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The Canada Revenue Agency (CRA) has determined that approximately 40% of cryptocurrency platform users are at high risk of underreporting or evading taxes, according to Wu Blockchain. The agency is currently investigating over 230 cases through a dedicated crypto program and has collected approximately 100 million Canadian dollars ($73 million) over the past three years. The CRA stated that legal gaps exist in identifying crypto taxpayers and has demanded that platforms like Dapper Labs disclose user information.

South Korean crypto exchange Bithumb announced that it will list Alora (ALLO) for Korean won trading at 8:00 a.m. UTC on Dec. 9.

Ethereum Layer 2 solution MegaETH announced it will release its mainnet beta, Frontier, to app developers next week. This will be followed by several weeks of support for app deployment and testing before the platform begins user onboarding.

South Korean crypto exchange Bithumb announced it will temporarily suspend deposits and withdrawals for ETH and all Ethereum network-based assets at 12:00 p.m. UTC today. The suspension is in support of an upcoming Ethereum network hard fork and will also apply to 18 Ethereum Layer 2 networks.

A conspirator involved in a social engineering scam that stole 4,100 BTC, valued at $371 million, has pleaded guilty, the U.S. Department of Justice announced. According to The Block, the group is accused of stealing the funds between October 2023 and May 2024 by operating a fraudulent online gaming platform in states including California and Connecticut.

Global credit rating agency Fitch Ratings has warned that U.S. banks with substantial cryptocurrency operations could face credit rating downgrades. According to a Fitch report cited by Cointelegraph, activities such as issuing stablecoins, tokenizing deposits, and utilizing blockchain technology can present opportunities for improved profitability. However, the agency noted that these ventures also increase risks related to a bank's reputation, liquidity, operations, and regulatory compliance. Consequently, Fitch stated that banks with large-scale crypto-related businesses may be subject to negative rating actions. The report also mentioned that major banks like JPMorgan, Bank of America, Citi, and Wells Fargo are involved in the crypto sector.

According to CoinNess market monitoring, BTC has fallen below $90,000. BTC is trading at $89,996.28 on the Binance USDT market.

Hong Kong-based crypto investment firm HashKey Holdings has opened its initial public offering (IPO) subscription period for investors from Dec. 9 to Dec. 12, the Hong Kong Economic Times (HKET) reported. The company aims to raise up to 1.67 billion Hong Kong dollars (approximately $200 million) and is scheduled to list on the Hong Kong Stock Exchange (HKEX) on Dec. 17.

Digital asset tax and accounting platform ZenLedger has announced its support for the Sui (SUI) network. The integration aims to simplify tax reporting and compliance for users, businesses, and developers in accordance with various national regulations. ZenLedger's system automatically aggregates and standardizes data from hundreds of exchanges, blockchains, wallets, and DeFi protocols, a service now extended to the Sui ecosystem.

Nasdaq-listed Bitmine, a company heavily invested in Ethereum, is carrying an unrealized loss of approximately $3.1 billion, according to an analysis by EmberCN. The firm currently holds 3,864,951 ETH, valued at $12.074 billion, with an average purchase price of $3,925.

South Korean crypto exchange Coinone has placed MASA on its delisting watchlist and will keep it there for about a month. The exchange cited several reasons for the decision, including evidence that follow-up measures from a past security incident have not been fully implemented, a lack of transparency and rationality in the project's procedures for making significant changes, and insufficient disclosure of important matters. Coinone stated that the watch period is intended to allow for verification of these issues and to prevent potential harm to users.

Binance leads the cryptocurrency exchange market, accounting for 35.4% of global Bitcoin trading volume, according to data from Unfolded. The exchange is followed by Crypto.com at 16.5%, Coinbase and Bybit each at 8.5%, KuCoin at 6.3%, and OKX at 5.9%.

Pro-cryptocurrency U.S. Senator Bernie Moreno has stated that negotiations on a comprehensive crypto regulation bill are facing significant hurdles with no clear progress. According to The Block, while the U.S. passed the GENIUS Act for stablecoin regulation last summer, broader discussions have stalled. The key sticking points include defining the jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as provisions for consumer protection. Speaking at a Blockchain Association policy summit in Washington, D.C., Moreno emphasized that he would rather have no agreement than a bad one, adding that he is unwilling to include problematic provisions simply to pass a bill. Meanwhile, Republicans and Democrats are scheduled to meet on Dec. 9 to continue discussions on the matter.

