Bitcoin
BTC$69 100.60

0.34%

Ethereum
ETH$3 736.98

0.02%

Tether
USDT$0.999911

-0.01%

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BNB$601.29

-0.11%

Solana
SOL$167.86

0.41%

USD Coin
USDC$1.000011

0%

Crypto Tax Proposal in US Has Had Limited Impact on Bitcoin Market


05 Aug 2021

#Bitcoin

On the face of it, a U.S. bill proposing to raise $28 billion through extra cryptocurrency taxes might unnerve some bitcoin investors. But so far, the market reaction to the bill has been remarkably muted. Last Wednesday, lawmakers drafting a bipartisan infrastructure bill in Congress proposed to raise $28 billion in extra crypto taxes by applying new information-reporting requirements to exchanges and other providers of crypto services.

According to a draft of the bill, any broker who transfers any digital assets will need to file a return under a modified information reporting regime. That would enable the Internal Revenue Service to collect taxes already owed on capital gains from sales of digital assets. Given how digital-asset markets often react fairly quickly to news announcements – the recent rumor that Amazon would accept bitcoin as a form of payment being one example – the bill’s plan for the extra crypto taxes has so far had little impact on bitcoin prices.

Some crypto experts said the bill might have a positive impact on the market, because it could give digital-asset markets more traction and visibility. Henrik Kugelberg, a crypto over-the-counter trader, views the bill as a positive sign of adoption for the market.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 80.8% 31 $69 100.60 0.34% 3.16% $1 361 522 808 816 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 49 $3 736.98 0.02% 19.82% $448 933 629 251 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999911 -0.01% -0.03% $111 927 378 193 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90% 6 $601.29 -0.11% 4.00% $88 741 371 765 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 67.2% 62 $167.86 0.41% -2.55% $75 438 521 039 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000011 0% -0.01% $32 731 029 043 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 90% 5 $0.541413 1.09% 3.94% $30 010 774 379 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 77.2% 35 $0.169647 3.59% 11.12% $24 503 943 727 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 68% 72 $6.37 0.18% -0.02% $22 147 967 067 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 86.4% 19 $0.460684 0.45% -4.42% $16 441 438 482 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 76% 46 $38.18 0.53% 2.77% $15 001 353 199 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 78.4% 35 $0.000025 1.49% -0.26% $14 599 027 435 SHIB 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 84.8% 29 $69 096.38 0.39% 3.24% $10 742 867 877 WBTC 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 80.4% 27 $7.38 1.96% 3.25% $10 610 714 859 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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