Bitcoin just bounced off a historic line of support at $20,000 as the Biden Administration launches an all-out attack on the cryptocurrency and the 50 million American citizens and voters. who is the owner digital resources.
The latest blow comes from President Biden's tax plan, which would impose a 30% tax on energy used for Bitcoin mining, reports the New York Times.
The plan would also prevent crypto investors from selling assets at a loss and buying them back quickly to save taxes. reports Bloomberg.
This follows the news that the US govt. sent $217 million in Bitcoin seized from cryptocurrency exchange Coinbase, where it could be sold on the open market.
It also comes amid the liquidation of crypto bank Silvergate, which aforementioned pressure from the US Department of Justice and other regulators, as well as the collapse of offshore crypto exchange FTX, in its decision to close its doors.
The Biden Administration's attempts to hit the global and exponentially growing crypto industry follow a months-long campaign by US Securities and Exchange Commission Chairman Gary Gensler to label all digital assets besides Bitcoin. , as a value.
One such attempt was rejected by a judge in New York this week, who damned the agency for trying to halt the bankruptcy proceedings of embattled crypto lender Voyager by claiming that a token designed to help pay customers can be collateral.
Chairman Gensler is also at odds with the head of the Commodity Futures Trading Commission, Rostin Behnam, who just reiterated his belief that the second largest crypto asset, Ethereum, is not a security.
Meanwhile, the Grayscale Bitcoin ETF lawsuit against the SEC may go in a positive direction.
This week, a panel of judges from the Court of Appeals for the District of Columbia disputed why the SEC would allow the launch of a Bitcoin futures ETF, but not a Bitcoin spot ETF.
Judge Neomi Rao said, according to Reuters:
"It sounds like it's okay for an agency to say it's okay, we need more information, but it seems like there's quite a bit of information here about how these markets work together, and the SEC hasn't offered any explanation...that the petitioners here are wrong."
Bitcoin's price has fallen precipitously amid the US government's push to squeeze the cryptocurrency industry and its investors.
The top crypto asset started the week at $22,400 and is worth $20,342 at press time, down 7.5% over the past 24 hours.
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