Category Archives: Bitcoin

By Ahmed Shabana

Even after the major cryptocurrencies experienced an ominous collapse from their all-time highs in April, most are up by 200 percent to 300 percent or more from this point last year. Bitcoin is getting all the headlines, and there are legitimate concerns about its roller coaster nature.

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But what about Ethereum? Conceptualized in 2013, Ethereum is an open-source platform that helps to develop and implement new decentralized applications using the same core concepts such as blockchain.

The difference between Ethereum and Bitcoin has caught the attention of major market players like Goldman Sachs, which recently noted to its investors that Ethereum has a good chance of surpassing the $660 billion market capitalization of Bitcoin.

The Ethereum network shows more promise due to its real-world applications and ability to store value. Ethereum represents the future of programmable money and smart contracts in a way that legacy cryptocurrencies like Bitcoin cannot.

Because the Ethereum network supports the development of and allows for the creation of new applications on its infrastructure, its potentially a more valuable resource in the long term. Ether (ETH) is used to pay for those transactions, as was most recently seen with the booming popularity of NFTs this spring. The result is a much higher utilization rate for ether, with far more transactions than Bitcoin in the last 12 months.

Despite the recent dip in cryptocurrencies, ether rose nearly 1,000 percent over the last 12 months compared to the 300 percent increase for Bitcoin. Where a bitcoin is purely a token of value a currency backed by the perceived value of those who hold it Ethereum and the ETH blockchain fuel one another. Recent upgrades to the Ethereum network are helping it to scale much faster and reduce the cost of transactions on the network, further pushing the price of the tokens up.

Instead of having a central authority that oversees how the applications on the Ethereum network run and what transactions are processed, Ethereum-based apps are booming. The most common types of these apps are DeFi. These apps saw 2,000 percent growth in 2020, with more than $16 billion in crypto assets stored in its protocols through the end of the year.

Ether started 2020 at $125.63 and grew by nearly 500 percent by the end of the year to $729.65. In 2021, it briefly reached $4,380 but has ranged between $1,700 and $2,500 since then, sometimes jumping or dropping by as much as $1,000 in a single week.

The big question is where ETH will end 2021. Many forecasts are relatively bullish, with an average targeted price between $3,500 and $4,500 by the end of the yearand average long-term projections as high as $11,170 by 2025. However, there are some who see it growing even faster and more substantially in that time.

In a recent Forbes article, a panel of crypto experts including Sagi Bakshi and Lex Sokolin predict that ETH could rise as high as $19,842 by 2025 and that by the end of 2022 it could be the most widely transacted cryptocurrency due to its expanding utility in the marketplace.

These experts cite an array of upgrades being made to the network in 2021 that will reduce the currently high cost of transactions and drastically increase utility. One expert on the panel, Sarah Bergstrand, estimated ETH could reach $100,000 by 2025.

The biggest upgrade being eyed by investors is EIP-1559, which will overhaul the transaction fee system used by Ethereum. Instead of sending fees to miners who complete tasks on the network, users will send the fee to the network itself, which will destroy the fee, reducing overall supply and subsequently increasing the value of the currency.

Ethereum represents a sustainable, function-oriented approach to cryptocurrency that will support the future of DeFi. But many people remain on the sidelines, waiting for government regulations to be implemented.

While long-time cryptocurrency investors bemoan the thought of regulation limiting the freedom currently available in the market, big investors and companies see the inevitable implementation of such regulations as a source of stability that could lead to mass adoption.

After a chaotic few months, the Biden administration is looking at how to address the markets. A congressional committee has been launched to review digital currencies, the FDIC has asked banks to provide documentation on how they are using digital assets, and Comptroller of the Currency Michael Hsu is reviewing all current and past guidance related to cryptocurrencies. The chairman of the U.S. Securities and Exchange Commission has gone as far as to warn bad actors that enforcement and regulation are coming.

As a whole, many see these changes as good. When the markets are regulated, they become safer for everyday users, and Ethereum, with the range of decentralized apps it supports and applications it enables, can become normal.

