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2 days ago · Tax changes would boost IRS monitoring of cryptocurrency use. at pm EDT. The Biden administration is taking steps to ensure Americans who pay for goods or services with cryptocurrencies don’t sidestep the tax man. The Treasury Department issued a report Thursday that outlines measures.

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Cryptocurrencies have gone from an obscure part of finance to centre-stage over the last year. In the space of 12 months, bitcoin has exploded from trading at $8, on 8 March to hitting all-time highs of over $58, in February and now trading at $54, as of am GMT on 9 March.

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· The global cryptocurrency market lost hundreds of billions of dollars in value after Tesla CEO Elon Musk said his company was suspending the use of bitcoin for vehicle purchases, a report said. Crypto market cap surges to record $2 trillion, bitcoin at $ trillion. The cryptocurrency market capitalisation hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.

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