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.

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