Coin Center Sues US Treasury Department Over Financial Snooping, Bitcoin Falls

Coin Center has launched a complaint against the US Department of Treasury and the Internal Revenue Service, alleging that an illegal crypto tax reporting provision was included in the disputed infrastructure bill. The law mandates US taxpayers who receive crypto assets worth more than $10,000 to keep track of the sender’s Social Security Number and other personal details, according to Forbes India.

Coin Center has sued the US government for compelling organisations to keep and disclose the member lists. Last year’s infrastructure bill included many clauses, including a disputed Bitcoin tax reporting requirement for brokers. Despite the fact that the provision was ultimately ineffective, it caused a major industry backlash.

Furthermore, the crypto markets have witnessed massive correction in the last 24 hours. A sharp rise in the inflation figures in the US is believed to have triggered one more crash across the crypto markets. The global crypto market cap has crashed below the $1 trillion mark, at $983 billion at the time of writing, according to a report in The Financial Express.

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 13.07 per cent in the last 24 hours, and it was trading at $23,697.75 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.97 per cent, down by 0.53 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,194.70, down by 18.05 per cent, while Binance Coin (BNB) was down by 14.72 per cent during the same time period, and it was trading at $218.76. Solana (SOL) was down by 17.95 per cent to $26.62, while Cardano (ADA) was down by 13.41 per cent to $0.4431. 

Meme Coins

Dogecoin was trading at $0.05399 at 5:00 pm IST, down by 17.67 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was down by 13.54 per cent, and it was trading at $0.000007541. Samoyedcoin was down by 13.72 per cent, and it was trading at $0.004279, while Dogelon Mars was down by 20.11 per cent, and it was trading at $0.0000002673.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $970.98 billion, a decrease of 11.76 per cent in the last 24 hours, while the total crypto market volume was $132.95 billion, an increase of 56.92 per cent.

United Bitcoin (UBTC) was the biggest gainer, gaining 458.99 per cent. It was trading at $0.1716 at 5:00 pm IST, according to Coinmarketcap. In contrast, NvirWorld NVIR witnessed the maximum loss and fell by 99.99 per cent. It was trading at $0.000006361.


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