Crypto scurries ahead

At its lowest point in the nadir of the crash, Monero (XMR) fell to $165. XMR has since shot up back over $300. The 28th-largest coin just rose 28% in 24 hours as of Friday morning at 9 a.m. (EST).

The U.S. government estimates that the gap, between what wealthy people owe in taxes versus what they actually pay, is enormous, representing an untapped revenue reservoir of, per some estimates, more than $1.5 trillion. In an effort to shrink it, the Biden administration is prodding financial institutions to report certain types of account inflow/outflow information to the Internal Revenue Service.

Monero remains one of the few coins focused solely on privacy (Cointelegraph).

The Bitcoin crash is still being discussed – by everyone, around the world. To buy on the dip or bail out, that’s the question. A $10,000-comeback (from $30,000 to $40,000) sure was impressive but not that impressive, considering that over the past seven days, as of Friday at 9 a.m. (EST), BTC had lost 17%; and it has shed more than one-third of its value since hitting its all-time high of near $65K on April 14.

Similarly, Ethereum had registered an 11% gain at one point in its rebound yesterday, but over 24 hours it has lost 9% and has been relieved of 27% of its market cap in the past week. This comes not long after a stretch of a week or so in which ETH hit more consecutive daily highs than early-80s Gary Busey.

It’s been a bad dose of nightmare for major altcoins this past week. ETH, as mentioned, is down 27% over the past seven days. An even worse week-long trouncing was endured by Binance Coin. BNB lost 33%, falling to below $400. BNB is 44% off its record high near $700 on May 10.

XRP has fallen 17% over the last week. Cardano (ADA) fell 11%.

The worst week among a Big Ten coin: Internet Computer (ICP) which lost 42% over seven days ending this morning.

The best week, looking at the Top Twenty, was turned in by Polygon (MATIC). It hit an all-time high of roughly $2.60 earlier in the week. Though down by 35% in three days since then, MATIC over seven days remains up 61%.

Humorous stories about buskers accepting Dogecoin might seem off key these days but the music keeps playing.

Crypto's rollercoaster ride has gripped street music, major labels and also sports, media, art, trading – newbies, punters, daytraders, professional money managers – as well as corporations and charitable organizations. Oh and government watchdogs.

Losses riveted the globe this week but right now the Internal Revenue Service is focused on gains.

The Wall Street Journal reported that federal judges have approved two IRS summons, to Circle and Kraken, to turn over customer records going back to 2016. Recently found among Coinbase’s customers: some 750 who had sold more than $100 million in crypto, which could partially explain why the market moved backward and then forward suddenly with exceptional force.