Biden Administration Fights 50 Million American Citizens Who Own BTC

The crypto markets have been recently shaken due to the latest events that have been taking place in the US. Check out the latest news below.

Bitcoin just bounced off a historical line of support at $20,000 as the Biden Administration launched an all-out assault on cryptocurrency and the 50 million American citizens and voters who own digital assets.

“The latest jab stems from President Biden’s dead on arrival tax plan, which would impose a 30% tax on the energy used for Bitcoin mining, reports the New York Times,” according to the reports coming from the online publication the Daily Hodl.

The plan would also stop crypto investors from selling assets at a loss and quickly rebuying them in order to save on taxes, reports Bloomberg.

“This follows news that the US government just sent $217 million in confiscated Bitcoin to the crypto exchange Coinbase, where it could be sold on the open market,” the same notes reveal.

It also comes amidst the liquidation of the crypto-friendly bank Silvergate, which cited pressure from the U.S. Department of Justice and other regulators, as well as the collapse of the offshore crypto exchange FTX, in its decision to close its doors.

According to the latest notes coming from CoinDesk, it seems that the U.S. authorities transferred $1 billion worth of bitcoin (BTC) recovered from a dark web hack to new wallet addresses, including one owned by Coinbase, on Wednesday, stoking investor fears that intense sell pressures could drive down the token’s price.

“Authorities moved the bitcoin in three transactions, according to data from blockchain security firm PeckShield. Nearly 10,000 bitcoin were sent to Coinbase-controlled wallets, while roughly $41,000 tokens were directed to government-controlled wallets,” the sane online publication noted so far.