Charles Rettig, Rule, Irs, U.S. Internal Revenue Service

Charles Rettig, Rule

Bitcoin falls to three-week low as IRS seeks approval for reporting rules

Bitcoin falls to three-week low as IRS seeks approval for reporting rules

8/6/2021 10:40:00 PM

Bitcoin falls to three-week low as IRS seeks approval for reporting rules

Bitcoin fell to a three-week low on Tuesday amid signs of institutional investor caution, while the head of the U.S. Internal Revenue Service ...

BusinessBitcoin fell to a three-week low on Tuesday amid signs of institutional investor caution, while the head of the U.S. Internal Revenue Service called for lawmakers to provide authority for tighter reporting rules on crypto transfers.Representations of the Bitcoin cryptocurrency are seen in this picture illustration taken June 7, 2021. REUTERS/Edgar Su/Illustration

Australia detects first COVID-19 Omicron infections McGregor expects to resume sparring by April PAP must respond to desire for more debate, questioning of established ideas: PM Lee

09 Jun 2021 03:35AMShare this contentBookmarkLONDON: Bitcoin fell to a three-week low on Tuesday amid signs of institutional investor caution, while the head of the U.S. Internal Revenue Service called for lawmakers to provide authority for tighter reporting rules on crypto transfers.

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 US$10,000 that largely go unreported.AdvertisementAdvertisementRettig said before the Senate Finance Committee that cryptocurrency market capitalization is over US$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." headtopics.com

Earlier a spokesperson for British fund manager Ruffer Investment Management confirmed that it exited its bitcoin bet in April with a US$1.1 billion profit amid worries over risk after quick gains in the cryptocurrency's price.Ruffer made its bitcoin bet in November, in what was then one of the largest signals of rising institutional interest in the digital currency. By mid-December it was worth around 550 million pounds (US$745 million).

"Long term, we remain interested in digital assets and the role they can play in real wealth preservation," the spokesperson said."In the short term, following the sharp increase in the bitcoin price, we felt bitcoin was exhibiting more risk."

AdvertisementAdvertisementRuffer's bitcoin profit was first reported by The Sunday Times.Meanwhile, MicroStrategy Inc, a major bitcoin corporate backer, has increased the size of a junk-bond sale to help buy more bitcoin, now targeting US$500 million, Bloomberg News reported on Tuesday.

Bitcoin was last trading at US$32,055.20, down 4.5per cent on the day. It bottomed at US$31,025, the lowest price since a shakeout on May 19 dropped it to near US$30,000 for the first time since January.The cryptocurrency has slumped by half since hitting a record of almost US$65,000 in April. headtopics.com

Singapore reports 1,761 new COVID-19 cases and 6 deaths; ICU utilisation rate rises to 56.6% China study warns of 'colossal' COVID-19 outbreak if it opens up like the US, France PM Lee says Covid-19 measures have worked because S'poreans trust PAP govt, know it will 'always have your back'

(Reporting by Tom Wilson, David Lawder and Alden Bentley; Editing by Tom Arnold and Cynthia Osterman) Read more: CNA »

Cat in Turkey with two sets of ears has social media users falling in love with it

US IRS chief says needs congressional authority for cryptocurrency reporting U.S. Internal Revenue Service chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to ...

US IRS chief says needs congressional authority for cryptocurrency reporting U.S. Internal Revenue Service chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to ...

Moderna seeks European approval for Covid-19 vaccine's use in teens

Moderna seeks EU, Canada approval for COVID-19 vaccine's use in teensCambridge, MASSACHUSETTS: Drugmaker Moderna said on Monday (Jun 7) it has submitted applications to the European and Canadian health regulators ...

GlobalFoundries seeks ruling in IBM contract disputeSemiconductor manufacturer GlobalFoundries on Monday sued International Business Machines Corp, asking a judge to rule that it did not violate a ...

Man posing as ‘sharonliew86’ gets 3 weeks’ jail for racist tweets against Malays, IndiansSingapore—A Singaporean hiding behind the name 'sharonliew86' on Twitter was given a three-week jail sentence for several racially offensive tweets he posted in 2019 and 2020. Thirty-five-year-old Zainal Abidin Shaiful Bahari, a senior director of a