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 | 80.8% | 26 | $18 917.31 | -1.02% | -4.11% | $362 463 667 283 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 71.6% | 54 | $1 298.77 | -3.27% | -6.06% | $159 129 662 025 |  |
|
| 3 |  USDT |
Tether predictions | 95.6% | 1 | $1.000070 | 0% | 0% | $67 959 486 248 |  |
|
| 4 |  USDC |
USD Coin predictions | 96% | 1 | $1.000058 | 0.01% | 0% | $49 596 112 733 |  |
|
| 5 |  BNB |
Binance Coin predictions | 88% | 15 | $274.90 | -1.14% | 0.65% | $44 352 122 648 |  |
|
| 6 |  XRP |
XRP predictions | 61.6% | 74 | $0.501984 | 0.54% | 26.46% | $25 023 258 974 |  |
|
| 7 |  BUSD |
Binance USD predictions | 93.6% | 1 | $1.000777 | 0.03% | 0.03% | $20 533 202 140 |  |
|
| 8 |  ADA |
Cardano predictions | 80.4% | 33 | $0.449897 | -2.32% | -3.88% | $15 400 494 496 |  |
|
| 9 |  SOL |
Solana predictions | 80.8% | 28 | $32.71 | -3.79% | 0.84% | $11 601 976 269 |  |
|
| 10 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 85.6% | 14 | $0.061846 | -3.69% | 3.13% | $8 205 146 170 |  |
|
| 12 |  DOT |
Polkadot predictions | 78.8% | 41 | $6.23 | -3.04% | -8.15% | $6 984 955 644 |  |
|
| 13 |  DAI |
Dai predictions | 92.4% | 1 | $0.999539 | -0.04% | -0.04% | $6 927 324 765 |  |
|
| 14 |  MATIC |
Polygon predictions | 73.6% | 55 | $0.749357 | -2.69% | -5.72% | $6 545 118 739 |  |
|
| 15 |  SHIB |
SHIBA INU predictions | 79.2% | 42 | $0.000011 | -3.43% | -2.78% | $6 126 642 475 |  |
