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- Ethereum, BNB, Cardano, XRP, Dogecoin, And Uniswap Surge
- Bitcoin Is Suddenly Soaring Toward $50,000
- Ethereum upgrade this week, helping ethereum far outpace bitcoin
Bitcoin and cryptocurrency prices have surged this week, and BTC prices are touching $50,000 for the first time since mid-May. It was a busy week, and the crypto price rally of the top ten crypto assets has added $300 billion to the market over the last week. In addition, the much-awaited ethereum upgrade this week, helping ethereum far outpace bitcoin and raising expectations of the so-called “flippening.”
Nagging fear remain about cryptocurrency tax reporting legislation
As the prices of crypto assets surge, there is a nagging fear that the U.S will pass the far-reaching bitcoin and cryptocurrency tax reporting legislation as part of the Infrastructure Investment and Jobs Act that opponents say threatens the cryptocurrency sector development in the country.
Last week Ethereum, the meme-based Dogecoin, and token of the decentralized Uniswap exchange, have made gains of between 20% and 30%. Bitcoin, Binance’s BNB, Cardano, and XRP have made gains between 5% and 10%.
Joe DiPasquale, the chief executive of crypto hedge fund BitBull Capital, said that BTC is performing strongly since it breached the $30,000 support, sits in a critical range, and is eyeing a significant breakout above $40,000, strengthened by the anticipated crypto amendment in the U.S. infrastructure bill.
The Bipartisan bill now has a new provision added to it to raise cash via stricter tax rules on a broad definition of cryptocurrency “brokers.” many in the crypto sector fear will make crypto mining—securing blockchains and validating transactions in return for new tokens—and wallet providing almost impossible in the country.
A new amendment was proposed that exclude only proof-of-work mining.
It emerged later; a new amendment was proposed that exclude only proof-of-work mining or the selling of hardware or software that permits individuals to control private keys that provide access to digital assets. Bitcoin, the number one cryptocurrency, uses proof-of-work mining. Latest tokens like Binance’s BNB use so-called proof-of-stake mining models that reward those who “stake” their existing tokens. Ethereum’s upgrade this week is part of a long-planned move from proof-of-work to proof-of-stake.
Tesla CEO Elon Musk has termed the infrastructure bill’s crypto provision “disastrous.” Musk further added that it is not the right time to find the winners or losers in cryptocurrency technology and said no crisis justifies hasty legislation.
Crypto experts have roundly assailed the crypto tax reporting rules and contend that it will kill the industry. Tech investor and former Coinbase chief technology officer Balaji Srinivasan has termed the bill to ban Bitcoin through the backdoor. Crypto lobbyist Jerry Brito, the executive director of the Coin Center, think tank, called it “disastrous” and “ridiculous.”
Notwithstanding the massive outcry over the infrastructure’s crypto provision, ethereum values continue to surge and are riding a wave of anticipation after its upgrade support this week.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
