Bitcoin price fell in half, Ethereum and Dogecoin also fell drastically

The price of all cryptocurrencies, including bitcoin, continues to fall. The US tax agency, the Internal Revenue Service (IRS), has urged the government to tighten strict reporting rules on crypto transfers. This pushed the price of Bitcoin, the world’s oldest, largest and most popular cryptocurrency, under $32k in the past 24 hours. In April, its price had reached a record level of about $65k. In this way the price of bitcoin has fallen by half.

According to data from CoinDesk, the price of bitcoin was trading at $32,600, down 3 percent. The price of Ethereum, the world’s second largest cryptocurrency, is down 8 percent. Its price has gone below $2,500. Similarly, the cryptocurrency Dogecoin, which started out as a joke, also fell by more than 8 percent and was trading at $0.31. Other cryptocurrencies such as XRP and Litecoin have also lost over 4 per cent in the last 24 hours.

Demanding more rights on Bitcoin

IRS chief Charles Rettig said on Tuesday that Congress (US Parliament) should give it clear authority regarding cryptocurrencies. According to Reuters, he told the Senate Finance Committee that cryptocurrencies have a market cap of over $2 trillion and have more than 8,600 exchanges worldwide. Most crypto virtual currencies are designed to stay out of surveillance. Therefore, more powers should be given to the agency.