Bitcoin falls to 3-week low as IRS seeks approval for reporting rules

Bitcoin falls to 3-week low as IRS seeks approval for reporting rules
# 09 June 2021 00:51 (UTC +04:00)

Bitcoin fell to a three-week low on Tuesday amid signs of institutional investor caution, while the head of the U.S. Internal Revenue Service called for lawmakers to provide authority for tighter reporting rules on crypto transfers.

IRS chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.

Rettig said before the Senate Finance Committee that cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide. "By design, most crypto virtual currencies are designed to stay off the radar screen, so we will be challenged right now." 

Earlier a spokesperson for British fund manager Ruffer Investment Management confirmed that it exited its bitcoin bet in April with a $1.1 billion profit amid worries over risk after quick gains in the cryptocurrency's price.

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