{"id":16780,"date":"2025-04-11T17:53:47","date_gmt":"2025-04-11T17:53:47","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/04\/11\/crypto-market-recap-trump-signs-first-crypto-bill-ny-eyes-bitcoin-tax-payments\/"},"modified":"2025-04-11T17:53:47","modified_gmt":"2025-04-11T17:53:47","slug":"crypto-market-recap-trump-signs-first-crypto-bill-ny-eyes-bitcoin-tax-payments","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/04\/11\/crypto-market-recap-trump-signs-first-crypto-bill-ny-eyes-bitcoin-tax-payments\/","title":{"rendered":"Crypto Market Recap: Trump Signs First Crypto Bill, NY Eyes Bitcoin Tax Payments"},"content":{"rendered":"<\/p>\n

<\/em>Here\u2019s a quick recap of the crypto landscape for Friday (April 11) as of 9:00 a.m. UTC.<\/strong><\/p>\n

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Bitcoin and Ethereum price update <\/h3>\n

At the time of this writing, Bitcoin (BTC) <\/strong>was priced at US$81,535.55 and up 3.5 percent in 24 hours. The day\u2019s range has seen a low of US$78,669.30 and a high of U$82,999.65.<\/p>\n<\/div>\n

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Bitcoin performance, April 11, 2025.<\/em><\/p>\n

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Chart via TradingView<\/p>\n

Bitcoin found support following<\/span> President Trump\u2019s announcement of a 90-day pause on new tariffs, which has alleviated some investor concerns over a potential global recession.<\/span>The pause has contributed to a broader market rebound, and improved investor sentiment. <\/span><\/p>\n

Ethereum (ETH) <\/strong>is priced at US$1,548.41, an 4.0 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,487.25 and a high of US$1,572.87.<\/p>\n<\/div>\n

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Altcoin price update <\/h3>\n

Solana (SOL)<\/strong> is currently valued at US$117.24, up 8.6 percent over the past 24 hours. SOL experienced a low of US$108.85 and a high of US$120.47 on Friday.<\/p>\n

XRP<\/strong> is trading at US$2.00, reflecting an 3.6 percent increase over the past 24 hours. The cryptocurrency recorded an intraday low of US$1.93 and a high of US$2.03.<\/p>\n

<\/span>Sui (SUI) <\/strong>is priced at US$2.18, showing an increase<\/em>of 6.2 percent over the past 24 hours. It achieved a daily low of US$2.06 and a high of US$2.21.<\/p>\n

<\/span>Cardano (ADA)<\/strong> is trading at US$0.6201, reflecting a 4.9 percent increase over the past 24 hours. Its lowest price on Friday was US$0.588, with a high of US$0.6353.<\/p>\n<\/div>\n

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Crypto news to know <\/h3>\n

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Crypto rebound likely as Trump tariffs may bring down inflation<\/h4>\n

Despite rattling financial markets and pushing Bitcoin nearly 20 percent lower since early February, President Donald Trump\u2019s sweeping tariff policy may paradoxically signal bullish momentum for crypto in the weeks ahead. <\/p>\n

The trade war, which began in earnest on Feb. 1 with tariffs on China, Canada, and Mexico, has escalated to include over 100 percent duties on a wide array of goods. While these moves initially stoked fears of stagflation, a toxic mix of low growth and high inflation, newer data suggests the market may have overreacted.<\/p>\n

Inflation breakevens, the spread between traditional Treasury yields and TIPS (Treasury Inflation-Protected Securities), have steadily declined since February. The five-year breakeven rate dropped from over 2.6 percent to 2.32 percent, and the 10-year fell to 2.19 percent, signaling that long-term inflation expectations are cooling.<\/p>\n

Observers argue that the price spikes from tariffs may be a one-off adjustment, and without corresponding wage increases, consumers could reduce spending \u2014 ultimately dragging prices lower.<\/p>\n

Trump overturns IRS DeFi rule<\/h4>\n

In a move cheered by the crypto industry, President Trump has signed into law a bill nullifying an IRS rule that controversially expanded the definition of \u201cbroker\u201d to include decentralized finance (DeFi) platforms. <\/p>\n

The regulation, finalized in the waning days of the Biden administration, would have required DeFi protocols \u2014 which operate without intermediaries \u2014 to report detailed user transaction data to the IRS, something crypto developers argued was both technically unfeasible and legally dubious. <\/p>\n

With bipartisan support, both chambers of Congress passed the reversal using the Congressional Review Act. The decision is part of Trump\u2019s broader pledge to position the US as a global crypto leader. <\/p>\n

In his first week back in office, he created a federal working group on cryptocurrency regulation and signed an executive order to build a national Bitcoin reserve. <\/p>\n

Trump\u2019s administration has also repeatedly criticized the Biden-era IRS framework as stifling innovation and creating legal liabilities for developers. <\/p>\n

New York moves to let state agencies accept crypto payments<\/h4>\n

New York could soon become one of the first US states to formally integrate cryptocurrency into government operations. <\/p>\n

A newly filed bill, Assembly Bill A7788, introduced by Assemblymember Clyde Vanel, proposes to allow state agencies to accept crypto \u2014 including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash \u2014 for a wide range of payments such as taxes, fees, rent, and fines. <\/p>\n

The proposed legislation would authorize agencies to enter agreements with crypto payment providers, ensuring that final settlements are made in fiat currency to shield state budgets from crypto market volatility. <\/p>\n

More importantly, the bill stipulates that debts would not be considered legally settled until the state receives full fiat payment, preserving the integrity of public finance processes. <\/p>\n

Agencies may also charge service fees to offset transaction costs and volatility hedging. While this is not the first time such a proposal has emerged \u2014 similar bills were introduced in previous legislative sessions but failed to advance \u2014 the current climate of growing mainstream adoption and Trump-era pro-crypto sentiment may improve its chances.<\/p>\n

<\/span><\/h4>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/strong><\/p>\n

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a quick recap of the crypto landscape for Friday (April 11) as of 9:00 a.m. UTC. Bitcoin and Ethereum price update At the time of this writing, Bitcoin (BTC) was priced at US$81,535.55 and up 3.5 percent in 24 hours. The day\u2019s range has seen a low of US$78,669.30 and a high of U$82,999.65. […]<\/p>\n","protected":false},"author":0,"featured_media":16781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-16780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/16780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=16780"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/16780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/16781"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=16780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=16780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=16780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}