Bitcoin
BTC$57 317.30

6.05%

Ethereum
ETH$4 329.98

7.71%

Binance Coin
BNB$609.13

5.53%

Tether
USDT$1.000821

-0.05%

Solana
SOL$201.89

8.26%

Cardano
ADA$1.59

7.07%

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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78.8% 42 $57 317.30 6.05% 0.30% $1 082 493 482 173 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 32 $4 329.98 7.71% 4.10% $513 241 890 424 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 53 $609.13 5.53% 7.08% $101 603 589 194 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000821 -0.05% 0.02% $73 181 280 297 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 65 $201.89 8.26% -7.12% $61 384 548 102 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 67.2% 60 $1.59 7.07% -11.22% $52 994 241 732 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 74.4% 51 $0.977796 7.55% -5.78% $46 111 849 720 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 91.2% 2 $1.000263 -0.02% 0.06% $38 400 714 618 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 66% 75 $36.34 10.39% -9.36% $35 892 371 416 DOT 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62.4% 74 $0.205075 3.31% -7.25% $27 132 327 967 DOGE 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 66.8% 75 $113.04 7.34% -14.94% $25 302 145 754 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62% 77 $0.000040 5.31% -9.51% $21 695 676 622 SHIB 7 days price change
13 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 56% 90 $0.763021 5.29% 12.83% $19 276 211 216 CRO 7 days price change
14 Terra (LUNA) LUNA Terra predictions 64.8% 72 $48.97 15.39% 19.64% $19 240 048 048 LUNA 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 74.4% 46 $56 434.66 5.79% -0.91% $14 304 839 863 WBTC 7 days price change

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