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Gate.io’s Daily Market Trends（May 21）
2021-05-21, 06:52
The Biden administration announced on Thursday that Cryptocurrency transfers of $10,000 or more will have to be reported to the tax authorities in the future. The proposals are seen as a measure to tighten the regulatory environment for the Crypto market. The US Treasury said that cryptocurrencies posed a “significant detection problem by facilitating illegal activity broadly including tax evasion”. This proposal is part of a Treasury report explaining how the Biden administration plans to close the tax gap by taxing the rich. After the announcement, the price of bitcoin dropped about 5%, reaching under $40,000.
The famous co-creator of ethereum, Vitalik Buterin was interviewed by CNN Business on Thursday. Buterin claims that governments can make life painful for crypto. Although the blockchain is decentralized and "governments can't completely take them down," Buterin said the governments are still able to block or limit access. Meanwhile, Buterin claims that the switch to Proof of Stake will allow ethereum to become more eco-friendly by lowering the energy usage. On the contrary, “if bitcoin sticks with its technology exactly as it is today, there’s a big risk it will get left behind.”At 6:41 p.m. on the 20th, Musk tweeted another reference to the dog symbol, and the price of Dogecoin rose to $0.403 within 20 minutes.
Gate.io spot quotes (12:00 BST prevail)
BTC: $40,658.83 (+5.58%); ETH: $2,791.01 (+12.81%); DOGE: $0.3978 (+15.54%); SHIB: $0.00000981 (+4.77%); GT: $6.170 (+21.57%); XRP: $1.148 (+ 3.67%); ADA $1.741 (+11.88%)
Author: Gate.io Researcher: Charles.F & Gazer.C
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