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Under current law, cryptocurrency is considered property and not currency. Therefore, it would not count as foreign income, even if the exchange is overseas. The laws regarding cryptocurrency are evolving and it is possible this could change. See section 4 question 2 of this IRS notice and see this IRS page for more guidance relating to cryptocurrency.
If you maintain a US dollar balance on the exchange, that is not virtual currency and does need to be reported if the balance exceeded $10,000 at any point during the year. See this page for more guidance on the FBAR report. That report is not part of your income tax and needs to be electronically filed separately here.
If your currency exceeded $50,000 on December 31, 2021 or $75,000 at any point during the year, you may have to file Form 8938 with your tax return.
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