bitcoin falls as u.s. lawmakers wrangle over a proposed cryptocurrency tax

Bitcoin (btc) fell for the third day in a row, sliding below $44,000, after the largest cryptocurrency by market capitalization hit a three-month high of about $46,800 earlier this week.

“there isn’t much desire for bitcoin (btc, -1.85% ) above $46,000 right now, but you aren’t seeing a major sell-off either,” matt blom, head of trading at digital asset firm Eeqonex.

ether (eth, -3.2 percent) (eth), the native cryptocurrency of the ethereum blockchain and the second-largest crypto by market size, was also down, trading slightly above $3,000 at press time.

in an emailed letter, financial research firm fundStrat noted, “the crypto market is taking a pause following a week of excellent price performance.” u.s. rep. anna eshoo (d-calif.) encouraged house speaker nancy pelosi (d-calif.) to change the crypto tax provision in the senate’s infrastructure plan.

any entity that facilitates a crypto transaction on behalf of another person would be classified as a broker under the existing language of the provision, which would require them to file certain tax information reports that included know-your-customer information. proponents of the industry are afraid that the definition of brokers will encompass miners, network validators, and hardware developers.

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