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- First Crypto Tax Evasion Case: Bitcoin Investor Frank Ahlgren Sentenced
First Crypto Tax Evasion Case: Bitcoin Investor Frank Ahlgren Sentenced
News on the Blockchain
December 14, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 765
Market Cap: $3.64T (+0.63%)
24h Volume: $159.2B (-19.33%)
Bitcoin Dominance: 55.3%
Ethereum Dominance: 12.9%
ETH Gas Price: 7.75 Gwei
Fear & Greed Index: 79 (Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $101,626.22 | +1.09% | $2.01T | $54.53B |
Ethereum (ETH) | $3,903.08 | -0.32% | $470.11B | $32.44B |
Tether (USDT) | $0.9999 | -0.02% | $140.12B | $125.27B |
BNB (BNB) | $720.36 | +0.63% | $103.74B | $2.30B |
Solana (SOL) | $225.06 | -0.70% | $107.81B | $3.56B |
💹 Market Highlights:
Total DeFi Volume: $13.54B (8.51% of market volume)
Stablecoins Volume: $142.24B (89.35% of market volume)
Coin with Highest % Change: RPG (+61.02%)
📈 Preview On Today’s News:
- First Crypto Tax Evasion Case: Bitcoin Investor Frank Ahlgren Sentenced
- VanEck Predicts Record Highs for Bitcoin, Ethereum, and Solana in 2025
- Senator Lummis and Trump’s Treasury Secretary Collaborate on Strategic Bitcoin Reserve Initiative
Keep reading for more!
Today’s News:
1)
First Crypto Tax Evasion Case: Bitcoin Investor Frank Ahlgren Sentenced
In a groundbreaking development for the cryptocurrency industry, Frank Richard Ahlgren, a Bitcoin investor from Austin, Texas, has been sentenced to two years in prison for tax evasion, marking the first such case in the crypto sector. Ahlgren failed to report over $4 million in gains from Bitcoin transactions between 2017 and 2019, submitting false tax returns and underreporting his earnings. His investment journey began in 2011, and his high-profile trades resulted in a total tax loss exceeding $1 million. The U.S. Department of Justice's action underscores the federal government's increased focus on enforcing tax compliance within the cryptocurrency market, highlighting the importance for investors to accurately report all crypto-related income and transactions.
Historic Sentencing: Frank Richard Ahlgren becomes the first Bitcoin investor sentenced for crypto tax evasion, receiving a two-year prison term for failing to report over $4 million in gains between 2017 and 2019.
Regulatory Impact: The case demonstrates the U.S. Department of Justice's commitment to enforcing tax compliance in the cryptocurrency sector, emphasizing the necessity for accurate reporting of all crypto-related transactions.
2)
VanEck Predicts Record Highs for Bitcoin, Ethereum, and Solana in 2025
VanEck forecasts that Bitcoin will reach $1.8 million, Ethereum $6,000, and Solana $500 by 2025, marking approximately 70% gains from current prices. These predictions are driven by factors such as a medium-term crypto bull market peak in Q1, the U.S. adopting Bitcoin as a strategic reserve, relaxed SEC regulations, and the growth of tokenized securities exceeding $50 billion. Additionally, VanEck anticipates stablecoins will revolutionize payments with daily settlements hitting $300 billion and expects NFT trading volumes to rebound to $30 billion. The firm also highlights the potential debut of Ethereum Futures ETFs and a significant increase in Bitcoin Layer-2 value locked, signaling a robust year ahead for both Bitcoin and altcoins.
Price Targets and Catalysts: VanEck predicts Bitcoin, Ethereum, and Solana will reach $1.8M, $6K, and $500 respectively in 2025, supported by a bullish market, strategic U.S. Bitcoin reserves, regulatory easing, and growth in tokenized securities.
Additional Crypto Growth: The firm expects stablecoins to handle $300 billion in daily transactions and NFT trading volumes to rebound to $30 billion, alongside the introduction of Ethereum Futures ETFs and significant increases in Bitcoin Layer-2 value locked.
3)
Senator Lummis and Trump’s Treasury Secretary Collaborate on Strategic Bitcoin Reserve Initiative
US Senator Cynthia Lummis has taken a significant step toward establishing a strategic Bitcoin reserve by meeting with Donald Trump’s incoming Treasury Secretary, Scott Bessent. This collaboration aims to advance the Bitcoin Act of 2024, which proposes that the United States purchase 1 million Bitcoin by 2030 and hold it for at least two decades with transparent, independent audits. Lummis, a strong advocate for digital assets, views Bessent as a key ally in ensuring the bill's passage, especially under Trump's administration, which has shown strong support for cryptocurrency. The initiative aligns with Trump’s pro-crypto stance during his reelection campaign and the subsequent surge in Bitcoin’s value, reflecting optimism that the strategic reserve will reinforce the US dollar and position the nation as a global cryptocurrency leader.
Strategic Partnership: Senator Cynthia Lummis collaborates with incoming Treasury Secretary Scott Bessent to promote the Bitcoin Act of 2024, aiming to establish a national Bitcoin reserve.
Legislative Goals: The proposed reserve involves purchasing 1 million BTC by 2030, maintaining it for 20 years, and conducting independent audits to ensure transparency and strengthen the US dollar.
