A bipartisan group of lawmakers introduced a revised crypto tax bill Wednesday that aims to update the tax code to better address crypto use cases and would, if signed into law, direct the IRS to analyze the effect de minimis exemptions might have.

Congressmen Steven Horsford (D-N.V.), Max Miller (R-Ohio), Suzan DelBene (D-Wash.) and Mike Carey (R-Ohio) reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, otherwise known as the Parity Act, that Horsford and Miller had previously pushed a few times. The new language comes a week after lawmakers reportedly met to discuss crypto tax reform.

The new version of the bill calls for “regulated payment stablecoins” to incur no gain or loss unless the cost basis is less than 99% of the redemption value of the stablecoin, and it also creates a safe harbor for trading through brokers or in taxpayer accounts, defines how so-called “wash sale” rules might apply to digital assets and addresses how digital assets earned by acting as a validator.

The bill also directs the IRS to review what sort of tax burden crypto holders face when it comes to “small digital asset transactions” and how many transactions worth less than $200 are captured under existing law. This review should include the IRS’ needs if there was a de minimis exemption — meaning a carveout for activity that the law should consider too small to be concerned with — for crypto transactions, as well as whether and how such an exemption might be abused.

The crypto industry has long argued that freeing taxpayers of the burden of having to file and report taxes on small transactions would make it easier to use crypto as a payments tool for small items like a cup of coffee.

The bill is meant to just be a first step toward broader crypto tax reform, Horsford said at CoinDesk’s Consensus Miami conference earlier this month.

“I actually think tax is the foundation. Why? Because it’s tax policy that will determine number one, how these digital assets can be used in our finance system. And at a time when our federal tax code is outdated, it does not take into account the modernization of digital assets,” he said.

“For example, none of the current regulatory policy framework tells a consumer, an institution, or a builder what happens to their taxes when they sell a digital asset, earned staking reward, lend crypto on the U.S. platform or make a charitable contribution in bitcoin,” the lawmaker said “Those are tax questions. And they remain entirely unresolved.”

Securitize reported record quarterly revenue as the tokenization platform continued advancing toward an eventual public listing through its proposed SPAC merger with Cantor Equity Partners II (CEPT), underscoring growing institutional demand for tokenized real-world assets despite ongoing profitability pressures.

The Miami-based company said first-quarter revenue rose 39% year over year to $19.5 million, the highest quarterly revenue in its history, according to results released Wednesday.

Asset servicing revenue surged 201% to $8.3 million, reflecting the continued expansion of Securitize Fund Services, which serviced 650 active funds as of March 31. Tokenization revenue totaled $11.1 million, compared with $11 million in the same quarter a year earlier.

The company ended the quarter with $3.4 billion in tokenized assets under management, $24.9 billion in assets under administration and $1.9 billion in aggregated transaction volume.

Despite top-line growth, Securitize remained unprofitable as it increased spending on expansion efforts and preparations for becoming a publicly traded company. Net loss widened to $7.9 million, or 88 cents per diluted share, while adjusted EBITDA fell to $800,000 from $4.1 million in the prior-year period.

Chief Financial Officer Francisco Flores said the company continued investing in headcount and infrastructure to support long-term growth and its public-market transition, while maintaining what he described as disciplined expense management.

Securitize has agreed to merge with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company, in a deal that would position it as one of the few publicly traded companies focused primarily on tokenized securities and real-world assets. Shares of CEPT rose 5% on Wednesday.

Key takeaways

• PI has reclaimed the $0.1500 level after dropping below this critical area on Tuesday.
• The positive performance comes following the mainnet upgrade. 

Pi Network has reversed its downward trend on Wednesday, climbing above the $0.1500 level following a major infrastructure upgrade to its mainnet nodes. 

At press time, PI traded around $0.1518, extending recent losses while technical indicators hinted at the possibility of a short-term rebound.

Pi Core team completes major mainnet upgrade

The Pi Core Team announced that major mainnet nodes have successfully upgraded to Stellar protocol version 23, reflecting the project’s reliance on the Stellar blockchain infrastructure.

The update also included several backend improvements, such as migrating the operating system from Ubuntu 20 to Ubuntu 24 and upgrading the database engine from PostgreSQL 12 to PostgreSQL 16.

The latest upgrade is aimed at improving network performance, security, and long-term scalability as the ecosystem continues to evolve.

PI price outlook: Technical indicators suggest a possible recovery

The PI/USD 4-hour chart is still bearish and efficient as PI has underperformed over the past few days.

The bearish performance comes despite the infrastructure progress. The token is currently trading below both the 50-period Exponential Moving Average (EMA) near $0.1605 and the 200-period EMA around $0.1709, maintaining a broader bearish outlook.

However, momentum indicators suggest selling pressure may be weakening. The Relative Strength Index (RSI) has dropped to near 29, signaling oversold conditions while also forming a positive divergence as price approaches Tuesday’s low of $0.1463.

