Bitcoin price hits 3-month high amid ‘disastrous’ controversy over $ 1.2 trillion infrastructure bill – .

0
33
Bitcoin price hits 3-month high amid ‘disastrous’ controversy over $ 1.2 trillion infrastructure bill – .


The price of bitcoin hit a three-month high following a remarkable rally in the cryptocurrency.
The cryptocurrency reached $ 45,768 on Monday, according to the CoinMarketCap price index, after trading below $ 30,000 just three weeks ago.

>> Follow all the latest crypto market updates with The Independent’s live blog

The rebound has inspired a return to market scale, with other leading cryptocurrencies having seen significant price increases in recent days as well.

One of bitcoin’s top-performing rivals is Ethereum (ether), which has jumped over 20% over the past week to return above $ 3,000.

The recovery in the crypto market comes amid a controversial infrastructure bill currently before the US Senate. The bill would increase the number of people who must report to the Inland Revenue Service (IRS), while an amendment could also stifle innovation in the crypto space, some critics say.

Coinbase CEO Brian Armstrong described the bill as a “key moment” that “will define our future,” tweeting that the last-minute amendment proposed by Senator Mark Warner would arbitrarily decide the fate of core crypto technologies. “It’s catastrophic,” he said.

Tesla boss and part-time crypto enthusiast Elon Musk agreed, responding, “Now is not the time to pick winners or losers in cryptocurrency technology. There is no crisis that requires hasty legislation.

Opposition to the bill came from both sides of the aisle, with Republican Senator Ted Cruz describing the bill as “reckless and harmful.”

He said, “The Senate will inflict billions of dollars in damage to the growing and exciting crypto industry, and much of it will be overseas. There aren’t five senators who understand much about crypto.

LEAVE A REPLY

Please enter your comment!
Please enter your name here