CoinMarketCap's Altcoin Season Index has risen one point from yesterday to 19. The index is calculated by comparing the price performance of the top 100 coins by market capitalization, excluding stablecoins and wrapped coins, against Bitcoin. An "altcoin season" is declared when 75% of these top coins outperform Bitcoin over the past 90 days. A score closer to 100 indicates a stronger altcoin season, while the opposite is considered a "Bitcoin season."

The Crypto Fear & Greed Index, compiled by data provider Alternative, stands at 22, unchanged from yesterday, indicating that the market continues to be in a state of extreme fear. The index measures market sentiment on a scale from 0 (extreme fear) to 100 (extreme greed). It is calculated based on several factors: volatility (25%), market volume (25%), social media mentions (15%), surveys (15%), Bitcoin's market dominance (10%), and Google search trends (10%).

Strategy CEO Phong Le said in an interview with CNBC that the company plans to hold its Bitcoin until at least 2065. He explained that this is because Strategy's stock remains a primary vehicle for investors to gain exposure to BTC, even with the launch of spot Bitcoin ETFs.

Multiple on-chain and macroeconomic indicators are pointing to a bearish outlook for Bitcoin, according to an analysis by Cointelegraph. The outlet noted that the BTC monthly futures premium is currently below the neutral 5% level compared to the spot market, while a 13% premium on BTC put options on Deribit indicates a higher cost for hedging against price declines—a common feature of a bear market. The analysis also cited other contributing factors, including a lack of inflows into spot Bitcoin ETFs, an exodus of Chinese traders, the declining probability of a U.S. Federal Reserve interest rate cut, and a slump in the U.S. real estate market.

Strategy co-founder Michael Saylor has urged countries to create high-yield bank accounts backed by BTC, Cointelegraph reports. Speaking at the Bitcoin MENA event in Abu Dhabi, Saylor argued that investors are turning away from traditional bank deposits because of low returns, contrasting the near-zero yields in Japan, Europe, and Switzerland with the 1.5% and 4% rates on euro and U.S. money market funds, respectively. He proposed that banks could offer accounts that primarily invest in digital credit products to provide investors with higher yields than standard deposits, while holding BTC as collateral to ensure the accounts' safety. Saylor emphasized that nations offering such accounts could attract between $20 trillion and $50 trillion in new capital.

Tether has participated in an investment round for Italian humanoid developer Generative Bionics, The Block reported. While the specific investment amount was not disclosed, other participants in the round included AMD Ventures and Italy's national artificial intelligence fund.

The U.S. Commodity Futures Trading Commission (CFTC) has launched a digital asset pilot program to explore the use of tokenized collateral in derivatives markets. According to accompanying guidelines, only BTC, ETH, and USDC will be permitted as collateral during the initial three-month period. The initiative is part of the agency's "Crypto Sprint," which aims to intensively review cryptocurrency issues over a limited time to establish a viable regulatory framework. The program's objective is to implement recommendations from a White House policy report on digital assets.

According to CoinNess market monitoring, BTC has risen above $91,000. BTC is trading at $91,007.04 on the Binance USDT market.

The three major U.S. stock indices closed lower. The S&P 500 fell 0.35%, the Nasdaq Composite declined 0.14%, and the Dow Jones Industrial Average dropped 0.45%.

Whale Alert reported that 202,886,878 USDT has been transferred from an unknown wallet to OKX. The transaction is valued at about $203 million.

Prediction market platform Polymarket now supports MON and USDC deposits via the Monad Network, Crypto Briefing reported.

Jonathan Gould, the U.S. Comptroller of the Currency, has criticized the traditional banking industry for obstructing cryptocurrency firms from obtaining trust bank charters, CoinDesk reported. He stated that there is no reason to treat digital assets differently from traditional ones and that banks should not be confined to outdated technologies or business models. Over the past year, the number of new charter applications rose to 14, with many related to digital assets and other financial technology services, Gould noted. He added that his office is also investigating de-banking measures, where banks restrict access to services for crypto-related companies.