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Bitcoin holds steady above $40,000 after plunging 30% in a day

Bitcoin is a private and potentially highly profitable way to trade Credit: Unsplash

By Keith Griffith

Dailymail.com

Bitcoin slumped back below $40,000 amid reports the Treasury Department wants all cryptocurrency transactions over $10,000 to be declared to the IRS

In a report issued on Thursday, the Treasury described new compliance proposals from President Joe Biden, including mandatory tax reporting for transactions of $10,000 or more for Bitcoin and its rival cryptocurrencies.

Explaining the proposal, a Treasury Department spokesman said: ‘Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.

Click the link below to read the rest of this story.

https://www.dailymail.co.uk/news/article-9600487/Bitcoin-holds-steady-40-000-plunging-30-day.html

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