Crypto Tax Proposal in US Has Had Limited Impact on Bitcoin Market
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 84% | 21 | $54 370.47 | 1.05% | -7.09% | $1 073 882 590 093 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 84.4% | 31 | $2 283.51 | 2.03% | -8.24% | $274 755 248 142 |  |
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| 3 |  USDT |
Tether predictions | 91.6% | 1 | $0.999762 | 0% | -0.01% | $118 167 200 918 |  |
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| 4 |  BNB |
Binance Coin predictions | 78.8% | 35 | $495.91 | 2.03% | -5.84% | $72 370 988 937 |  |
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| 5 |  SOL |
Solana predictions | 73.2% | 47 | $128.12 | 2.33% | -4.46% | $59 897 419 238 |  |
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| 6 |  USDC |
USD Coin predictions | 94.8% | 1 | $0.999886 | -0.02% | -0.01% | $34 951 567 854 |  |
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| 7 |  XRP |
XRP predictions | 81.6% | 31 | $0.528018 | 1.13% | -5.85% | $29 742 905 756 |  |
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| 8 |  DOGE |
Dogecoin predictions | 85.2% | 29 | $0.096112 | 4.39% | -4.24% | $14 019 443 426 |  |
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| 9 |  TRX |
TRON predictions | 68.4% | 68 | $0.152433 | 2.27% | -2.31% | $13 220 631 188 |  |
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| 10 |  TON |
Toncoin predictions | 60.4% | 84 | $4.69 | 1.39% | -13.11% | $11 883 334 971 |  |
|
| 11 |  ADA |
Cardano predictions | 81.6% | 37 | $0.329995 | 3.54% | -4.19% | $11 866 845 127 |  |
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| 12 |  STETH |
Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 13 |  WTRX |
Wrapped TRON predictions | 94.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
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| 14 |  WBTC |
Wrapped Bitcoin predictions | 96% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 |  |
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| 15 |  AVAX |
Avalanche predictions | 76% | 52 | $22.33 | 5.12% | -0.63% | $9 049 999 262 |  |
