Crypto stocks: Report of potential IRS action on crypto batters recovery

Sos

20/05/2021 17:36

** Shares of cryptocurrency and blockchain-related firms
give back a chunk of gains as Bitcoin  BTC=BTSP  reverses much
of its rise to now trade up 8.8% at $39,998.97 
    ** Bloomberg News says https://bit.ly/3bEs0oI U.S. Treasury
calls for crypto transfers over $10,000 to be reported to the
Internal Revenue Service (IRS) 
    ** Proposal included in report on Biden IRS enforcement
plan, says Bloomberg; adds that the administration says tighter
enforcement will boost tax revenue
    ** Bitcoin had earlier risen as much as 16.9%, nearly
recovering from Wednesday's 14.2% loss
    ** Bitcoin bank Silvergate Capital Corp  SI.N  pares gains
to trade up 2.4%; cryptocurrency miners Riot Blockchain  RIOT.O 
and Marathon Digital Holdings  MARA.O  0.5% and 0.6% lower,
respectively
    ** Shares of Overstock.com  OSTK.O , an online retailer and
blockchain tech investor, now trades 3.6% higher 
    ** MicroStrategy Inc  MSTR.O  - a BTC buyer and business
intelligence software firm - up 2.6%, a move matched by shares
of crypto exchange Coinbase Global  COIN.O 
    ** China-focused SOS  SOS.N  drops 3.1%, Future FinTech
Group Inc  FTFT.O  up 1.8% 
    ** YTD, BTC has climbed ~37%

 (Reporting by Aaron Saldanha)
 ((Aaron.Saldanha@thomsonreuters.com; +91 9810644993; Reuters
Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))