Bitcoin Drops to 3-week Low After Comments From US Tax Chief


Bitcoin fell to a three-week low on Tuesday, amid signs of caution from institutional investors, and influenced by comments from the head of the US Tax Administration.

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.” 

Bitcoin fell 4.5 % to $32055.20 in late trading, after falling during the session to $31,025, its lowest since May 19, when it plunged to about $30,000 for the first time since January.