The cryptocurrency circle is full of blood again? Bitcoin rallies up to nearly 40% and Musk speaks out

After Wednesday’s panic sell-off, cryptocurrencies appear to be showing signs of recovery in just one day. Bitcoin staged a Jedi rebound, once returning to the $42,000 mark, pulling up nearly 40% from its lows, and ethereum also once stood above $3,000.

As of press time, cryptocurrency asset prices have all retreated from their rally highs, with bitcoin at $41,596 per coin, up 6.24% intra-day, and ethereum at $2,866.53 per coin, up 8.46%. Dogcoin was last at $0.4083 per coin, up a whopping 12.91%.

U.S. Treasury: Cryptocurrency transactions over $10,000 must be reported to the government
On Thursday, EST, the U.S. Treasury Department released the report “U.S. Family Planning Tax Compliance Agenda” to crack down on wealthy Americans who hide their income, and cryptocurrencies are also hurt by the new rules, with future transfers up to $10,000 required to be reported to the IRS.
According to Firstrade, according to Bloomberg, the U.S. Treasury Department announced that it requires cryptographic digital currency transactions over $10,000 to be reported to the Internal Revenue Service (IRS), and the Treasury Department said in that tax enforcement recommendation report that companies that accept crypto assets as a method of payment as cash transfers, transferring transactions of crypto assets with a fair market value of more than $10,000 should also be reported to the IRS.

The cryptocurrency circle is full of blood again? Bitcoin rallies up to nearly 40% and Musk speaks out

Image Source: Screenshot of U.S. Treasury report
Following the news, cryptocurrency trading platform Coinbase briefly dipped about $6, narrowing the overall intra-day gain to about 4%. The cryptocurrency market quickly retreated in the short term, with bitcoin once losing the $40,000 mark.
Tesla CEO Musk Says He Won’t Sell Any Dogcoins
On the same day, Musk continued his strong support for dogcoin.
According to Interface News, Tesla CEO Musk said Thursday he would not sell dogcoin, saying in a reply to a Twitter user, “I have not sold, and will not sell, any dogcoin.” Musk also said the dollar sticker with the Shiba Inu design that he posted earlier in the day was given to him by a Tesla supporter.
In fact, this cryptocurrency jolt and Musk can’t be unconnected. In March, Tesla announced that it would allow consumers to use bitcoin to buy Tesla electric cars, which then pushed bitcoin to a record high of nearly $65,000 in April. This month, Musk suddenly flip-flopped. Not only did Tesla change its tune and stop accepting bitcoin payments, Musk himself spoke out disparagingly about bitcoin, saying it was a waste of energy and not truly decentralized. The news of Tesla’s announcement that it would no longer accept bitcoin came immediately after bitcoin fell below the $50,000 mark.
Ulrik Lykke, executive director of crypto hedge fund ARK36, said the bitcoin market alone evaporated more than $250 billion in market value last week, which may seem astronomical but is not uncommon in the cryptocurrency market.
It’s worth noting that after reclaiming some of its lost ground, bitcoin is still up 37% this year, while ethereum is up more than 270% so far.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-cryptocurrency-circle-is-full-of-blood-again-bitcoin-rallies-up-to-nearly-40-and-musk-speaks-out/
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