Cryptocurrencies back in the red cloud after Bitcoin hit a snag under $10,300. Bitcoin bears continue gaining traction towards the first support at $10,100. A new bill in the US Congress proposes a tax exemption for value gain of less than $200. Bulls stole the show on Tuesday pushing for recovery across the board in the cryptocurrency market. All the top three digital assets, Bitcoin, Ethereum and Ripple embarked on a recovery action that saw several resistance zones shuttered. Bitcoin sprinted above $10,000 and extended the gains above $10,200 while Ethereum returned above $280. On the other hand, Ripple broke above the resistance at $0.30 to a weekly high of $0.30252. Read more: Ethereum Price Analysis: ETH/USD could explode past $300 on inverted head-and-shoulders pattern United States cryptocurrency regulations Most experts believe that the stringent regulation in the US or the lack of it is retrogressive for the crypto industry. This was made clear with Facebook’s proposed digital currency Libra which got nothing but rejection in both the Congress and the Senate. While Facebook is still fighting to have Libra operational, many believe that it will take time before the US becomes fully supportive of the merging digital money economy. However, recent developments show that little progress is being made especially in regards to taxation. A bill that was recently introduced in the US Congress suggests that certain cryptocurrency transaction be exempted from value gain tax. The bill referred to as The Virtual Currency Tax Fairness Act of 2020 originates from Congressmen Suzan Delbene and David Schweikert from Washington and Arizona, respectively. The draft law notes: Cryptocurrency transactions due to changes in exchange rates should not be included in an individual’s income. The previous sentence does not apply if the profit exceeds $200. Bitcoin price update Bitcoin is trading at $10,128 after adjusting from a recently posted weekly high at $10,288. The weak bearish momentum appears to be gaining traction, especially with the downward sloping RSI. Immediate support is seen at $10,100 but losses towards $10,000 will try and seek refuge at the 100 SMA at $10,061 on the 1-hour chart. The only way the bulls will keep the uptrend is to retake the support at $10,200 and keep the focus on $10,500. Also read: Bitcoin Price Analysis: BTC/USD wedge pattern breakout or bull trap? BTC/USD hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Crypto Today: Bitcoin’s bull trend is back on track FX Street 2 years Cryptocurrencies back in the red cloud after Bitcoin hit a snag under $10,300. Bitcoin bears continue gaining traction towards the first support at $10,100. A new bill in the US Congress proposes a tax exemption for value gain of less than $200. Bulls stole the show on Tuesday pushing for recovery across the board in the cryptocurrency market. All the top three digital assets, Bitcoin, Ethereum and Ripple embarked on a recovery action that saw several resistance zones shuttered. Bitcoin sprinted above $10,000 and extended the gains above $10,200 while Ethereum returned above $280. On the other hand, Ripple broke… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.