Ahmed Shabana is a venture capitalist, startup adviser, investor and entrepreneur. He serves as managing partner for Parkpine Capital, founder of Global Ventures Summit and creator of The Hungry Company.

Illustration: Li-Anne Dias

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Why Ethereum Could Surpass Bitcoin In The Near Future - Crunchbase News

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A relatively hidden provision in the $1 trillion bill plans to help pay for new roads and bridges by making the tax collection of crypto activities more efficient. However, it is inadvertently casting to wide a net over the industry, threatening its very livelihood in the U.S. A group of senators is pushing back on the language to make it more precise, but hurdles remain.

In this report, I break down what to expect in the coming days and break down what lawyers and industry participants need to know and decisions they must make.

I currently providelegal consulting to cryptocurrency and fintech companies. Prior to consulting, I spent years as Regulatory Counsel for various companies in the

I currently providelegal consulting to cryptocurrency and fintech companies. Prior to consulting, I spent years as Regulatory Counsel for various companies in the cryptocurrency space including Silvergate Bank, bitFlyer and Coinbase. I also previously served as Secretary of the Virtual Commodity Association.

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Crypto Provision In Infrastructure Bill May Force Bitcoin Miners And Blockchain Companies To Flee U.S. - Forbes

A month ago, see here, I showed the Bullish Elliott Waves (EWP) option for Bitcoin (BTC) looking for a rally to inittally low- to mid-$40Ks assuming a -what is called in EWP terms- 1,2,1,2 setup. Instead, it appears most likely, BTC formed an irregular flat (red) wave-ii (see Figure 1 below), completed wave-iii and is now in red (intermediate) wave-iv. Thus, IMHO, BTC took a detour but is still on track for $90K+ as long as can hold above $35495 on the current pullback. Allow me to explain.

Figure 1. Bitcoin daily chart with detailed EWP count and technical indicators.

What I originally viewed as a wave-i, ii, 1, 2, setup morphed IMHO into a wave-i, ii, a, b setup and the recent low on July 20th at $29320 was (green) minor wave-c of (red) wave-ii. Since that low, BTC rallied for ten consecutive days: wave-iii, which also subdivided nicely into five smaller (green) minor waves. A feat not seen since correction started mid-April. Besides, as you can see in Figure 1, BTC also rallied back above all its moving averages (10d, 20d, 50d) except the 200d SMA.

Moreover, the crypto currency was also able to rally back above its (green-red colored) Ichimoku Cloud. Lastly, the daily RSI5 and Money Flow Indicator (MFI14) have not been this overbought since Mid-April either. The latter is rather important as it shows BTC is experiencing genuine buying. All in all, since July 20th BTC has accomplished many good things, not seen since the entirty of the correction that started mid-April.

Because one can always find a bullish or bearish data point to support ones biased view, it is the weight of the evidence approach that allows for a much more objective interpretation. In this case it is rather obvious the weight of the evidence is predominantly bullish. All BTC now needs to do is reclaim its 200d SMA. I have outlined in Figure 1 the preferred illustrative-only path BTC now should follow based on the preferred EWP count shown, as well as the technical indicators, i.e., the RSI and MFI are often max overbought at 3rd waves because those are the strongest waves, just as BTC experienced recently.

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Bottom line: If BTC can hold above $35495 going forward (the red wave-i high made on June 24) and rally towards its 200d SMA from around current levels, then the chart shows a very good setup for five waves higher since the June 22nd low. That would then greatly increase the odds for a pullback, wave-2, before a strong rally to ideally new all time highs; wave-3. Ultimately, the triple bottoms around $30K made over the past three months must hold to prevent a bigger slide to potentially $20K. Based on the weight of the evidence I now prefer to look higher and maintain the Bullish perspective I already had a month ago.

For a look at all of todays economic events, check out our economic calendar.

This article was originally posted on FX Empire

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Bitcoins Rally to $90K+ Took a Detour but Appears Back on Track - Yahoo Finance

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Bitcoin and Ethereum are both lower early Tuesday morning.

Bitcoin was trading at $38,602 per coin while Ethereum was trading at nearly $2,500, Coindesk reported.

Meanwhile, Dogecoin was at 19 cents and XPR was trading at 71 cents, the report said.

