Bitcoin
BTC$29 191.52

-2.06%

Ethereum
ETH$1 954.39

-4.11%

Tether
USDT$0.998880

0%

USD Coin
USDC$0.999973

-0.01%

Binance Coin
BNB$295.49

-1.54%

XRP
XRP$0.409560

-4.29%

Crypto Tax Proposal in US Has Had Limited Impact on Bitcoin Market


05 Aug 2021

#Bitcoin

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.


Related

The price of bitcoin slid last week after a wider stock sell-off in the US
The price of bitcoin slid last week after a wider stock sell-off in the US
Bitcoin’s short-term upward channel
Bitcoin’s short-term upward channel
Has Bitcoin reached the bottom?
Has Bitcoin reached the bottom?
Bitcoin's Price Plunges Below $34,000
Bitcoin's Price Plunges Below $34,000
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin will fall until the bulls capitulate
Bitcoin will fall until the bulls capitulate
The culmination of the battle for the trend in Bitcoin
The culmination of the battle for the trend in Bitcoin
Bitcoin undecided on a scenario for May
Bitcoin undecided on a scenario for May
Bitcoin: How the $1 million rally begins
Bitcoin: How the $1 million rally begins

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.8% 82 $29 191.52 -2.06% 2.70% $555 914 015 832 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64% 82 $1 954.39 -4.11% -1.82% $236 158 317 873 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.998880 0% 0.42% $74 130 049 611 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $0.999973 -0.01% -0.03% $52 352 625 225 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 63.2% 83 $295.49 -1.54% 15.82% $48 246 384 325 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68% 71 $0.409560 -4.29% 6.64% $19 799 416 736 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.001666 0.20% -0.19% $18 443 180 310 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 64% 77 $0.518507 -7.30% 14.16% $17 500 944 869 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.4% 84 $50.68 -8.06% 10.69% $17 098 227 484 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.2% 87 $0.084476 -4.75% 5.40% $11 207 554 336 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 62.8% 78 $9.71 -7.67% 16.86% $9 589 547 375 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 59.6% 82 $29 143.47 -2.27% 2.60% $8 158 800 980 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 58.8% 82 $29.81 -10.49% 2.50% $8 022 029 630 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 73.6% 55 $0.071895 0.68% -3.97% $7 014 123 058 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 95.2% 1 $1.000661 0.07% 0.23% $6 504 642 637 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.