Bitcoin rebounds following slide, Dogecoin gains

FAN Editor

Bitcoin and other cryptocurrencies are gaining despite the U.S. Federal Reserve and the IRS making comments about digital currencies.

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Early Friday, Bitcoin was just above the $40,000 level, trading up 1%, according to Coindesk.

Rival Ether was up more than 2% at $2,742.

Dogecoin was gaining more than 8% at $0.39. Dogecoin got a boost after Elon Musk issued his latest tweet on the meme token Thursday morning. 

“How much is that Doge in the window?” Musk asked on Twitter on Thursday, adding a photo featuring a Shina Ibu, the Doge meme’s symbol, on a $1 bill sticker attached to a laptop. The photo also features the word “Cyberviking” in neon lights. Dogecoin has come down a bit since climbing as high as 42 cents in the last 24 hours.

IRS SAYS CRYPTOCURRENCY TRANSFERS OVER $10K WILL NEED TO BE REPORTED

The IRS disclosed Thursday that “businesses that receive crypto assets with fair market value of more than $10,000” will need to be reported. This was detailed as part of President Biden’s proposed American Families Plan, which also requests $80 billion in funds to modernize the IRS and covers “hiring new specialized enforcement staff, modernizing antiquated information technology.”

The move will also crack down on bad actors who are using virtual currencies to commit crimes. 

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Fed Chairman Jerome Powell said the Fed wants to play a “leading role” in the development of international standards as central banks around the world – most prominently China – make moves in the digital currency realm.

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