Led by Bitcoin (BTC) and Ethereum (ETH), many cryptocurrencies posted highs in the last 30 days over the weekend. The US is discussing taxes and regulation of crypto.
Bitcoin (BTC) temporarily cleared the $ 45,000 hurdle over the weekend and Ethereum (ETH) soared over $ 3,000. The two most important global cryptocurrencies thus led a trend that also helped popular altcoins such as Dogecoin (DOGE). Bitcoin and Co. were allowed to record values - albeit only temporarily – that meant highs for the past 30 days.
For once, observers see Ethereum as the driving force in this development and not the key currency Bitcoin. The London upgrade was implemented at ETH, which with EIP-1559 ensures more transparency in transaction fees and the fight against inflation. With this, the DeFi division under Ethereum should feel a tailwind again.
US politics targeting the crypto industry
At the same time, however, experts note: The cautious upward trends on the overall crypto market do not quite match what is currently causing sharp discussions in US politics. Because President Joe Biden wants to finance a huge infrastructure program in part from new taxes on credit balances and trading in cryptocurrencies. 28 billion US dollars are estimated from the – as yet pending – legislative package. In order to be able to really collect the crypto taxes, it is envisaged that crypto exchanges, wallet providers and similar market participants transmit customer information to the US tax authority IRS. Industry representatives object: With decentralized crypto exchanges such as Uniswap, no customer information is collected, and Bitcoin miners are not obliged to disclose personal information.
For example, from spokesmen like FTX boss Sam Bankmanager-Fried per Twitter The tenor: Appropriate cooperation between centralized crypto exchanges based in the USA and the tax authorities is conceivable. But the overall legal package must be well thought out and should not amount to driving parts of the innovative crypto industry out of the USA. Even crypto-stimulus figure and Tesla boss Elon Musk lets per Twitter state: “There is no crisis that would force hasty legislation.”
Conclusion: Fragile situation for the crypto market in the USA
The daily rates of Bitcoin and Ethereum are nervous, the latest price gains are proving to be unstable. The cause of this volatility is the fear in the crypto industry that US President Joe Biden’s infrastructure package will be ruined. Clear trends can only be expected again when it becomes clear whether US politicians manage to avoid rules in their quest for new tax sources that hinder the crypto industry in principle.
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