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Your email address will not be published.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 *


YouTube Crypto Influencers Fall Victim Of Scam

 In 2021, the crypto community witnessed a tremendous rise that also led to crypto fraudsters coming out in their numbers to prey on the users of the platform. Of late, several YouTubers that capitalize on crypto content creation reported that their accounts were hacked and noticed that fraudulent videos had been put up on their […]

Binance Boss Loses $14B Overnight In A Bloody Crypto Market Correction

Even though the crypto market has been declining since the beginning of the week, it culminated in a massive decline on January 21, with BTC now trading at a 6-month low of $35.35K. Crypto Price Correction And Dwindling Wealth For CZ As widely reported in various media, the price of crypto-related stocks has not been […]

Robinhood Trials A New Crypto Wallet Transfer Feature 

Popular trading platform, Robinhood, has launched the trial version of its crypto wallet feature that allows its users to perform crypto transactions outside the platform. Feature Only Available For Select Users However, this feature (WenWallets) is only available to 1,000 selected users. Part of the press release issued by Robinhood states that the firm intends […]

Crypto.Com Issues Official Statement Regarding Security Breach

On January 20, issued an official statement to share details of its losses during a recent breach of its security network. Nearly $34m Worth Of Digital Assets Were Stolen – Crypto.Com Part of the statement revealed that hackers stole “444.94 BTC, 4,836.27 ETH and about $66.3K worth of other digital assets” from its platform. […]

Intelligent Contracts Can Reshape Business 

Unlike in ancient times, when merchants relied on clay tablets to keep their agreements, today’s equivalents increasingly rely on blockchain contracts. They want to employ intelligent contracts, which are decentralized apps (DApps) stored on the blockchain as executable code and can be activated by any network user. Smart contracts, which Ethereum first introduced, currently enable […]