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. Biden admin fight BTC owners in the US Bitcoin just bounced off a historical l...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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.
Biden admin fight BTC owners in the USBitcoin 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.
Bitcoin drops below important level as the US government makes important movesAccording 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.
The post Biden Administration Fights 50 Million American Citizens Who Own BTC first appeared on CryptoGazette - Cryptocurrency News.Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Bitcoin’s ETF rebound just lost 38% of its gains in four sessions as BTC fell below $63,000
Morgan Stanley’s Bitcoin Trust and Grayscale’s Bitcoin Mini Trust ETF were the only US spot Bitcoin funds to attract capital on Au...
This public company quit solar for a $5 million Bitcoin bet, now it has just $166,000 in cash
Sono Group’s transition to a Bitcoin-heavy treasury is laying bare the severe financial strain at the core of the restructured com...
A Bitcoin treasury with $67 million in BTC has just $5,397 in cash and needs money immediately
Bitcoin treasury holder CIMG Inc. said in its Aug. 13 quarterly filing that it needs to raise capital immediately, even though it...
How a Bitcoin Treasury company sold 600 BTC to cut debt but still ended up with $60 million due in December
Nakamoto, the parent company of Bitcoin Magazine, faces a near-term balance-sheet test at year-end, when 60 million USDT of a Bitc...
This Nasdaq-listed Bitcoin treasury diluted shareholders 18-fold to survive a $212 million crypto loss without selling its stash
GD Culture Group reported a $211.8 million first-half unrealized Bitcoin loss on its holdings while its split-adjusted share count...
Texas refuses to sell as its $10 million Bitcoin bet sinks to $6.6 million
Texas kept its 197,844-share position in BlackRock's iShares Bitcoin Trust (IBIT) unchanged during the second quarter even as the...