Trump’s DeFi order sparks CRV’s surge – Start of a bullish run?
The post Trump’s DeFi order sparks CRV’s surge – Start of a bullish run? appeared on BitcoinEthereumNews.com.
CRV saw a massive 24-hour surge following Trump’s new legislative order that grants DeFi assets independence Spot market investors have continued to increase their exposure to the asset In the last 24 hours, Curve DAO [CRV] has seen a significant rally following Trump’s latest legislative order, one that protects Decentralized Finance (DeFi) and related assets. Buying sentiment has since continued to strengthen, with spot market traders accumulating a significant amount. However, there’s a likely drop incoming before a sustained rally upwards. How does President Trump’s bill affect CRV? On 10 April, the President of the United States, Donald Trump, signed the first-ever crypto bill into law, protecting DeFi. This new law is set to prevent the Internal Revenue Service (IRS) Digital Assets Sale and Exchanges Rule from being passed into law. This bill, also known as the DeFi Broker Rule, was set to enforce both custodial and non-custodial services to submit reports to the IRS at intervals. Representative Mike Carey of the House Ways and Means Committee stated, “The DeFi Broker Rule needlessly hindered American innovation, infringed on the privacy of everyday Americans, and was set to overwhelm the IRS with an overflow of new filings that it doesn’t have the infrastructure to handle during tax season.” Following the news, DeFi tokens reacted positively. CRV, the native token of Curve, led the charge. It surged by 19% and pushed its monthly gains to 48%. Hence, AMBCrypto analyzed the market to determine how participants might be reacting and whether the rally could be sustained or not. Traders accumulate CRV, eyeing a near $2 rally Following the update, traders in the spot market accumulated 1.15 million CRV, worth approximately $667,000, as indicated by the exchange netflows. This purchase is likely long-term, especially as this cohort of traders moved the CRV into private…
Filed under: News - @ April 11, 2025 10:26 pm