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 | 78.8% | 42 | $57 317.30 | 6.05% | 0.30% | $1 082 493 482 173 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 82.4% | 32 | $4 329.98 | 7.71% | 4.10% | $513 241 890 424 |  |
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| 3 |  BNB |
Binance Coin predictions | 74.4% | 53 | $609.13 | 5.53% | 7.08% | $101 603 589 194 |  |
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| 4 |  USDT |
Tether predictions | 94.8% | 1 | $1.000821 | -0.05% | 0.02% | $73 181 280 297 |  |
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| 5 |  SOL |
Solana predictions | 69.2% | 65 | $201.89 | 8.26% | -7.12% | $61 384 548 102 |  |
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| 6 |  ADA |
Cardano predictions | 67.2% | 60 | $1.59 | 7.07% | -11.22% | $52 994 241 732 |  |
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| 7 |  XRP |
XRP predictions | 74.4% | 51 | $0.977796 | 7.55% | -5.78% | $46 111 849 720 |  |
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| 8 |  USDC |
USD Coin predictions | 91.2% | 2 | $1.000263 | -0.02% | 0.06% | $38 400 714 618 |  |
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| 9 |  DOT |
Polkadot predictions | 66% | 75 | $36.34 | 10.39% | -9.36% | $35 892 371 416 |  |
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| 10 |  DOGE |
Dogecoin predictions | 62.4% | 74 | $0.205075 | 3.31% | -7.25% | $27 132 327 967 |  |
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| 11 |  AVAX |
Avalanche predictions | 66.8% | 75 | $113.04 | 7.34% | -14.94% | $25 302 145 754 |  |
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| 12 |  SHIB |
SHIBA INU predictions | 62% | 77 | $0.000040 | 5.31% | -9.51% | $21 695 676 622 |  |
|
| 13 |  CRO |
Crypto.com Chain predictions | 56% | 90 | $0.763021 | 5.29% | 12.83% | $19 276 211 216 |  |
|
| 14 |  LUNA |
Terra predictions | 64.8% | 72 | $48.97 | 15.39% | 19.64% | $19 240 048 048 |  |
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| 15 |  WBTC |
Wrapped Bitcoin predictions | 74.4% | 46 | $56 434.66 | 5.79% | -0.91% | $14 304 839 863 |  |
