crypto market is on the rise this weekend despite the turmoil on Capitol Hill.
Bitcoin, the world’s largest cryptocurrency, briefly surpassed $ 45,000 this morning to hit a 24-hour high of $ 45,241, according to data from CoinGecko. Now it is worth $ 44,733, 3% more than yesterday.
And the price of Dogecoin has risen 22% in the past week and 14% in the last 24 hours to trade at the current price of $ 0.26.
Shiba Inu (SHIB), a Dogecoin spin-off created last year, has joined the wave of meme coins. It increased 16% in the last day and 28% in the last week.
Dogecoin is still down 64% from its all-time high of $ 0.73 on May 8. coin became very popular earlier this year after celebrities like Elon Musk, Snoop Dogg, and Gene Simmons promoted the coin on and TikTok influencers predicted that it would go to the moon.
It hasn’t moved much further in the rest of the cryptocurrency market, marking the end, or at least an interlude, of last week’s rapid rise.
Ethereum led the charge among the major cryptocurrencies, rising 22% this week to its current price of $ 3,110.
rise of Ethereum follows the launch of EIP-1559 on August 5. upgrade burns ETH instead of paying miners, making transaction fees more transparent and paving the way for Ethereum 2.0, the next-generation upgrade to Ethereum that moves the blockchain from proof of work. to the game test.
Also read Why did Bitcoin, Ethereum and Dogecoin increase this week?
green sea in the cryptocurrency market comes despite political conflicts in Washington over who should report tax information to the Internal Revenue Service. Senators agree that $ 28 billion in cryptocurrency taxes will help pay the bill for President Biden’s new infrastructure law, and they want the crypto industry to help prevent crypto earnings from being underestimated.
original proposal suggested that both centralized and decentralized entities should hand over customer information to the IRS, even if decentralized entities, such as DeFi protocols and Bitcoin miners, do not collect information from the people who use it.
Two rival amendments to cryptocurrency provisions exempt both proof-of-work and proof-of-stake entities, but one has chosen not to exempt other non-custodial entities from tax reporting obligations.
Leaders of the US crypto industry fear that if Congress voted to include this amendment in Biden’s infrastructure bill, they would have to leave the country because they cannot comply with the new law.
But so far the vote has been postponed, and while the cryptocurrency market has stalled, it hasn’t taken a hit. Dogecoin, however, continues to counter this trend.
Disclaimer
views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
Also Read Keeping Cryptocurrency Investors Out of Tax Trouble
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