This type of divergence often points to a potential reversal or short-term bounce. If buying momentum increases, PI could attempt to retest a descending trendline resistance near $0.1519.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains flat below the zero line, indicating fading bearish momentum but not yet confirming a bullish recovery.

A successful breakout above the $0.1519 resistance level could open the door for a stronger recovery toward the 50-EMA at $0.1605, followed by the 200-EMA near $0.1709.

On the downside, the recent low at $0.1463 remains a critical support zone. A daily close below that level could invalidate rebound expectations and potentially trigger additional downside pressure for Pi Network.

Key takeaways

• BTC remains around the $77k level after rejecting the 200-day moving average.
• The bearish performance comes as rising inflation and Treasury yields weigh on risk sentiment.

Bitcoin slipped below $77,000 earlier on Wednesday after failing to break above the 200-day moving average near $82,000, as rising inflation and tighter macroeconomic conditions weighed heavily on risk assets.

The decline comes after hotter-than-expected U.S. inflation data showed Consumer Price Index (CPI) growth accelerating to 3.8% year-over-year. At the same time, rising oil prices and a surge in the 10-year Treasury yield have reduced expectations for Federal Reserve rate cuts, with markets increasingly pricing in the possibility of a rate hike by December.

Bears continue to dominate the market

According to a report from K33 Research, Bitcoin’s rejection at the 200-day moving average mirrors patterns seen during previous market cycles in 2014, 2018, and 2022, when rapid rebounds were followed by sharp deleveraging-driven sell-offs.

K33 noted that those historical recoveries rebuilt trader confidence and leverage quickly, leaving markets vulnerable to aggressive corrections once momentum faded.

“A core ingredient in the ensuing legs lower was the unwind of positions built up during the rally itself,” the report stated.

However, analysts emphasized that the current cycle differs in several important ways. Bitcoin took significantly longer to revisit the 200-day moving average after breaking below it, spending 189 days before retesting the level in May. That compares with 96 days in 2014, 132 days in 2018, and 85 days in 2022.

Derivatives data suggest traders remain cautious rather than excessively bullish. Funding rates have stayed negative for 81 consecutive days, while options market skews are hovering near yearly highs, indicating persistent defensive positioning.

Institutional flows have presented a mixed picture. Global Bitcoin exchange-traded products (ETPs) recorded their largest weekly outflow of the year last week, totaling 24,303 BTC. The figure marked the ninth-largest five-day outflow since the launch of U.S. spot Bitcoin ETFs.

K33 noted that selling pressure intensified as Bitcoin approached the average ETF cost basis, a level that has historically triggered elevated outflows.

Bitcoin technical outlook: BTC consolidates around $77,000

At the time of writing, Bitcoin is hovering near $77200, slightly above the 50-day EMA at $76,743 and the 100-day EMA at $76,867. 

However, the broader trend remains constrained by the 200-day EMA at $81,845, which continues to act as a strong overhead resistance level.

This positioning suggests that while short-term buyers are attempting to stabilize price action, longer-term trend signals have yet to confirm a bullish reversal.

Technical indicators point to declining bullish momentum. The Relative Strength Index (RSI) is drifting toward the mid-40s, indicating weakening buying pressure without yet reaching oversold conditions.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains firmly in negative territory, reinforcing the view that recent upward moves have lost strength following the prior rally attempt.

If the rally resumes, immediate resistance is located at the 50% Fibonacci retracement level of the recent rally around $78,962. A breakout above this zone would be needed to challenge higher levels.

However, if the selloff continues, initial support is anchored by the 50-day EMA at $76,743. A break below this level could expose Bitcoin to further losses toward the 38.2% Fibonacci retracement at $74,487.

Deeper support lies near the reclaimed trendline around $70,785, with the 23.6% retracement level at $68,950 acting as a final key cushion for the current structure.

• Ethereum is testing the $2,140 level after an intraweek low near $2,070.
• A technical breakdown raises the risk of a sharp decline to $1,350, CryptoQuant notes.
• Bullish catalysts could include regulatory clarity and continued institutional demand.

Ethereum (ETH) briefly traded back above the $2,100 level on Wednesday after gaining about 1% over the past 24 hours as Bitcoin reclaimed the $77,200 mark.

While the rebound offered some relief for bulls, the altcoin remains under pressure following a sharp weekly decline.

Technical indicators continue pointing to elevated downside risk, with some analysts warning that ETH could face a deeper correction toward the $1,350 level.

Ethereum price today

Market data during the US session on Wednesday showed Ethereum testing the $2,140 zone after rebounding from intraweek lows near $2,070.

The rebound followed several sessions of heavy selling, although ETH remains well below recent swing highs.

Ethereum is currently trading nearly 7% lower for the week and roughly 28% lower year to date.

The Relative Strength Index (RSI) is hovering near oversold territory, which may suggest conditions for a short-term relief bounce.

