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Sunday, May 29, 2022

Ethereum, Bitcoin Markets Unperturbed By Cryptocurrency Tax Talk

With cryptocurrency tax talk going on in Congress, the Ethereum and Bitcoin markets remain unperturbed. The market capitalization of the cryptocurrency market is inching back towards a total of $2tn. It makes no difference to the Bitcoin market, that talks are going on in Congress. The talk was specifically on amendments to the crypto tax requirements. 

Bitcoin Might Be Up Against Some Trouble In The Coming Days!

The infrastructure bill has a cryptocurrency tax reporting requirement inside it. The advocates of the industry stated that the upcoming amendment can prove to be financially bad for DeFi protocols. The amendment that the White House has in mind could cause damage to proof-of-stake networks like Cardano and Solana. There is also trouble upcoming for BTC. Yet the cryptocurrency market remains unperturbed by this announcement.

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During the past day, the price of Bitcoin has increased by nearly four percent. The price of Ethereum also increased. Ethereum is the most preferred currency for decentralized finance protocols used for enabling loans, swapping without using financial intermediaries, and options trading. 

The market capitalization of the cryptocurrency market has increased by four percent. It has managed to cross the mark of $1.8tn. Until today, Terra, a cryptocurrency in the top 25 appears to be in danger so far. This comes from the data provided by CoinGecko. If the market seems a little bit screwy, that is because it is reacting to a lot of mixed signals. Bitcoin might be up against some trouble in the coming days.

Meanwhile, the infrastructure bill of $1tn is still getting debated inside the Senate. The provision of modifying tax reporting requirements was included in the bill to issue an estimated $28bn. The lawyers of the industry think that the language of the bill is broad and will include Bitcoin miners too!

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