at regulating the rapidly growing DeFi space, the IRS has introduced new rules for DeFi brokers. The new regulations require DeFi brokers to register with the IRS and provide detailed information about their operations, including the types of digital assets they offer and the fees associated with their services.
The IRS argued that these new rules are necessary to ensure the integrity and stability of the DeFi market, which has seen a surge in popularity in recent months. However, some industry experts have criticized the move, arguing that it may stifle innovation and limit the growth of the DeFi space.
Other Notable Stories from the Past Week
Bitcoin’s dominance index has reached a 2-year high, indicating that the flagship cryptocurrency now accounts for over 50% of the total cryptocurrency market capitalization.
The Ethereum community has been accelerating its efforts to upgrade the network to a proof-of-stake (PoS) consensus algorithm, which is expected to boost the network’s scalability and energy efficiency.
DeFi protocols have seen significant growth in recent months, with total value locked (TVL) reaching a record high of over $20 billion. However, some experts have warned of the risks associated with investing in these platforms, citing concerns about liquidity and volatility.
