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Bitcoin price goes up while Other cryptocurrencies postponed

Bitcoin It traded more than 4% higher on Wednesday morning.

The price is around $34,288 per coin, while competitors Ethereum and Dogecoin It is trading at around $2,497 and 32 cents per coin respectively, according to Coindesk.

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Bitcoin Voted Of Confidence As One Country Has Legalized Bitcoin

El Salvador became the first country in the world to officially accept bitcoin as law after President Nayib Bukele̵

7;s proposal was approved by that country’s parliament, according to Reuters.

With 62 out of 84 possible votes, the majority of lawmakers voted in favor of the initiative to create a law that would officially adopt bitcoin.

Use as a legal tender will be effective in 90 days.

Cryptocurrencies It has been the focus of US regulators’ opinions.

Hester Peirce came out against attempts to control. cryptocurrencies more strictly In an interview with the Financial Times, Peirce cautioned that doing so carries a risk of discouraging investors.

Pierce is one of two Republicans on the Securities and Exchange Commission’s five-person board.

She worries about regulators pushing for a greater role in the market. $1.5 million cryptocurrency

This goes against Gary Gensler, the chairman of the SEC, who leads the market-leading efforts. cryptocurrency in accordance with other financial assets

“I am concerned that the initial reaction of regulators is often saying, ‘I want to grab this and make it like a market I already control,'” Peirce told the Financial Times. “I’m not sure it’s good for innovation.”

The IRS wants Congress to help collect tax information. CRYPTOCURRENCY

The Internal Revenue Service is looking for a market. Cryptocurrency that is growing fast

Revenue Department Commissioner Charles Rettig told lawmakers Tuesday that tax authorities need broader powers to collect data on digital currency transactions to ensure that people report and pay what they owe.

Rettig noted that cryptocurrency transactions (cryptocurrency) by design often “Off the radar screen” while noting that the latest market cap in the crypto world has exceeded $2 trillion and more than 8,600 exchanges around the world.

Biden’s management has proposed expanding the reporting requirements for the transaction. cryptocurrency with a fair market value of more than $10,000 that will be effective at the end of 2022 if implemented.

Americans Earn $4B In Bitcoin Profits In 2020 – More Than Any Other Country

The report states that the United States is at the forefront of popularity. Cryptocurrency

A new study from Chainanalysis It shows that Americans made $4.1 billion in bitcoin profits last year. more than any other country

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China is second with more than $1 billion in bitcoin profits. followed by Japan and the UK, Russia, Germany, France and Spain, each making around half a billion in profits in bitcoin.

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