Bitcoin Plunges To Three-week Low Amid Calls For Tighter Rules

The fall in Bitcoin came after US Internal Revenue Service chief Charles Rettig said that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.

June 10, 2021 / 08:51 AM IST

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Bitcoin fell to a three-week low amid signs of institutional investor caution, while the head of the U.S. Internal Revenue Service (IRS) called for lawmakers to provide authority for tighter reporting rules on crypto transfers.

Other cryptocurrency prices also remained in red on June 10.

US IRS chief Charles Rettig said that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.

Meanwhile, MicroStrategy Inc, a major bitcoin corporate backer, has increased the size of a junk-bond sale to help buy more bitcoin, now targeting $500 million, Bloomberg News reported.

The cryptocurrency has slumped by half since hitting a record of almost $65,000 in April.

Prices of the 10 largest cryptocurrencies as of 8:36 on June 10 are (data from https://coinmarketcap.com):

Name Price 24h% 7d% Market Cap Volume(24h)
1 Bitcoin BTC $37,306.70 13.91% -0.24% $692,085,886,183 $54,127,140,216
2 Ethereum ETH $2,583.88 5.70% -4.37% $298,982,655,594 $35,315,392,913
3 Tether USDT $1.00 -0.09% 0.04% $62,628,795,421 $91,176,709,186
4 Binance Coin BNB $373.34 10.09% -5.39% $56,671,988,117 $3,416,000,181
5 Cardano ADA $$1.61 7.34% -7.21% $51,105,231,117 $3,329,388,202
6 Dogecoin DOGE $0.3412 7.19% -19.96% $44,146,794,958 $3,033,309,654
7 XRP XRP $0.9001 6.56% -11.71% $41,430,937,197 $3,971,752,398
8 USD Coin USDC $1.00 -0.08% -0.02% $23,258,004,489 $2,375,158,617
9 Polkadot DOT $24.33 16.02% -10.77% $22,919,746,066 $2,401,498,032
10 Uniswap UNI $24.91 9.94% -8.97% $14,222,264,739 $681,361,611

You can also check the prices at Coinbase and cryptocurrency news platform CoinDesk.