August 26 BTCUSD BingX Chart Analysis and Today's Headline

A tight consolidation near the support of a range is a bearish sign, as it shows a lack of aggressive buying by the bulls. The downsloping 20-day exponential moving average (EMA) at $27,463 and the relative strength index (RSI) in the oversold territory indicate that bears are in command.If the price plummets below $24,800, it could hit the stops of several traders. That may trigger long liquidations, which could plunge the BTC/USDT pair to the pivotal support at $20,000.The first sign of strength will be a close above the 20-day EMA. That could open the doors for a possible rally to the 50-day simple moving average (SMA) at $29,055.

WSJ: The US Department of Treasury Releases Proposed Regulations for Cryptocurrency Taxation


According to The Wall Street Journal, the US Department of Treasury has released a proposed regulation that requires cryptocurrency exchanges to provide annual reports and total revenue from cryptocurrency transactions to the Internal Revenue Service (IRS) and taxpayers in the form of a 1099 form. The proposed regulation, which is set to be implemented in 2021, is expected to generate $28 billion in revenue over the next decade. The law was originally intended to take effect in the 2023 tax year, but the Biden administration missed the deadline. As a result, cryptocurrency exchanges like Coinbase and Kraken will be required to submit reports on total revenue from cryptocurrency transactions starting from early 2026. Starting in 2027, reporting of cost basis will be required, but only for assets acquired from 2023 onwards.

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