MAYOR SUAREZ ON MIAMICOIN LAUNCH, SAYS CITY IS FOCUSED ON DIFFERENTIATING OUR ECONOMY

With China cracking down on Bitcoin trading, investors are looking elsewhere including the West to host their machines. Industry experts tell Coindesk Factors like lead times to build out hosting sites, energy and labor costs, tax regimes, climate and political and business environments are among many local issues that make it difficult for miners to map out a specific route of migration.

Investors are targeting North America, but keeping an eye on Central Asia, Latin America and Europe as more serious contenders in the future. Some in the crypto industry are encouraging this development because it indicates a more decentralized distribution of hash power around the world and potentially assuages fears of Chinese miners having an outsized influence on the Bitcoin network.

Bitcoin and Ethereum are both lower early Tuesday morning, Coindesk reported. (iStock)

In other crypto news, a U.S. lawmaker whom Coindesk says has shown little interest in cryptocurrency in the past, is sponsoring a bill which would allow the Treasury Secretary to veto the creation of stablecoins, direct regulators to define rules for decentralized finance (DeFi) and possibly create a charter for crypto exchanges, among other measures.

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The 58-page "Digital Asset Market Structure and Investor Protection Act," which Rep. Don Beyer, D-Va., introduced Thursday, seeks to create an exhaustive regulatory regime for digital assets. The measure would define which sorts of cryptocurrencies might be securities, which can be treated as commodities and bolster tax data collecting for reporting purposes.

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Bitcoin price hovers around $38600 in early Tuesday trading - Fox Business

Celsisus CEO Alex Mashinsky joins Yahoo Finance to discuss the latest in cryptocurrency and why he believes Bitcoin's value will more than triple to end the year.

ADAM SHAPIRO: We got to turn our attention to what's going on in the crypto corner because Bitcoin is trading lower right now but look, it's not far off of the $40,000 mark. But let's talk about what's going to happen in a greater context with crypto and we're going to do that with Alex Mashinsky. He is the CEO of Celsius. And the potential for crypto to be used on different platforms to pay for stuff, not necessarily a pure-play to just buy the crypto coin but to use it do you see that taking on greater relevance?

ALEX MASHINSKY: So crypto's main purpose is a store value, right? It is not an exceptional form of payment I think the dollar is the opposite, right? It's an exceptional form of payment but not very good store of value. So I think there are many, many other cryptocurrencies or digital assets that serve that purpose better. Mostly, Stablecoins and other forms of digital assets. So I don't think you want to take this pristine asset and try to use it to clean the windows or do something else with it. It is very good for one thing, store of value and that's what you should be using it for.

SEANA SMITH: Alex, we're looking at a chart here of Bitcoin right now, it's trading just below $40,000. I guess what do you think is going to be that next catalyst to get it above $40,000? We were briefly there last week, although it didn't hold for too long.

ALEX MASHINSKY: Yeah, so earlier this year I talked about it kind of resisting going below $29,000 and we've seen a big jump since. And I think we are hitting some resistance here in the 40,000 to 45,000 levels. And there is not a lot of resistance above that. So I think we're going to consolidate here and then break to new highs. I still stand by my prediction that this year we will see anywhere between $140,000 and $160,000 per Bitcoin.

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ADAM SHAPIRO: I think there are a lot of people cheering what you just said. Your platform, Celsius, deals with so many people who we refer to as the unbanked. Are they going to be able to get in on this, they can via the platform can't they?

ALEX MASHINSKY: Yeah, so most of what we do is enable the average person to earn a yield on their digital assets. We have almost a million customers in 170 countries, just over $17 billion in assets in total assets and we generate yield, we pay 8.8% on Stablecoins for example. So that's 30 to 40 times more than your bank pays you and we pay 6.2% on your Bitcoin.

So what Celsius does better than anyone else is give you that yield, give you that return on your capital. And we do it in three buckets, one is again, Stablecoins, we have 12 different forms of Stablecoins, three different forms of gold. So you can now earn 5.5% gold on gold or you can venture and choose between 32 different digital assets like Bitcoin, Ethereum, Litecoin, and so on. Those are the unique things that Celsius does better than anyone else.

