The overall cryptocurrency market took a hit on Monday morning, with the price of bitcoin, the largest cryptocurrency by market value, falling below $44,000. It’s currently trading at around $44,068, down about 7.45% in the last 24 hours.
Other top cryptocurrencies are also in the red.
This comes as investors fear the fallout from the near collapse of indebted Evergrande, a Chinese property developer so massive it could effect the global economy, which sparked a sell-off of volatile investments like crypto, and also amid concerns about potential cryptocurrency regulation in the U.S.
In addition, here are four things that happened in the space this week.
1. House Democrats propose plan to close crypto tax loophole
On Sept. 13, the House Ways and Means Committee proposed legislation that would close a tax loophole for cryptocurrency investors by imposing “wash sale” rules on commodities, currencies and digital assets, according to a released outline.
Currently, investors can sell cryptocurrency for a loss and claim a tax benefit. Then, investors can immediately buy back the asset if it rebounds. So-called “wash sale” rules would prevent investors from buying the same asset back right away.
Subjecting cryptocurrency and other assets to this proposed change would