Online trading platform Robinhood reportedly transferred a whopping 131 million Dogecoin DOGE/USD within the span of an hour, sparking intrigue and speculation among crypto enthusiasts.
What Happened: According to data, this massive amount of DOGE was moved in two significant transactions.
The initial transaction involved the transfer of 80,452,117 DOGE, valued at approximately $33,127,063, from Robinhood to an unidentified wallet.
The subsequent transaction witnessed 51,954,195 DOGE, worth around $21,334,106, being transferred from Robinhood to leading cryptocurrency exchange, Coinbase.
These considerable transactions could be associated with whales or institutional entities. The transfer to Coinbase might imply a potential sale or preparation for trading activity.
Conversely, the transfer to an unknown wallet could suggest private custody or acquisition by a large holder or whale. Nevertheless, the precise motive behind the transfers remains a mystery.
Why It Matters: These recent transactions underscore the increasing activity and interest in DOGE. The transfers could potentially indicate a shift in the market dynamics, with large players possibly moving their assets for various strategic reasons. However, without concrete information, these remain speculative assumptions.
The movement of such a large amount of DOGE also highlights the role of Robinhood as a significant player in the crypto trading space. The platform’s involvement in these transactions could have implications for its user base and the broader crypto market.
Billionaire entrepreneur Mark Cuban has shown interest in funding a TikTok alternative. This move comes in light of the potential shutdown of TikTok this weekend, with Cuban considering leveraging the protocol developed by microblogging site Bluesky.
What Happened: Cuban is contemplating this step in response to legislation requiring TikTok to sell its platform or face a nationwide ban. ByteDance, the Chinese parent company of TikTok, has continually asserted that it is not for sale.
In a TikTok video on his account Tuesday, Cuban proposed this alternative version of the video-sharing app.
He said, “There’s an app called Bluesky and it’s built on the AT Protocol. I would be open to investing in supporting anybody — or somebody who creates a TikTok replacement built on the AT Protocol.”
Bluesky, a decentralized social media platform, enables users to host their data on servers not owned by the company. The platform, created by Twitter founder Jack Dorsey in 2019, has expanded to a user base of over 27 million people, reports Gizmodo.
However, the fate of TikTok’s U.S. app remains uncertain. Reports suggest that the company is seeking a last-minute reprieve from incoming President Donald Trump. TikTok CEO Shou Chew is scheduled to attend Trump’s inauguration, and Trump is reportedly contemplating an executive order to save the platform.
Why It Matters: The potential shutdown of TikTok in the U.S. has sparked interest in alternatives to the popular video-sharing platform. Cuban’s proposal of a TikTok alternative based on Bluesky’s protocol could potentially offer a new avenue for social media users, especially with the growing concerns over data privacy.
The move also highlights the increasing interest in decentralized social media platforms, which offer users more control over their data.
The unfolding events surrounding TikTok’s future in the U.S. will undoubtedly have significant implications for the social media landscape.
ALTADENA, Calif., Jan. 18, 2025 /PRNewswire/ — Summerkids Camp, a family-run business in the hills of Altadena, announced that its camp property that hosted generations of children over five decades was destroyed by the Eaton Fire.
While the camp is closed, the camp community is rallying around each other, said Summerkids Camp Director Cara DiMassa, a member of the family that has run the camp since its founding. “We are grieving all that we have lost in Altadena, including many of our camp families’ homes,” DiMassa said. “But I am heartened by the way members of the Summerkids community are supporting one another.”
DiMassa has spent the last week compiling a database of Summerkids Camp families who lost their home to the Eaton Fire, including the camp’s caretaker, who lived on site. At last count, DiMassa said, more than 50 Summerkids Camp families had lost homes in the Eaton Fire, including several families in which both parents and children attended the camp.
“In some cases, families who lost their own homes have been donating to other Summerkids Camp families in similar situations,” DiMassa said. “It shows how much we value each other as a camp community and come together in crises like this.”
Summerkids, which began in 1978 and was located at the Altadena site since 1980, is owned and operated by the DiMassa family. Tens of thousands of campers from Altadena and surrounding communities have attended the camp, which served campers in grades K-9.
The summer camp operated on a 55-acre site originally built for the Camp Fire Girls in the late 1940s. The site included a historic and architecturally significant lodge designed by famed local architect Boyd Georgi. In addition, all structures – including four cabins, a caretaker’s house, playgrounds, an amphitheater, archery ranges and more – were lost in the fire.
