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 | 61.2% | 78 | $22 830.69 | -4.00% | -0.52% | $440 116 562 399 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 62.4% | 80 | $1 567.24 | -4.81% | -3.79% | $191 789 399 777 |  |
|
| 3 |  USDT |
Tether predictions | 91.2% | 1 | $1.000078 | 0% | -0.01% | $67 781 342 385 |  |
|
| 4 |  BNB |
Binance Coin predictions | 68.8% | 59 | $307.00 | -3.30% | 0.45% | $48 475 686 080 |  |
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| 5 |  USDC |
USD Coin predictions | 94% | 1 | $1.000097 | 0% | 0.02% | $42 712 574 255 |  |
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| 6 |  XRP |
XRP predictions | 66.8% | 65 | $0.394679 | -4.64% | -7.19% | $20 051 109 625 |  |
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| 7 |  BUSD |
Binance USD predictions | 91.6% | 1 | $1.000027 | -0.04% | -0.01% | $15 732 612 269 |  |
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| 8 |  ADA |
Cardano predictions | 67.6% | 70 | $0.372216 | -6.14% | -0.88% | $12 876 317 286 |  |
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| 9 |  DOGE |
Dogecoin predictions | 67.6% | 61 | $0.088159 | -2.33% | -0.57% | $11 696 160 812 |  |
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| 10 |  STETH |
Lido stETH predictions | 91.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 11 |  MATIC |
Polygon predictions | 65.2% | 71 | $1.086506 | -7.74% | 9.11% | $9 489 885 842 |  |
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| 12 |  SOL |
Solana predictions | 59.6% | 91 | $23.94 | -8.40% | -1.81% | $8 897 955 616 |  |
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| 13 |  DOT |
Polkadot predictions | 64.8% | 78 | $6.19 | -6.46% | -5.92% | $7 131 777 560 |  |
|
| 14 |  LTC |
Litecoin predictions | 71.2% | 54 | $91.25 | -4.07% | 1.30% | $6 585 562 085 |  |
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| 15 |  WTRX |
Wrapped TRON predictions | 68% | 69 | $0.062203 | -2.41% | -0.99% | $6 324 607 060 |  |
