Just when everyone thought that President Biden wants $80 billion for an army of IRS agents to go after the rich , the administration wants to double staff to go after crypto.
Bitcoin’s price has dropped six percent on the news, and is going below the $40,000 level.To see a long-term scenario, we cannot think about that Bitcoin’s price will return to $50,000 or we cannot set a new peak as bearish influence remains high. In this case, the more presumably price is in the range between $38,000 and $42,000.
Binance Coin (BNB) has the potential to grow and increase on the daily chart. The trading volume is increasing, which means that there are odds to get to the resistance level of $509 within a few days. BNB is trading at $400 at press time.
DOGE is trading just like Binance Coin (BNB). On the daily time bases , the continuing ascent could continue until the coin reaches the mirror level at $0.45, where bears may again grab the initiative. DOGE is trading at $0.41 at press time.
Elon Musk’s Tweet
Today Tesla’s founder, Elon Musk, tweeted a diamond hand emoji that was amid Bitcoin drop. This shows that Tesla won’t sell its Bitcoin assets, or any of Dogecoin assets for that matter.
The new policy of The United States Department of the Treasury
The United States Department of the Treasury is asking for cryptocurrency transfers that exceed $10,000 to be accounted by businesses to the Internal Revenue Service starting from 2023. With these cash transactions, businesses that accept cryptoassets with a fair-market value of more than $10,000 would also be reported on.
The new policy is part of the Biden government’s renewed tax enforcement plan. The Treasury alerted about “significant” tax escape risks linked to the new asset class in its offer.
The Biden management is also asking to double the IRS staff with $80 billion in additional funding, according to the Wall Street Journal. Fox Business subscriber Charles Payne insists that the current administration is going after crypto in a tweet.