The entire cryptocurrency market suffered a slump on Monday morning, with the price of Bitcoin, the largest cryptocurrency by market value, falling below $ 44,000. It is currently trading at around $ 44,068, down 7.45% over the past 24 hours.
Other top cryptocurrencies are also in the red.
Ether, the second largest, is currently trading at around $ 3,106, down 7.76% over the past 24 hours. Overall, global market capitalization for cryptocurrencies fell more than 8% on the last day.
This is because investors fear the aftermath of the near-collapse of indebted Evergrande, a Chinese real estate developer that could have such a massive impact on the global economy that sparked a sell-off of volatile investments like crypto, and also amid concerns about possible regulation of the Cryptocurrency in the us
Additionally, here are four things that happened in space this week.
1. House Democrats propose a plan to close the crypto tax loophole
On September 13, the House Ways and Means Committee proposed law that would close a tax loophole for cryptocurrency investors by imposing “wash-sale” rules on commodities, currencies and digital assets, according to a published review.
Currently investors can sell cryptocurrency at a loss and claim a tax break. Then investors can buy back the asset immediately when it recovers. So-called “wash sale” rules would prevent investors from buying back the same asset immediately.
Submission of cryptocurrency and other assets to this proposed change would gross $ 16.8 billion over a decade, according to estimates by the Joint Tax Committee.
2. Senators demand guidelines for regulating cryptocurrencies from the SEC
On Tuesday, Gary Gensler, chairman of the Securities and Exchange Commission, told the Senate Banking Committee that the SEC is working overtime to create a set of rules for cryptocurrency markets to protect investors.
“Right now we just don’t have enough investor protection in crypto financing, issuance, trading or lending,” Gensler said in prepared remarks. “In all fairness, it’s more like the Wild West or the old world of ‘buyer caution’ that existed before the securities laws were enacted right now.”
Some lawmakers also pushed Gensler to determine whether certain crypto assets, like stablecoins, meet the definition of a security, which is an ongoing subject of concern and confusion for regulators and the crypto community.
3. Ray Dalio Says If Bitcoin Is Really Successful, Regulators Will “Kill” It
Ray Dalio told CNBC on Wednesday that he believes that regulators would ultimately take control of Bitcoin if the cryptocurrency succeeds.
“I think if it is really successful at the end of the day they will kill it and try to kill it. And I think they’re going to kill it because they have ways to kill it, “Dalio told Andrew Ross Sorkin on CNBC’s” Squawk Box “at the SALT conference.
“El Salvador is doing that, and India and China are getting rid of it.
Still, Dalio announced that he has “a certain amount of money in Bitcoin,” but noted that the allocation is less than his gold exposure.
“It’s an amazing feat to have got it from where this programming occurred to where it is by the test of time,” he said.
4. OpenSea confirms insider trading on the NFT platform
source https://www.bisayanews.com/2021/09/20/bitcoin-ether-drops-amid-evergrande-regulation-concern/
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