The price of bitcoin has hit a three-month high following a remarkable recovery for the cryptocurrency.
The cryptocurrency reached $45, 768 on Monday, according to CoinMarketCap’s price index, having traded below $30,000 as recently as three weeks ago.
This rebound has sparked a market-wide recovery, with other major cryptocurrencies seeing significant price increases in recent days.
Ethereum (ether) is one of the most successful bitcoin competitors. It has surged over 20% in the past week to return above $3,000
The US Senate is currently considering a controversial Infrastructure Bill. This bill would increase the number of people who have to report filings to the Inland Revenue Service (IRS). Some critics claim that the bill will increase the number who must report filings to Inland Revenue Service, (IRS). However, an amendment could also hinder innovation in the crypto space.
Coinbase CEO Brian Armstrong referred to the bill as a “key event” that would “define our future”, tweeting about how Senator Mark Warner’s last-minute amendment would arbitrarily determine the fate of foundational cryptocurrency technologies. He said, “This is catastrophic.”
Elon Musk, Tesla boss and crypto enthusiast who is also part-time agreed. He replied: “This time is not the right time to pick technology winners. There is no crisis that requires legislation to be rushed.
Both sides have expressed opposition to the bill, with Republican Senator Ted Cruz calling it “reckless” and “harmful”.
He stated that the Senate would inflict billions upon billions of dollars of destruction on the exciting and growing crypto industry, and even drive some of it offshore. There are not five senators who know much about crypto.
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