U.S. Treasury calls for crypto transfers over 10K to be reported to the IRS.
The price of move back below the $40,000 level after trading as high as 42,605.
The US treasury helped to dampen the bullish tone by saying that they will call for crypto transfers over $10,000 to be reported to the IRS.
Looking at the daily chart, the price has dipped back below its 200 day moving average currently at $39,936.31. That tilts the technical bias back to the downside if the price can remain below that level.
In addition to crypto, the Pres. Biden administration is investing $80 billion and IRS plan that would modernize 1960s computer architecture, use machine learning to find suspect tax returns.
The administration estimates that the IRS enforcement initiatives would shrink tax By conservative estimate of 10% raising new revenue of $700 billion in the next decade. They also estimated that the US tax gap totaled $584 billion in 2019, but would reach $7 trillion over the next decade if left not addressed.
On the positive side, with the proposed changes, the revenue increase would reach $1.6 trillion in the second decade as new agents gain experience with complex tax returns