What's Happening In The Crypto World?

  What's Happening In The Crypto World? Cryptocurrencies rose on Wednesday morning, slowly making up for losses from recent sales.

Bitcoin Struggles For Momentum After Recent Sales!

Bitcoin (BTC-USD) is up almost 5 % to trade around $34,398 (£24,272). Approaching $40,000, Bitcoin still remained far from its all-time high of $63,000. Ethereum (ETH-USD) is trading at around $2,521, up 0,1 %. Dogecoin, on the other hand, gained 0,5 % and is trading at about $ 0.33. Simon Peters, analyst at multi-asset investment platform eToro, said: “There seems to be significant uncertainty, this seems to be beyond price. It marks a drastic decline in transaction and consensus demand, a massive drop in nearly all blockchain activity from all-time highs earlier this year.” U.S. researchers say the uncertainty is partly due to the $2.3 million Bitcoin ransom paid to a hacker group called DarkSide. The group is also known to have been involved in the software attack of Colonial Pipeline, the largest pipeline system through which refined petroleum products in the United States.

Cryptocurrencies rose on Wednesday morning, slowly making up for losses from recent sales.

CNBC quoted Senator Roy Blunt, “The country needs a lot of cash, but we haven't figured out how to watch cryptocurrencies in the US or around the world yet.” said. “The ransom money will not be traced, preferably the ransom will be paid, but better work needs to be done from now on. ” he continued. Meanwhile, the U.S. Internal Revenue Service has requested more powers from Congress to regulate the cryptocurrency industry and gather information on transfers of more than $10,000, mostly unreported. “We asked Congress for authorization to collect this information, but by design, most cryptos are untraceable,” said commissioner Charles Rettig. The Biden administration will impose a requirement that crypto transfers of $10,000 or more be reported to the IRS in its fiscal 2022 earnings run. This proposed change is expected to be active in 2023. Cryptocurrencies rose on Wednesday morning, slowly making up for losses from recent sales.    

Source: Yahoo.Finance

 

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