Bitcoin has been steadily falling from the $50,000 mark since last night. This morning in Asia at 8:30 AM, December 10, Bitcoin was down 3.76% and hovering at $48,491.01.
Bitcoin’s fall came after the news made the rounds about the U.S. government wanting to control cryptocurrency trading.
Investors are concerned that the U.S. will try to tighten cryptocurrency transactions after Congress yesterday subpoenaed executives from major cryptocurrency trading platforms, including those involved in bitcoin mining who testified in front of the House Financial Services Committee.
According to considerations, they could be regulated by the U.S. Securities and Exchange Commission (SEC), or a new body could be created to regulate crypto-related businesses.
Bitcoin has also been pressured by concerns that the U.S. could impose a tax on cryptocurrencies. Coming after President Joe Biden signed an infrastructure bill worth more than $1 trillion, which requires brokers or platforms that trade cryptocurrencies to report to the U.S. Internal Revenue Service (IRS) any customer transactions worth more than $10,000.
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Friday, December 10, 2021