Bitcoin (BTC-USD) was trading at $88,190.8, down 1.76% as of 14:34 ET, as reports surfaced that President Donald Trump is considering eliminating capital gains taxes on U.S.-based cryptocurrencies. The proposal, which could be announced at the March 7 Crypto Summit at the White House, would make U.S.-based crypto investments tax-free, while non-U.S. crypto holdings would face a 30% tax.
President Donald Trump is reportedly considering eliminating capital gains taxes on U.S.-based cryptocurrencies, according to a report by The Block. The proposal, which could be announced at the March 7 Crypto Summit at the White House, would make U.S.-based crypto investments tax-free, while non-U.S. crypto holdings would face a 30% tax.
The news follows last week's announcement of a strategic crypto reserve, which briefly boosted Bitcoin (BTC-USD) prices. However, analysts warn that removing capital gains taxes could increase market volatility, as investors might sell non-U.S. crypto in favor of American-based digital assets.
There are also concerns about a surge in new cryptocurrency creations within the U.S. Bitcoin's 52-week range stands between $49,486.9 and $109,228.6, indicating it remains near the higher end of its yearly performance despite today's dip. The market remains watchful for further updates from the White House summit.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
