Bitcoin slumped to a three-week low on Tuesday as the head of the US Internal Revenue Service (IRS) called on lawmakers to tighten reporting rules for cryptocurrency transfers.
The head of the IRS, Charles Rettig said on Tuesday that Congress needs to provide the tax agency with clear legal authority to collect information on cryptocurrency transfers of more than $10,000.
Rettig added that cryptocurrencies is over $2 trillion in market cap, with more than 8,600 exchanges worldwide.
Bitcoin was last traded at $32,055, down 4.5%, after reaching a low of $31,025, the lowest since May 19. The cryptocurrency has halved since hitting a record high of nearly $65,000 in April.
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