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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 61.2% 78 $22 830.69 -4.00% -0.52% $440 116 562 399 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 80 $1 567.24 -4.81% -3.79% $191 789 399 777 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000078 0% -0.01% $67 781 342 385 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 59 $307.00 -3.30% 0.45% $48 475 686 080 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000097 0% 0.02% $42 712 574 255 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 66.8% 65 $0.394679 -4.64% -7.19% $20 051 109 625 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000027 -0.04% -0.01% $15 732 612 269 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 67.6% 70 $0.372216 -6.14% -0.88% $12 876 317 286 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 67.6% 61 $0.088159 -2.33% -0.57% $11 696 160 812 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 65.2% 71 $1.086506 -7.74% 9.11% $9 489 885 842 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 59.6% 91 $23.94 -8.40% -1.81% $8 897 955 616 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 64.8% 78 $6.19 -6.46% -5.92% $7 131 777 560 DOT 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 71.2% 54 $91.25 -4.07% 1.30% $6 585 562 085 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68% 69 $0.062203 -2.41% -0.99% $6 324 607 060 WTRX 7 days price change

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