What is the new IRS $7000 credit?

Could you please elaborate on the recently announced IRS $7000 credit? I've been hearing about it in the cryptocurrency and finance circles, but I'm not entirely sure what it entails. Is it a tax break specifically for investments in cryptocurrencies? Or is it a broader incentive for financial transactions? How does one qualify for this credit, and what are the potential implications for those in the crypto space? Given the volatility of the crypto market, is this credit a strategic move by the IRS to encourage further investment? I'd appreciate a concise yet comprehensive breakdown of this new tax credit.