Crypto takes a hit, a $250 billion hit

every massive drop brings us closer to some strict regulation .

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.

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 raise $16.8 billion over a decade, according to estimates by the Joint Committee on Taxation.