Bitcoin was trading 4.3% lower on the day near $60,800, while ether was nursing a 5.3% loss at $4,320 at press time, according to CoinDesk data.
While there was never any expectation of Twitter announcing crypto investments, Segal’s comments likely provided a reason for traders to take some risk off the table in the wake of the rising dollar and controversial crypto tax reporting requirement introduced by the $1 trillion bipartisan infrastructure bill signed into law by the U.S.
The infrastructure bill requires brokers to provide the Internal Revenue Service with information about traders transacting an amount of over $10,000.
Few companies including Square, Tesla and MicroStrategy have acquired bitcoin as a reserve asset, and widespread corporate adoption remains elusive to date.
The dollar index, which tracks the greenback’s value against major fiat currencies, reached a fresh 16-month high of 95.50 early today on lingering fears that Federal Reserve may resort to early interest rate hikes to contain inflation.
China’s National Development and Reform Commission said on Tuesday that it would consider “punitive electricity prices” for some crypto mines in the next stage of its crypto mining crackdown.
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