President-elect Donald Trump said Saturday that he may provide a 90-day extension to ByteDance-owned TikTok to delay or prevent a ban in the U.S.
What Happened: During an interview with NBC on Saturday, Trump suggested that he is “most likely” to grant TikTok a 90-day extension from a potential U.S. ban.
“I think that would be, certainly, an option that we look at. The 90-day extension is something that will be most likely done, because it’s appropriate. You know, it’s appropriate. We have to look at it carefully. It’s a very big situation,” Trump said.
This extension would provide ByteDance additional time to sell to a non-Chinese buyer, in compliance with the law enacted by President Joe Biden last year. However, Trump’s final decision on this matter is still pending.
As reported by NBC News, the existing deadline for TikTok’s compliance is midnight Sunday. An extension announced on Monday might not be able to prevent the app from going offline for at least a day. The future of TikTok has been a major concern during the last days of the Biden administration.
The Biden administration has consistently stated that it does not intend to enforce the law, thereby shifting the responsibility to the incoming Trump administration. However, TikTok expressed apprehensions on Friday that the assurances from the White House might not be enough to prevent the app from being shut down.
Trump’s potential support for TikTok marks a significant departure from his previous stance during his first term, when he attempted to ban the app along with the Chinese messaging app WeChat.
Meanwhile, on Saturday, the Biden administration called TikTok’s statement on going dark on Sunday a “stunt.”
“It is a stunt, and we see no reason for TikTok or other companies to take actions in the next few days before the Trump Administration takes office on Monday,” White House Press Secretary Karine Jean-Pierre told Reuters.
“We have laid out our position clearly and straightforwardly: actions to implement this law will fall to the next administration. So TikTok and other companies should take up concerns with them.”
“President Biden’s position on TikTok has been clear for months, including since Congress sent a bill in overwhelming, bipartisan fashion to the President’s desk: TikTok should remain available to Americans, but simply under American ownership or other ownership that addresses the national security concerns identified by Congress in developing this law,” Jean-Pierre added in the statement.
Why It Matters: TikTok’s potential ban in the US has been a contentious issue, with the app’s fate hanging in the balance during the transition between the Biden and Trump administrations.
The proposed 90-day extension could provide much-needed respite for TikTok and its parent company, ByteDance, allowing them additional time to comply with US regulations.
However, the future of the app in the US market remains uncertain until a final decision is made by the incoming Trump administration.
What Happened: The crypto market sprung to life on the final trading day before the Trump administration takes over. Bitcoin spearheaded the rally, surging 2.81% and almost touching $104,987 per token. Ethereum (ETH -0.22%) and Dogecoin (DOGE -0.16%) also saw gains.
There is widespread speculation that President-elect Trump will prioritize cryptocurrency, with rumors of an executive order on his first day in office. This might include the appointment of a more crypto-friendly chairman for the Securities and Exchange Commission.
However, traders are advised to be cautious of the speed of policy changes in Washington. While changes to the industry’s rules may require congressional action, this doesn’t necessarily translate to a direct value gain for meme coins and blockchain tokens.
Instead, it could lead to assets like stocks and bonds trading on the blockchain and more business formation taking place on the blockchain.
Despite the current speculation-driven surge, the market may face disappointment if the news doesn’t meet high expectations.
The Federal Reserve cannot make Bitcoin or any other cryptocurrency a reserve currency without Congressional action, which seems unlikely in the current political climate.
The market movement today is largely driven by speculation that Trump will be beneficial for the crypto market. However, similar speculation in 2021 led to a market crash in 2022, cautioning investors against buying tokens based solely on speculation.
Why It Matters: The potential for a ‘Trump bump’ in the cryptocurrency market is significant, given the President-elect’s rumored focus on this sector.
However, the history of speculation-driven surges and crashes in the crypto market serves as a warning to investors. The potential for policy changes under the new administration could have far-reaching implications for the industry, but these changes are uncertain and could take time to implement.
The meeting, which lasted around an hour, focused on a range of issues concerning New York City, including border security, the deportation of violent offenders, and ways the federal government could assist with the city’s needs, reports CBS News.
Adams also highlighted discussions on improving public safety through the ceasefire agreement between Israel and Hamas and the potential for bringing manufacturing jobs back to New York, especially in the Bronx.
In a statement, Adams described the conversation as productive, emphasizing the importance of federal investments in New York, particularly regarding infrastructure and public safety, CBS News adds. He noted that working with the federal government is crucial to the success of New York City.
