Today’s XRP News: Biden’s Tax Base Fuels Crypto Volatility – Affects XRP and BTC

GET EXCLUSIVE XRP PRICE INSIGHTS: Find out what the SEC’s next move could mean for the future of XRP. Don’t miss our expert analysis here – Read now!

Bitcoin Price Trends: Regulatory pressures and risk sentiment impact Bitcoin

Friday, Bitcoin (Bitcoin) fell below the crucial level of $95,000 amid uncertainty about the path of the Federal Funds rate. US inflation fears have weighed on riskier assets, including the Nasdaq Composite Index, Bitcoin, and the broader cryptocurrency market. The Nasdaq Composite Index fell 1.49% on Friday.

BTC has faced additional pressure from the DeFi broker’s tax reporting rule, which could disrupt the balance of supply and demand.

US BTC-Spot ETF Trends Add Volatility

Risk aversion has also impacted the Bitcoin (BTC) ETF market in the US. According to Farside investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $208.2 million.
• The ARK 21Shares Bitcoin ETF (ARKB) generated net inflows of $112.6 million.

Except BlackRock (Black(iShares Bitcoin Trust)EbitNet inflows amounted to $367.3 million. The US Bitcoin ETF market could report net outflows for the fifth time in six sessions, keeping Bitcoin below the psychological level of $100,000 and its all-time high of $108,231.

Corporate adoption enhances long-term prospects

Amid market volatility, Bitwise has filed for the Bitcoin Standard Corporations ETF. On Friday, ETF Shop head Nate Geraci shared news of a new ETF filing, Saying,

“Bitwise files for Bitcoin Standard Corporations ETF. They will own shares of companies that have adopted the ‘Bitcoin Standard,’ which they define as holding at least 1,000 Bitcoins in a company’s treasury. BTC treasury operations virus is spreading.”

The presentation coincided with the participation of Fox Business journalist Eleanor Terrett, A existing Among the top 60 companies that own BTC.

According to the list, the Bitwise ETF can invest in 22 companies with 1,000 BTC or more. These include MicroStrategy (MSTR), Marathon Digital (Mara), Tesla (TSLA), and Coinbase (currency). Other companies are listed on stock exchanges in Thailand, Singapore, Norway, Japan, Hong Kong, Germany and Canada.

The Bitwise ETF and companies’ increased reliance on BTC could tilt the supply-demand balance in BTC’s favor.

Bitcoin price forecast

On Friday, December 27, Bitcoin fell 1.52%, following Thursday’s 3.74% decline, closing at $94,242.

Near-term Bitcoin price trends will depend on US Bitcoin exchange-traded fund (ETF) activity, US government cryptocurrency maneuvers, and updates regarding the Strategic Bitcoin Reserve (SBR).

ETF outflows and the sale of Bitcoin by the US government may impact the demand for Bitcoin, which could pull Bitcoin towards the $90,742 support level. Conversely, Bitcoin inflows and progress towards Bitcoin becoming a strategic reserve asset could push Bitcoin towards $100K.