Crypto Market has Almost Lost $60 Billion in a Single Day Amid Crypto Tax Bill

Most of the cryptocurrencies are trading negatively on the charts as investors have poured their cryptocurrencies onto the market resulting in a severe decline in the price value of major cryptocurrencies. Except for the tokens that are dependent on the dollar, every other cryptocurrency was trading in red; this is because the dollar, too, was bullish on this week’s opening. A new US infrastructure bill is still in its very fresh draft being put together into a final version, and many people fear that it is going to impose severe taxes on the crypto industry, and thus it is best to back out now while they still can.

Although they are not wrong because this very infrastructure bill had major problems in the crypto legislation sector, the very definition of a ‘broker’ was jingled. The miners, the crypto wallet providers, and traders all were being listed as brokers, and so the context of tax was going to be imposed on these along with general ‘brokers.’ So why should the crypto community suffer from such obnoxious mistake of the Senate not even getting the definition of the word ‘broker’ right?

Crypto Community is not Happy

That is why Senator Toomey chip in trying to propose an amendment crypto legislation part of the infrastructure bill, and now it is being reworked so this time it could be filed in the right way, which would not affect other members of the crypto industry who rightfully so don’t fall under the umbrella of being classified as a ‘broker.’

All of this aside crypto market has sustained some heavy losses accounting for $60 billion on Monday as Bitcoin was doing great, soaring above $45K and is now once again in reversal and showing a negative trend on the charts. This is not healthy for the flagship cryptocurrency nor the crypto community hence the heavy losses over the charts. The situation can get better once the investors can reinstate their lost sense of confidence in the US Senate and the regulatory agencies to sort out this mess which is the infrastructure bill.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

All You Need To Know About New Innovations In The Crypto Space

BTC is always going to stay at the top like a boss, but the developments which are happening in DAOs, layer-2 solutions, NFTs with the emerging metaverse, and utility are much more groundbreaking and innovative right now. Bitcoin Is Great There is something definitely brewing, and those who have capable noses can easily smell it. […]

Binance Appoints Ex-detective as Director of Audit and Investigations

Binance continues to grow in this new era of crypto adoption, and to make sure that the exchange is well equipped with modern regulations and regulatory insight, Binance has acquired a new director for audit and investigation. Aron Akbiyikian is a well-renowned digital media analyst and forensic expert, and he has taken charge as the […]

Financial Giant SBI Holdings has Launched Crypto Fund

It is believed that it was Japan where the world’s first cryptocurrency, Bitcoin, was founded, but the region has been a tad slower into adopting the crypto revolution. There haven’t been any interruptions or cataclysmic bans on the digital assets and the cryptocurrencies per se, but the overall adoption of blockchain technology remained grey. But […]

Poolz Introduces $2 Million Fund for NFTs and Gaming Projects

Fundraiser and token launcher, Poolz, has said that they are bringing up a $2Million fund that will be used in the research and development of new and unique NFT and gaming projects. Poolz is establishing a fund that will contribute to the research and development of new NFTs and gaming projects in hopes of giving […]

Russian Sberbank Will Roll Out Its Digital Asset Tool This Month

Sberbank, without any doubt, is the largest financial and banking institution in Russia, and it has recently decided to make a move into the crypto space for good. A Russian take on the idea of decentralization is not very positive at all, and for this matter, the central bank of Russia is working on a […]