While the meeting itself was not surprising, as Adams has consistently shown a willingness to engage with all levels of government, some of his political opponents raised concerns about an ulterior motive.
There were speculations that Adams might be seeking a pardon from Trump in light of his ongoing corruption charges.
Adams, however, dismissed these claims, stating that his primary focus was on securing federal assistance for New York.
He reaffirmed his intention to collaborate with the incoming administration for the benefit of the city’s residents, CBS News adds.
This meeting came as preparations were underway for Trump’s inauguration, including heightened security measures in Washington, D.C. With the inauguration now moved indoors due to freezing temperatures, security concerns remain a priority as 250,000 guests, including prominent figures, prepare to attend.
Major players in the cryptocurrency industry have made substantial donations to President-elect Donald Trump‘s inaugural fund.
What Happened: Companies such as Ripple, Coinbase, Kraken, Robinhood, and Circle have collectively donated a minimum of $10 million to the inauguration fund since Election Day.
According to a report by Politico, these contributions will be used to finance official events related to the inauguration, symbolizing the industry’s support for Trump, who is anticipated to be the first U.S. president with a clear pro-crypto stance.
The cryptocurrency industry also hosted a sold-out unofficial inaugural ball on Friday night at the Andrew W. Mellon Auditorium in Washington. The event, which included Snoop Dogg as a musical guest, was partly organized by David Bailey, who manages a Bitcoin conference where Trump was a speaker last summer.
Ripple, currently facing enforcement action from the SEC, has donated $5 million in digital tokens to the inaugural committee. U.S. crypto exchanges Coinbase and Kraken, as well as stablecoin company Circle, each donated $1 million. Online brokerage Robinhood made a contribution of $2 million.
Why It Matters: These donations have sparked controversy, with Democrats and watchdog groups accusing the president of trading influence. However, the crypto industry perceives this as a celebratory moment and a chance to interact with the incoming administration.
Amid ongoing regulatory uncertainties, these firms are likely seeking to build a strong relationship with the new administration, hoping for a more favorable regulatory climate for cryptocurrencies.
As Bitcoin BTC/USD nears the $106,000 mark, the probability of the U.S. establishing a strategic Bitcoin reserve has surged to an all-time high of 70%.
What Happened: Well-known venture capitalist and Bitcoin enthusiast Anthony Pompliano shared data indicating a significant increase in the likelihood of incoming president Donald Trump creating a strategic Bitcoin reserve in 2025.
This information was shared as Bitcoin briefly hit the $106,000 mark before experiencing a minor pullback. The cryptocurrency is currently trading at $103,120 per coin, marking a 2.71% decline within several hours.
The speculation surrounding the new presidential administration’s plans to approve the creation of a strategic Bitcoin reserve has been a key factor in the cryptocurrency’s recent price surge.
Another significant factor driving Bitcoin’s price is the upcoming inauguration of President Donald Trump on January 20.
The Department of Justice (DOJ) has also recently received court permission to sell 69,370 BTC seized from a Silk Road hacker in 2020.
The sale could net the US government over $7 billion, but many in the crypto community hope President Trump will prevent the sale and retain the Bitcoin for the proposed strategic reserve.
Why It Matters: The establishment of a strategic Bitcoin reserve by the US government would be a significant endorsement for the cryptocurrency, potentially driving its value even higher.
The move would also mark a shift in the government’s stance towards cryptocurrencies, which have been viewed with skepticism by some regulators.
The potential sale of the seized Bitcoin by the DOJ could also have a significant impact on the market. If the sale goes ahead, it could flood the market with Bitcoin, potentially driving down the price.
In the wake of the launch of a meme coin themed to President-elect Donald Trump, the cryptocurrency Solana SOL/USD has surged 15% on Saturday.
What Happened: According to Coinmarketcap, the SOL token of Solana experienced a significant value increase following the launch of a Trump-themed meme coin on the Solana blockchain.
On Saturday, SOL’s price soared more than 15% to $254.71. The newly introduced meme coin, named “Official Trump” TRUMP/USD, was unveiled on Trump’s social media accounts late Friday and has since garnered more than $5 billion, making it the largest meme coin on the Solana network, according to CoinGecko.
Trump himself, and entities directly connected to him, have earned as much as $25 billion from the offering, according to Axios.
This development is timed ahead of Trump’s inauguration on Monday, which is anticipated to usher in a new era of innovation and productivity in the crypto industry. It also coincides with the conclusion of Gary Gensler‘s term as chairman of the Securities and Exchange Commission.
