Bitcoin Near $62K as Kalshi Eyes $22B IPO and Illinois Sets 0.2% Crypto Tax

Crypto News

Goldman Sachs lowered its December gold price target by $500 to $4,900 per ounce, signaling it no longer expects the Federal Reserve to cut rates in 2026. Analysts Lina Thomas and Daan Struyven pushed their easing forecast to June and December 2027, while trimming projected gold ETF inflows. They remain structurally constructive but tactically cautious, flagging near-term downside. The same hawkish logic that pressures non-yielding assets has weighed on crypto: Bitcoin slipped toward $62K this week. With sentiment locked in a deep bear-market mood, the higher-for-longer policy stance continues to drain capital from the more speculative corners of the market.

Taiwan is preparing a points-reward scheme dubbed Health Coin under its Healthy Taiwan initiative, though officials stress it is not a cryptocurrency and has no blockchain component — unlike any tradable altcoin. Citizens who complete adult health checks, government-funded cancer screenings, or vaccinations will accumulate points redeemable for health products, gym access, or supplements. The first phase is finalized: the program uses real-name registration, is non-transferable, and runs through the National Health Insurance app for adults over 18. The Health Ministry is testing the redemption system in June and targeting a launch before the September school term, with exact point values pending official confirmation.

Illinois Governor JB Pritzker signed the Digital Asset Tax Act into law, imposing a 0.2% levy on crypto transfers from January 1, 2027. The tax applies to the gross value of each transaction regardless of profit or loss, a sharp departure from systems that tax only realized gains. It targets brokers with a physical presence in the state or more than $100,000 in annual revenue from Illinois clients, who must itemize the charge — costs likely passed to retail users. The state expects roughly $60 million annually. Industry groups have branded it the most punitive crypto tax in the US and are already pushing for repeal before it takes effect.

Sports streamer DAZN and ADI Predictstreet rolled out a free-to-play prediction game inside the DAZN app, launching shortly after the 2026 FIFA World Cup kicked off. Fans predict match outcomes, player performances, and key moments to earn points, climb leaderboards, and compete for prizes including World Cup tickets. The experience targets audiences outside the US and is built on ADI Chain, an appchain the company markets as institutional-grade infrastructure for high-volume, real-time events. DAZN CEO Shay Segev framed it as embedding live prediction into the core viewing experience. After the tournament, the feature is set to expand across DAZN's wider sports lineup.

Regulated prediction-market leader Kalshi has held early, informal talks with investment banks about a potential initial public offering. The platform's annualized revenue has surpassed $2 billion, nearly doubling from roughly $1 billion disclosed in March. The IPO chatter follows a $1 billion Series F round in May that pushed Kalshi's valuation to $22 billion, led by Coatue with participation from Sequoia, a16z, Paradigm, Morgan Stanley, and Cathie Wood's ARK Invest. Kalshi's May trading volume climbed to $16.81 billion, up from $14.81 billion in April, while rival Polymarket's volume fell to $7.08 billion. Kalshi declined to comment on the IPO speculation.

The prediction-market boom is drawing intense regulatory and political fire. US gambling-industry groups petitioned the Senate to explicitly ban sports- and casino-linked prediction markets within the CLARITY Act. At the state level, Kentucky this week sued Kalshi, Polymarket, and related entities, alleging they illegally operate sports-betting and gambling businesses without licenses — joining a growing list of states pursuing similar action. The Commodity Futures Trading Commission has pushed back forcefully, insisting that under the Commodity Exchange Act, prediction markets fall under its exclusive federal jurisdiction. The CFTC has even sued several states attempting to shut down the platforms, setting up a federal-versus-state showdown.

These threads converge on a single tension: as macro policy turns less friendly and lawmakers reach for new revenue and rules, capital is migrating toward whatever offers regulatory clarity and real cash flow. COINOTAG's proprietary market data underscores the strain — our Fear & Greed Index sits at 14, deep in Extreme Fear, while Bitcoin dominance has climbed to 70% and total crypto market capitalization has compressed to about $1.79 trillion, far below its all-time-high. That flight to Bitcoin amid a delayed Fed and punitive state taxes contrasts sharply with the funding flooding into regulated prediction venues like Kalshi, where a CFTC-backed jurisdiction claim offers the clarity speculative crypto still lacks.