Bitcoin Pares Gains as Treasury Seeks to Toughen Tax Compliance

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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…

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