Solana, the fourth-largest cryptocurrency by market cap, was established in 2020 as a quicker and more affordable alternative to EthereumETH/USD. It hosts popular meme coins like dogwifhat and Pudgy Penguins, in addition to decentralized finance (DeFi) and gaming projects.
The decision deadline for potential ETFs from Bitwise, VanEck, 21Shares, and Canary is January 25. ProShares also filed for four different ETFs based on SOL on Friday.
Why It Matters: The introduction of the Trump-themed memecoin and its subsequent success highlights the growing influence of political figures on the cryptocurrency market.
The surge in Solana’s value following the meme coin’s launch underscores the potential of such themed coins to drive market trends. With the end of Gensler’s term, the crypto industry is poised for potential regulatory changes that could further impact the market dynamics.
A woman going through a divorce thinking about dividing tax debt.
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Dividing tax debt during a divorce depends on when the debt was incurred, state laws and other factors. Responsibility for back taxes may be shared or assigned to one spouse, often based on whether the debt arose before or during the marriage. However, IRS rules may not align with a divorce court’s decision. A financial advisor can help clarify tax obligations and prepare you for potential financial impacts.
When dividing debt in a divorce, courts look at the type of debt and when it was incurred. Debts taken on during the marriage are typically considered shared, making both spouses liable.
Debts from before the marriage are usually treated as separate, with each spouse responsible for their own obligations.
Tax debt is often treated the same way. Whether the debt was accrued jointly or individually, and whether it occurred during the marriage, are important factors in determining responsibility.
In community property states, courts may decide that both spouses share the responsibility for any tax debt incurred during the marriage. This means the debt is typically divided equally, regardless of income differences or contributions.
In equitable distribution states, tax debt is divided based on what the court considers fair, not necessarily equal. Factors like each spouse’s financial situation, earning potential and contributions to the household are considered. As a result, one spouse may be assigned a larger share of the tax debt. This approach applies in all states except the nine that follow community property laws.
A divorce settlement may assign tax debt to one spouse, but the IRS can still hold both spouses jointly liable for tax debt if they filed jointly during the marriage. Even if a divorce decree states otherwise, the IRS can pursue payment from either party.
To reduce this risk, individuals can seek innocent spouse relief from the IRS. This provision relieves a spouse of responsibility for tax debt if their ex-spouse improperly reported or omitted income on a joint tax return without their knowledge.
To qualify, the requesting spouse must show they were unaware of the errors and that it would be unfair to hold them liable. The IRS considers factors like financial involvement, personal benefit and financial circumstances.
To apply, individuals must file IRS Form 8857, explaining their situation and including supporting documents. The IRS will review the application, considering the couple’s financial details and communication during the marriage.
A woman researching tax laws for divorce settlements.
Separation of liability relief allows joint filers to divide responsibility for understated tax liabilities between themselves and their ex-spouse.
The IRS assigns each spouse a portion of the tax debt based on their individual contributions and circumstances, offering a way to separate financial responsibility after a divorce or separation.
Unlike innocent spouse relief, this option is only available to those who are divorced, legally separated, or have lived apart from their spouse for at least 12 months.
To apply for separation of liability relief, individuals must submit IRS Form 8857. The IRS will review the application, considering factors such as each spouse’s financial contributions and their involvement in the tax reporting process.
Equitable relief is available for individuals facing unfair tax liability due to their spouse’s or ex-spouse’s actions, even if they were aware of the errors. This type of relief covers both understated tax liabilities and unpaid taxes, offering broader protection compared to other forms of relief.
This is different from separation of liability relief, which splits tax debt between spouses. Equitable relief applies when holding one spouse responsible would be unfair.
To qualify, the requesting spouse must demonstrate that holding them responsible for the tax debt would be unfair under the circumstances. The IRS considers factors such as financial hardship, the current financial situation of the requesting spouse and any evidence of abuse or deceit by the other spouse.
To apply for equitable relief, you must file IRS Form 8857. This form will allow you to explain your situation and provide evidence supporting your case.
A man comparing community property vs. equitable distribution states.
Dividing tax debt in a divorce can be difficult, especially with joint tax returns and IRS rules. Options like innocent spouse relief, separation of liability relief and equitable relief can help avoid unfair responsibility for a former spouse’s tax debt. A tax professional can guide you through these options.
A financial advisor can help optimize your investments for taxes. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
SmartAsset’s tax return calculator with updated brackets and rates to see how your income, withholdings, deductions and credits will affect your next refund or balance due.
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