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 | 90.8% | 2 | $27 060.57 | 2.57% | 1.46% | $527 654 007 369 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 90% | 5 | $1 675.53 | 3.68% | 4.95% | $201 459 487 311 |  |
|
| 3 |  USDT |
Tether predictions | 94% | 1 | $1.000845 | 0.16% | 0.08% | $83 346 901 195 |  |
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| 4 |  BNB |
Binance Coin predictions | 91.6% | 4 | $216.29 | 1.61% | 2.38% | $33 275 819 779 |  |
|
| 5 |  XRP |
XRP predictions | 92.4% | 9 | $0.508986 | 2.05% | -0.02% | $27 135 264 539 |  |
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| 6 |  USDC |
USD Coin predictions | 92% | 1 | $1.000627 | 0.06% | 0.04% | $25 546 311 582 |  |
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| 7 |  STETH |
Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 8 |  WTRX |
Wrapped TRON predictions | 82.8% | 24 | $0.088277 | 4.40% | 6.03% | $8 975 631 926 |  |
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| 9 |  ADA |
Cardano predictions | 94.4% | 6 | $0.252515 | 3.14% | 2.93% | $8 870 464 805 |  |
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| 10 |  DOGE |
Dogecoin predictions | 91.2% | 4 | $0.061846 | 1.83% | 0.18% | $8 732 826 301 |  |
|
| 11 |  SOL |
Solana predictions | 88.8% | 20 | $20.21 | 5.47% | 2.45% | $8 344 217 667 |  |
|
| 12 |  TRX |
TRON predictions | 82.8% | 22 | $0.088719 | 4.86% | 6.27% | $7 903 170 455 |  |
|
| 13 |  TON |
Toncoin predictions | 62.8% | 84 | $2.23 | 2.50% | -3.09% | $7 667 083 649 |  |
|
| 14 |  DAI |
Dai predictions | 95.6% | 1 | $0.999875 | 0.01% | 0.01% | $5 347 220 318 |  |
|
| 15 |  DOT |
Polkadot predictions | 90.8% | 7 | $4.10 | 1.87% | 1.81% | $5 032 931 540 |  |
