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 | 60.8% | 82 | $29 191.52 | -2.06% | 2.70% | $555 914 015 832 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 64% | 82 | $1 954.39 | -4.11% | -1.82% | $236 158 317 873 |  |
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| 3 |  USDT |
Tether predictions | 92.8% | 1 | $0.998880 | 0% | 0.42% | $74 130 049 611 |  |
|
| 4 |  USDC |
USD Coin predictions | 95.6% | 1 | $0.999973 | -0.01% | -0.03% | $52 352 625 225 |  |
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| 5 |  BNB |
Binance Coin predictions | 63.2% | 83 | $295.49 | -1.54% | 15.82% | $48 246 384 325 |  |
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| 6 |  XRP |
XRP predictions | 68% | 71 | $0.409560 | -4.29% | 6.64% | $19 799 416 736 |  |
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| 7 |  BUSD |
Binance USD predictions | 93.6% | 1 | $1.001666 | 0.20% | -0.19% | $18 443 180 310 |  |
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| 8 |  ADA |
Cardano predictions | 64% | 77 | $0.518507 | -7.30% | 14.16% | $17 500 944 869 |  |
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| 9 |  SOL |
Solana predictions | 58.4% | 84 | $50.68 | -8.06% | 10.69% | $17 098 227 484 |  |
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| 10 |  DOGE |
Dogecoin predictions | 61.2% | 87 | $0.084476 | -4.75% | 5.40% | $11 207 554 336 |  |
|
| 11 |  DOT |
Polkadot predictions | 62.8% | 78 | $9.71 | -7.67% | 16.86% | $9 589 547 375 |  |
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| 12 |  WBTC |
Wrapped Bitcoin predictions | 59.6% | 82 | $29 143.47 | -2.27% | 2.60% | $8 158 800 980 |  |
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| 13 |  AVAX |
Avalanche predictions | 58.8% | 82 | $29.81 | -10.49% | 2.50% | $8 022 029 630 |  |
|
| 14 |  TRX |
TRON predictions | 73.6% | 55 | $0.071895 | 0.68% | -3.97% | $7 014 123 058 |  |
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| 15 |  DAI |
Dai predictions | 95.2% | 1 | $1.000661 | 0.07% | 0.23% | $6 504 642 637 |  |
