Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Bitcoin Pares Gains Amid U.S. Treasury Crypto Tax Crackdown

Published 05/21/2021, 12:44 AM
© Reuters.
BTC/USD
-
BTC/USD
-

By Yasin Ebrahim 

Investing.com - Bitcoin cut some its gains Thursday as the Treasury Department said it would require that any transfer worth $10,000 or more to be reported to the Internal Revenue Service.

BTC/USD rose 6.78%, to $39,928, but had traded as high as $42,425. 

“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.

The announcement arrived a day after billions of dollars was wiped off the total crypto market, led by a plunge in BTC to $30,261.   

The U.S. crackdown comes amid concerns cryptos are being used in criminal activity including tax evasion. 

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.