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Bitcoin (BTC/USD) is presently valued at $104,322, trading within a narrow range and experiencing a 0.14% increase over the past 24 hours. However, traders are not solely focused on charts; they are bracing for substantial changes from US regulatory bodies.
Beginning January 1, 2026, the IRS will mandate wallet-by-wallet cost basis tracking for cryptocurrency assets, including Bitcoin. This requirement entails meticulous recordkeeping and may alter trading strategies in the US.
Starting in January 2026, the IRS will require platforms such as @coinbase and @krakenfx to issue 1099-DA forms for all digital asset disposals.
These new tax forms will detail:
→ Type of asset
→ Date of sale
→ Proceeds from the transaction
However, there’s a caveat: For assets… pic.twitter.com/Tjhid56MrQ— CoinTracker (@CoinTracker) May 27, 2025
In the past, traders utilized a pooled basis for tax reporting; however, the new IRS Form 1099-DA will necessitate comprehensive tracking for each wallet, akin to conventional stock trading.
While this will enhance transparency, it may also lead to increased compliance costs and slow down trading activities, particularly for retail and institutional investors managing multiple wallets.
- IRS cost basis modifications take effect January 2025
- New regulations require detailed wallet tracking
- Higher tax compliance expenses
Texas Takes the Lead on Bitcoin Reserves
Texas legislators approved SB21, the Strategic Bitcoin Reserve (SBR) bill, with a 24-7 vote in the Senate, and it is now on Governor Greg Abbott’s desk. If enacted, Texas will become the third US state to implement an SBR law, following New Hampshire and Arizona, and the second to allocate state funds for cryptocurrency.
TEXAS Bitcoin Reserve Update:
The Senate has voted to adopt the Conference Committee report (24-7) on Bitcoin Reserve bill SB 21.
Both chambers have now approved the report, allowing the bill to proceed to the Governor’s desk for signing.
Texas SBR is on the way. https://t.co/0LlkqNHntC pic.twitter.com/MNOTWCMC6D— Bitcoin Laws (@Bitcoin_Laws) May 31, 2025
The legislation permits the Texas Comptroller to establish a Bitcoin reserve utilizing state investment funds, under the guidance of an advisory committee. Amendments set a $500B market cap threshold for qualifying assets and exclude staking options. This development occurs as Texas maintains its position as a leader in US Bitcoin mining, boasting the highest mining hash rate.
- Texas to establish a state-level Bitcoin reserve
- $500B market cap threshold ensures stability
- Mining-friendly environment reinforces Texas’s status as a crypto hub
Bitcoin Technical Analysis: $104K Pivot or Decline?
On Sunday, the Bitcoin price outlook is mixed as BTC consolidates within a narrow range of $105,000 to $10,350. On the 4-hour chart, Bitcoin is testing a downward-sloping trendline, with the 50-period EMA at $106,331 limiting the rally.
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A Doji at $104,894 indicates indecision, while a lower high pattern suggests a possible continuation of the downtrend. The MACD is bearish, featuring a deep red histogram and an expanding gap below the signal line.
Key levels to monitor:
- Support: $103,501, $102,141
- Resistance: $106,331, $107,914
A reversal at $103,501 (Hammer or Bullish Engulfing with MACD convergence) could trigger a move to $106,331 or beyond. Until then, caution is advised.
For traders, the approach is straightforward: await a breakout or reversal. Without confirmation, the outlook remains bearish.
SBBD Presale Exceeds $572K, Transforming Content Creation
SUBBD is transforming the content creation landscape with a Web3 platform aimed at empowering both creators and fans. With over 2,000 creators and a collective audience of 250 million already engaged, this is more than just a presale; it represents a movement gaining traction.
At its core, SUBBD redefines the connection between creators and fans. Eliminate intermediaries and censorship.
With AI-driven tools, seamless token-gated rewards, and a vibrant ecosystem, fans gain access to exclusive drops while creators can monetize directly. It’s a space designed for genuine engagement and creativity.
Stake your $SUBBD tokens to unlock a range of rewards, including XP boosts, premium content, exclusive raffles, and VIP livestream access. Fans can utilize earned credits for benefits, while token holders have a say in governance voting.
The presale has already garnered over $572,580 towards a target of $784,504, with each $SUBBD priced at $0.05555. The momentum is rapidly increasing, and the remaining allocation is limited.
Join the future of decentralized content today. Visit the SUBBD platform, connect your wallet, and exchange USDT, ETH, or use a bank card to secure your stake in this evolving content ecosystem.
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