Market Wrap: Cryptocurrency Sell-Off Stabilizes Amid U.S. Tax Concerns – CoinDesk

The bill would require all crypto brokers to report transactions under the current tax code.

“We’ve seen the U.S.

Bitcoin’s price slid about 5% over the past 24 hours, although the price later stabilized around the $60,000 support level.

Bitcoin’s pullback also triggered higher intraday volatility, which could mean buyers and sellers are uncertain about future price direction.

“The crypto space has now become mildly overbought,” Santiago Espinosa, a strategist at MRB Partners, an investment research firm, said during an interview with CoinDesk.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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