Bitcoin was trading 2.9% lower Thursday morning.
That puts it around $64,700, which is down from its all-time high of $68,950, per coin hit on Wednesday after October’s 6.2% surge, annually, in consumer prices.
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Rival Ether, the world’s second-largest cryptocurrency, is trading around $4,660, down from a high of $4,825.
Both have more than doubled since June.
Twitter is launching a new team focused on cryptocurrency, blockchains and other decentralized technologies.
The team, dubbed Twitter Crypto, will serve as a “center of excellence” for all things blockchain at the social media giant and will be “setting the strategy for the future of crypto at and on Twitter.”
TWITTER LAUNCHING CRYPTOCURRENCY-FOCUSED TEAM
“Blockchain and crypto are unlocking new possibilities that align with many of our big product bets, including creator monetization and new forms of self-expression,” a company spokesperson told FOX Business in a statement.
Some of the areas of exploration include crypto payments (Bitcoin tips, crypto payments for Ticketed Spaces), opportunities for creator monetization (NFT tooling) and decentralizing social media with a Twitter-funded project called Bluesky.
In other cryptocurrency news, Congress passed a bipartisan $1.2 trillion infrastructure bill on Friday that includes a controversial new cryptocurrency tax requirement, despite months of aggressive lobbying by industry groups as they looked to fend over stricter regulatory oversight.
BIPARTISAN INFRASTRUCTURE BILL TARGETS CRYPTO INDUSTRY WITH STRICTER OVERSIGHT: WHAT TO KNOW
One of the key revenue-raisers in the bill is an effort to curb tax evasion in cryptocurrency by imposing a series of new tax reporting provisions on the industry that apply to digital assets like cryptocurrency and nonfungible tokens, or NFTs.
In 2018, the IRS cited third-party analysis that suggested the tax gap – the difference between what is owed and what is actually paid – on cryptocurrency capital gains was about $11.5 billion in 2017. But as the Tax Foundation pointed out in an August blog post, it’s reasonable to think the deficit has widened since then, given the substantial increase in crypto’s market cap. Under current law, cryptocurrency is treated by the IRS as assets like stock, rather than actual currency.
One new provision in the bill would require brokers to report those transactions for digital assets, such as bitcoin or ether, to the IRS in the shape of a 1099 form. Brokers will also be required to disclose the names and addresses of customers.
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Another aspect of the bill would require businesses and exchanges to report when they receive more than $10,000 in cryptocurrency.
FOX Business’ Luca Manfredi and Megan Henney contributed to this report.