Sumary of Why Bitcoin, Ethereum, and Dogecoin Are Gaining:
- What happened Leading cryptocurrencies are climbing again after some volatile trading early in the week.
- Bitcoin (CRYPTO:BTC), Ethereum’s (CRYPTO:ETH) Ether token, and Dogecoin (CRYPTO:DOGE) were up roughly 3.1%, 6%, and 3.8%, respectively, as of 4:15 p.
- Top cryptocurrencies fell on Monday as House Democrats announced new tax proposals that could mean higher taxes for high-frequency crypto traders.
- Comments from SEC Chair Gary Gensler on Tuesday also suggested that components of the broader crypto market could soon face heightened regulatory scrutiny, but Bitcoin, Ethereum, and Dogecoin are still enjoying bullish momentum.
- So what Speaking in a Senate hearing on Tuesday, Gensler stated that stablecoins and crypto staking and lending services may fall under the regulatory body’s jurisdiction.
- House Democrats are also aiming to implement new tax rules that would see cryptocurrencies treated more like securities and subjected to wash-sale rules, likely resulting in greater tax liabilities for short-term crypto traders.