Biden Targets Crypto Investors: Bitcoin Price Comes Under Pressure

Cryptocurrency transactions over $10,000 will need to be reported to the US tax authorities in line with new proposals from the Joe BIDEN administration. These actions are aimed at curbing attempts at tax evasion and are part of a broader effort by the presidential administration to fill the US tax gap.

Federal Reserve Chairman Jerome POWELL also spoke on Thursday, stressing that U.S. authorities should look to private-sector payment innovators who are currently outside the traditional regulatory regimes applied to banks, investment companies and other financial intermediaries.

Such regulatory measures have negatively affected the value of the world's largest cryptocurrency, bitcoin. Its price dropped within hours of the announcement from over $42,000 to just under $40,000. Bitcoin price dropped to $30,000 on Tuesday. At the time of writing, bitcoin is trading at $40,749.

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