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Bitcoin fell to a three-week low on Tuesday amid signs of caution from institutional investors, as the head of the U.S. Internal Revenue Service called on lawmakers to allow stricter reporting rules on transfers cryptographic.
Representations of the Bitcoin cryptocurrency can be seen in this photo illustration taken on June 7, 2021. REUTERS / Edgar Su / Illustration June 09, 2021 03:35
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LONDON: Bitcoin fell to its lowest level in three weeks on Tuesday amid signs of caution from institutional investors, as the head of the US Internal Revenue Service called on lawmakers to allow more reporting rules strict on crypto transfers.
IRS chief Charles Rettig said on Tuesday that Congress should give the tax agency clear legal authority to collect information on cryptocurrency transfers valued at over US $ 10,000 that are not in largely unreported.
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Rettig told the Senate Finance Committee that the cryptocurrency’s market capitalization exceeds US $ 2 trillion, with more than 8,600 exchanges around the world. “By design, most virtual cryptocurrencies are designed to stay off the radar screen, so we’re going to be challenged right now.”
Earlier, a spokesperson for UK fund manager Ruffer Investment Management confirmed that he abandoned his bitcoin bet in April with a profit of US $ 1.1 billion amid concerns about the risk after rapid gains the price of the cryptocurrency.
Ruffer made his bet on bitcoin in November, in what was then one of the biggest signals of growing institutional interest in digital currency. As of mid-December, it was worth around 550 million pounds ($ 745 million).
“In the long term, we remain interested in digital assets and the role they can play in preserving real wealth,” the spokesperson said. “In the short term, following the sharp rise in the price of bitcoin, we felt that bitcoin was more risky.”
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Ruffer’s bitcoin profit was first reported by The Sunday Times.
Meanwhile, MicroStrategy Inc, a major corporate bitcoin funder, has increased the size of a junk-bond sale to help buy more bitcoin, now targeting $ 500 million, Bloomberg News reported on Tuesday. .
Bitcoin was last traded at US $ 32,055.20, down 4.5% on the day. It hit a low of US $ 31,025, the lowest price since an earthquake on May 19, brought it down to nearly US $ 30,000 for the first time since January.
The cryptocurrency has fallen by half since it hit a record high of nearly US $ 65,000 in April.
(Reporting by Tom Wilson, David Lawder and Alden Bentley; Editing by Tom Arnold and Cynthia Osterman)
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