However, ETH continues trading below all major moving averages on the daily chart, signaling that bearish momentum remains dominant.

Could ETH fall to $1,350 after a bearish breakdown?

One of the primary concerns for bulls is Ethereum’s breakdown below the support trendline of a triangle pattern.

The latest sell-off confirmed the structural breakdown on the daily chart, raising concerns that price action could mirror a similar technical failure earlier this year.

At the time, Ethereum’s price declined sharply from the $2,800–$3,000 range, falling roughly 35% over several days in February. If similar market conditions develop again, analysts warn that selling pressure could intensify further.

Analysts at CryptoQuant highlighted the downside risk in a recent market note.

“If Ethereum fails to reclaim the broken triangle structure, selling pressure could accelerate further, and price may target the $1,350 support level,” CryptoQuant author and analyst Pelin Ay wrote.

Macro conditions and weakening market flows have also added pressure to Ethereum’s price outlook.

Ethereum’s recent weakness has tracked Bitcoin’s broader lack of momentum, with BTC slipping toward the $76,000 area in recent sessions.

Meanwhile, spot Ethereum ETFs have recorded seven consecutive days of net outflows.

Persistent outflows have increased concerns that the recent technical breakdown could develop into a more prolonged downtrend.

Contrasting views and potential support levels

Not all market participants remain bearish on Ethereum’s longer-term outlook.

Bitmine’s Tom Lee said the recent pullback could represent a “buy low” opportunity, particularly as Bitmine’s treasury holdings now exceed 4.37% of Ethereum’s circulating supply.

Some bullish investors continue pointing to longer-term catalysts, including stablecoin growth on Ethereum, increasing staking adoption, and expanding interest in tokenized real-world assets (RWA).

Market participants are also monitoring regulatory developments that could influence broader institutional adoption trends over time.

In the near term, traders will closely watch whether buyers can push ETH back above the $2,200–$2,400 resistance zone.

Failure to reclaim that range could expose the token to another decline below $2,000, with some analysts identifying $1,350 as a possible downside target.

TLDR

• Vitalik Buterin outlined new Ethereum upgrades aimed at enabling native onchain privacy for users.
• The roadmap includes account abstraction FOCIL and keyed nonces to improve transaction confidentiality.
• FOCIL introduces validator-enforced transaction inclusion to reduce the risk of censorship on the network.
• Account abstraction allows Ethereum accounts to function like smart contracts with enhanced security and flexibility.
• Keyed nonces make it harder to link transactions by replacing the single sequential nonce system.
• The access layer proposal focuses on protecting user data during blockchain queries through tools like Kohaku.

Vitalik Buterin on Wednesday detailed new privacy-focused upgrades planned for Ethereum. The proposals aim to bring private transactions directly onchain instead of relying on third-party tools. The update outlines three initiatives designed to improve privacy across transactions, accounts, and data access.

Vitalik Buterin outlines Ethereum Privacy Roadmap

Buterin shared the update in a technical post on X that described near-term privacy improvements. He focused on making private transactions a native feature of Ethereum.

The proposals include account abstraction, FOCIL, and keyed nonces. Each initiative targets a different layer of user privacy on the blockchain.

FOCIL, or fork-choice enforced inclusion lists, aims to reduce transaction censorship. It allows validator committees to require block builders to include specific transactions.

If builders ignore these transactions, the network can reject their blocks. This mechanism increases the likelihood that private transactions get processed.

Account abstraction upgrades how user accounts function on Ethereum. It allows accounts to act like smart contracts with features such as multi-signature approvals.

It also supports social recovery and flexible fee payments. Users can allow apps or third parties to cover transaction costs.

Ethereum Privacy Upgrades Target Transactions and Data Access

Keyed nonces address a tracking issue linked to Ethereum accounts. Current nonces increase sequentially, making it easier to connect transactions to the same user.

The new system introduces a nonce key and nonce sequence structure. This setup allows multiple independent transaction counters for a single account.

A researcher known as soispoke.eth said it “gives transactions independent replay domains.” This reduces the ability to trace activity across the network.

The third initiative focuses on access-layer privacy. It targets how users interact with blockchain data through RPC providers.

Wallet queries currently expose user IP addresses and activity patterns. These interactions can reveal identity links even if transactions remain private.

A toolkit called Kohaku aims to solve this issue. It enables private data queries using methods like private information retrieval.

Kohaku allows nodes to respond without knowing what data users request. This limits exposure of user behaviour to external providers.

The proposals come as the Ethereum Foundation undergoes internal changes. Several high-profile departures have occurred during a shift in its organisational role.

Privacy-focused crypto assets have also seen strong market performance. Zcash has risen over 800% since early last year, while Monero has gained more than 100%.

Bitcoin has declined by over 5% during the same period. None of Ethereum’s proposed privacy upgrades is live yet, according to the latest update.