SEANA SMITH: What about the infrastructure bill because it does include new crypto regulations for revenue? I guess do you view this as a headwind or how big of a challenge could this potentially be to crypto going forward?

ALEX MASHINSKY: Look, for those of us who pay taxes and report all of our transactions nothing in that legislation is new or different. I think Treasury and some of the other departments are trying to make sure that they collect all the taxes that are due. And at Celsius, for example, you do get a 1099 at the end of the year that tells you exactly how much you earned in yield and you do have to pay taxes on that. So I don't see-- there's no impact to us and we've been following regulation, we've been doing KYC and AML services since 2017. So none of these new regulatory requirements make any difference. And I think clarity on the regulatory side is a very good thing, it's a positive.

Now I heard some people talk about mining and how it's going to impact mining. Celsius has over $200 million invested in mining. We're one of the largest miners in North America and I can tell you that this new regulation does not hamper or slow down any of our activities. We do have to report income, we're going to pay taxes on it. And we're happy to do it running a profitable business.

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Celsius CEO still sees Bitcoin finishing the year between $140-160K - Yahoo Finance

Bitcoin (BTC) might have suffered its largest coordinated attack over the last couple of months, but in this instance, the investor community did not capitulate. China outright banning mining in most regionsafter giving BTC miners atwo-week notice and this caused the single largest mining difficulty adjustment after the network hash rate dropped 50%.

The market sentiment surrounding Bitcoin was already damaged after Elon Musk announced that Tesla would no longer accept Bitcoin payments due to the environmental impact of the mining process.It remains unknown whether Chinas decision was influenced or related to Musks remarks, but undoubtedly those events held a negative effect.

A couple of weeks later, on June 16, China blocked cryptocurrency exchanges from web search results. Meanwhile, derivatives exchange Huobi started to restrict leverage trading and blocked new users from China.

Finally, on June 21, the Peoples Bank of China (PBoC) instructed banks to shut down the bank accounts of over-the-counter desksand even their social networks accounts were banned. OTC desk essentially act as a fiat gateway in the region so without them it would be difficult to exchange from Bitcoin to stablecoins.

As these events unfolded, some analysts were reluctant to describe the tactics as nothing other than meaningless FUD, but in hindsight, it appears that China launched a very well-planned and executed attack on the Bitcoin network and mining industry.

The short-term impact could be considered a moderate success due to the collapse in Bitcoin price and the rising concerns that a 51% hashrate attack could occur.

Despite themaneuvers, China's attack ultimately failed and here are the main reasons why.

After peaking at 186 million TH/s on May 12, the Bitcoin network hash rate, an estimate of the total mining power, started to plunge. The first couple of weeks were due to restrictions to coal-powered areas, estimated at 25% of the mining capacity.

However, as the ban extended to other regions, the indicator bottomed at 85 million TH/s, its lowest level in two years.

As the data above indicates, the Bitcoin network's processing power recovered to 100 million TH/s in less than three weeks. Some miners had successfully moved their equipment to Kazakhstan, while others shifted to Canada and the U.S.

Even though the companies involved in crypto transactions have been banned from the country, individuals continued to act as intermediariessome of these recorded over 10,000 successful peer-to-peer transactions according to data from the exchanges own ranking system.

Both Huobi and Binance offer a similar marketplace where users can trade multiple cryptocurrencies including USD Tether (USDT). After converting their fiat to stablecoin, transacting on a regular or derivatives exchange becomes possible.

A complete crackdown on trading from Chinese entities would likely be reflected in the exchanges previously based on the region, like Binance, OKEx, and Huobi. However, looking at the recent volume data, there hadnt been a meaningful impact.

Take notice of how the three 'Asia-based' exchanges remain dominant, while Coinbase, Kraken, and Bitfinex are nowhere near their trading activities.

China's ban on Bitcoin mining and transactions may have led to some temporary hiccups and a negative impact on BTC price, but the network and price have recovered in a way that is better than many expected.

