Cryptocurrency prices continue to be in the red on June 9. The global cryptocurrency market cap is $1.50 trillion, a 3.04 percent decrease over the last day, while the total crypto market volume over the last 24 hours is $132.13 billion, which makes a 29.23 an increase.
According to International news website, The volume of all stable coins is now $105.17 billion – 79.60 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently $32,987.02 and its dominance is currently 41.34 percent, an increase of 0.39 percent over the day.
This comes after the head of the United States Internal Revenue Service (IRS) called for lawmakers to provide authority for tighter reporting rules on crypto transfers.
IRS chief Charles Rettig, on June 8, said that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.
Earlier a spokesperson for British fund manager Ruffer Investment Management confirmed that it exited its Bitcoin bet in April with a $1.1 billion profit amid worries over risk after quick gains in the cryptocurrency’s price.
Apart from this, former United States President Donald Trump on June 7 called the cryptocurrency Bitcoin as a ‘scam’. He even said that he dislikes bitcoin as it is another currency competing against the dollar.
Giving interview to Fox Business Network on Monday, Trump said, “Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar . I want the dollar to be the currency of the world. That’s what I’ve always said.”
Meanwhile, Bitcoin funds and products posted record outflows last week as investors continued to cast a cautious eye on the world’s largest cryptocurrency, which has seen its upward momentum stall in the last few months, according to date released by digital currency manager CoinShares.
Bitcoin outflows hit $141 million in the week ending June 4, representing 8.3 percent of the net inflows seen this year. For the year so far, Bitcoin still showed net inflows of $4.2 billion. The cryptocurrency sector overall suffered outflows of $94.2 million last week, the data showed.
