Top cryptocurrencies are coming under pricing pressure. Bitcoin (CRYPTO:BTC), Ethereum’s (CRYPTO:ETH) Ether token, and Dogecoin (CRYPTO:DOGE) have all posted significant sell-offs today — with the tokens down 2.7%, 4.7%, and 3.7%, respectively, as of 4:15 p.m. EDT. It’s possible that more near-term volatility is in the cards.
House Democrats outlined plans for a series of tax increases on Monday, and the proposals from legislators included new regulations and tax changes that could impact the cryptocurrency market. Under the suggested changes, cryptocurrencies would become fully subject to wash-sale rules, which would likely result in crypto traders needing to pay more in taxes.