Bitcoin jumps to $ 46,000 in 3 months

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The price of bitcoin topped $ 46,000 on Monday as senators debate an amendment to the $ 1,000 billion bipartisan infrastructure bill that would impose more federal regulation on cryptocurrencies.

Bitcoin traded up to $ 46,050 on Monday – the highest since May 16, when it hit $ 49,770. Bitcoin traded at $ 29,835 on July 19. Other cryptocurrencies also saw strong gains at noon ET.

The amendments were drafted by Sens. Rob Portman, R-Ohio, Kyrsten Sinema, D-Ariz., And Mark Warner, D-Va. They set a broad definition of a broker and potentially subject crypto inventors to higher taxes. The bill would also require that transactions over $ 10,000 be reported to the IRS.

Another amendment, written by Sens. Ron Wyden, D-Ore., Cynthia Lummis, R-Wyo., And Pat Toomey, R-Pa., Clarified that miners and cryptocurrency service providers would not need to report transaction data to the IRS.

The cryptocurrency industry has drawn criticism from Senator Elizabeth Warren, D-Mass., Who has asked Treasury Secretary Janet Yellen and the Securities and Exchange Commission to regulate further.

Crypto advocates like Square CEO Jack Dorsey, Tesla CEO Elon Musk and Coinbase CEO Mark Armstrong believe that imposing regulations on the growing crypto market would hurt innovation.

Bitcoin has seen its price fluctuate in recent weeks. Some analysts are optimistic that the price will exceed $ 50,000.

“The minor breakouts reflect positive short-term momentum and improving medium-term momentum after the successful July test of support at nearly $ 30,000, Kate Stockton of Fairlead Strategies told CNBC. the chart is just above $ 51,000, which looks in store for a test that has shown no signs of upward exhaustion yet. “

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