Sun 08 August 2021:
Despite fears that the United States may enact cryptocurrency tax reporting legislation under the new Infrastructure Investment and Jobs Act, the price of Bitcoin has continued to grow, reaching a high of over $44,000 for the first time since mid-May.
According to the Binance cryptocurrency exchange, as of 12:00 GMT on Sunday, Bitcoin traded at $44,550, registering a 1.7% increase. The CoinMarketCap portal, which calculates the average price for more than 20 exchanges, also reported a 1.34% price growth to $44,418.
The US Senate has proposed a $1 trillion bipartisan Federal infrastructure bill, which provides for raising additional funds through tougher cryptocurrency tax reporting. Under the new rules, cryptocurrency brokers may be required to report traders’ information, including sales prices, transfers and transactions of over $10,000, to the Internal Revenue Service.
The opponents have insisted the measure may hinder the development of the cryptocurrency markets in the US and worldwide.
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