Cryptocurrencies prices continued to fall after the US Internal Revenue Service (IRS) called for lawmakers to provide authority for tighter reporting rules on crypto transfers. Bitcoin fell as much as below $32,000 mark in the last 24 hours while other digital coins like ether and dogecoin also declined.
Bitcoin was trading at around $32,600 level, down over 3% according to CoinDesk’s data. The world’s largest cryptocurrency has slumped by half since hitting a record of almost $65,000 in April. Ethereum prices dived 8% to hover below $2,500 while Dogecoin was trading at $0.31. Other cryptocurrencies like XRP, Litecoin also fell more over 4% in the last 24 hours.
IRS chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported, reported Reuters.
Rettig said before the Senate Finance Committee that cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide. “By design, most crypto virtual currencies are designed to stay off the radar screen, so we will be challenged right now.”
Rettig said before the Senate Finance Committee that cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide. “By design, most crypto virtual currencies are designed to stay off the radar screen, so we will be challenged right now.”
Meanwhile, MicroStrategy Inc, a major bitcoin corporate backer, has increased the size of a junk-bond sale to help buy more bitcoin, now targeting $500 million, Bloomberg News reported on Tuesday.
(With inputs from agencies)
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