Bitcoin hits highest since May as it breaks through ‘wall of worry’

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Bitcoin is trading at its highest level in several months, ignoring anxiety over crypto-specific language in the bipartisan $ 1,000 billion infrastructure bill currently being debated in Washington.

The price of bitcoin was trading around $ 46,000 at the time of writing, up more than 30% from last month. The last time the digital currency traded at this level was in May.

Currently, after many back and forth in a section of the so-called infrastructure investment and employment law, the government is forcing certain miners and other entities in the crypto space to report tax information as brokers. .

In any case, traders are apparently not worried. Josh Lim, head of derivatives at Genesis Global Trading, told The Block that demand was strong this weekend, playing into this morning’s bull rally. He said traders are also not concerned about the recent speech by U.S. Securities and Exchange Commission Chairman Gary Gensler, which implied he would pursue crypto-specific regulations.

“Bitcoin is climbing a wall of concern as dispatchers look past Gensler’s comments and upcoming tax provisions in the infrastructure bill,” Lim said. According to Lim, the buy-to-sell ratio for bitcoin and ether was 3 to 1.

“We are also seeing heavy option buying before the vote, resulting in much higher implied-realized flight bonuses.”

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