Market Wrap: Cryptocurrency Sell-Off Stabilizes Amid US Tax Concerns

Market Wrap: Cryptocurrency Sell-Off Stabilizes Amid US Tax Concerns
Cryptocurrencies were mostly lower on Tuesday as some traders reacted to the signing of the U.S. infrastructure bill containing a controversial crypto tax-reporting requirement.The bill would require all crypto brokers to report transactions under the current tax code. Industry proponents worried the definition would be too broad, involving entities such as miners and other parties that don’t actually facilitate transactions, CoinDesk’s Nelson Wang reported.“We’ve seen the U.S. infrastructure bill get signed, which has initiated a sell-off from traders who are concerned about regulation and taxation” for digital currencies, noted Hayden Hughes, CEO of crypto strategy platform Alpha Impact, in Seeking…