01 Apr '14, 12am

Bitcoin prices plummet after U.S. IRS ruling, rumors of Chinese trade block

Bitcoin prices plummet after U.S. IRS ruling, rumors of Chinese trade block

The price of the Bitcoin is at its lowest in almost five months, after two major challenges to its legitimacy. The first challenge struck last Tuesday, when the U.S. Internal Revenue Service ruled that Bitcoin must be treated legally as property, not currency . The IRS ruling may stem the spread of Bitcoin in the U.S., according to analysts, because the ruling means any gains investors see from the appreciation of Bitcoin are taxable. New York tax attorney Jeffrey Hochberg told CNNMoney that the going rate of the currency fluctuates too widely, and would create an “accounting nightmare” for taxpayers. Meanwhile, rumors also surfaced last Thursday suggesting that the People’s Bank of China, China’s central bank, would block trading of the Bitcoin. The PBOC has yet to issue an official response to the rumors, keeping Bitcoin prices low through today. According to the CoinDes...

Full article: http://venturebeat.com/2014/03/31/bitcoin-prices-plummet-...

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