Follow us @crypto for our full coverage.
Crypto markets remained volatile and gave back some of their gains Thursday after the U.S. Treasury called for stronger tax compliance within the space.
Bitcoin hovered near the $39,800 as investors tried to make sense of the crash Wednesday that wiped away billions and shattered the notion of crypto as a maturing asset class. The coin retreated from intra-day highs of around $42,500 after the U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service.
Volatility has dominated crypto markets, with Bitcoin plunging and surging more than 30% within a few hours on Wednesday. The carnage kicked off last week, when Tesla Inc. billionaire Elon Musk criticized Bitcoin for wasting energy and backtracked on a decision to allow crypto…