Currently, there is no way to measure the OTC transactions where larger blocks are traded but it is just a matter of time until these intermediaries find new gateways and payment routes.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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China's attempt to kill Bitcoin failed Here are 3 reasons why - Cointelegraph

There is rising concern about a proposed US law as $6000 was shaved off the price of bitcoin.

Bitcoin dropped from Sundays high of (AUD)$57,262 to $51,454 at 7am today as fears grow about the impact of the US President Joe Bidens proposed $675 billion infrastructure bill.

Bitcoin has surged in recent weeks after a topsy-turvy year.

It took a dive when Elon Musk hinted Tesla might dump its cryptocurrency holdings in May.

A crypto clampdown by Chinese regulators in June also hit the price hard.

Now there are jitters about a provision in the infrastructure bill which could raise $37.81 billion from crypto investors, with some warning it could kill the industry.

RELATED: China bans bitcoin to make own cryptocurrency

This is a deeply misguided provision that, if adopted, will do far more harm than good to US interests, lawyer Jake Chervinsky wrote in a lengthy Twitter thread.

He explained the bill would expand the definition of a broker to include any person who (for consideration) is responsible for and regularly provides any service effectuating transfers of digital assets.

That could lead to increasing Internal Revenue Service reporting requirements.

The brokers may also been forced to collect customer data including names, addresses and phone numbers.

This definition is so broad, it could apply to nearly every economic actor in the US crypto industry, if read literally, Mr Chervinsky said.

This sounds insane, but it really might happen.

Most crypto legislation goes nowhere, so its easy to ignore. Not this time.

This provision is part of the bipartisan and otherwise popular infrastructure bill, which is moving quickly through Congress and is highly likely to pass.

First, it defies logic to adopt a regulation for which compliance is literally impossible, unless the goal is to kill the industry.

The provision was included to essentially help fund the massive cost of the bill.

It must include pay-for provisions to raise revenue for new spending so that its revenue-neutral as a whole, Mr Chervinsky explained.

The Joint Committee on Taxation has projected that, collectively, the provisions in the bill would boost revenue by $68.87 billion.

IRS Commissioner Charles Rettig requested broader authority from Congress in June to collect information on cryptocurrency transactions.

Mr Rettig said that these transactions, by design, were often off the radar screens, while noting that the most recent market cap in the crypto world exceeded $2.7 trillion and more than 8600 exchanges worldwide.

An original revenue-raising provision that was struck from consideration after losing Republican support involved giving $50 billion to the IRS to beef up its enforcement and tax-collecting initiatives as means to crack down on filers who are not fulfilling their obligations.

Senate Majority Leader Chuck Schumer said he hoped to move forward with a vote on the infrastructure bill this week.

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Panic spreading as bitcoin price goes up and down - NEWS.com.au

Greg Swenson, Brigg Macadam Founding Partner, joins Yahoo Finance to discuss the outlook on the crypto market amid the push for crypto regulation and investment opportunities in the overall market.

KRISTIN MYERS: I want to continue this market conversation now with Greg Swenson, founding partner at Brigg Macadam. So, Greg, I want to first just start here on Bitcoin and cryptocurrency. I'm going to ask you about Gary Gensler's comments in just a moment. But I was reading through your notes. We're seeing right now Bitcoin down over 3%. Actually, almost 4% right now. Now, in your notes, you mentioned that Bitcoin, you called it a great inflation hedge. Why so bullish on Bitcoin as an inflation head, especially considering the amount of volatility that we have seen in Bitcoin and in cryptocurrency just even in the last two months?

GREG SWENSON: Yeah, that's a great question, Kristin. And yes, there has been plenty of volatility in Bitcoin. I mean, it's off almost 50% from its all-time high earlier this year. And you saw a lot of short covering even-- even last week. I think on the 25th, it went up to 48 at one point because of the massive liquidation of short positions, and then it settled back in around 40. So look, it's been in this range. It's sort of stuck in this 30 to 40 range. I think it's a massive buy when it gets close to 30, and maybe you take some of the leverage off when it gets close to 40.

But, you know, considering that you have this emphasis on regulation and all this chat from the SEC and other regulatory bodies and it's still holding in there in the high 30s, I think that's a really good sign. And I think, as you mentioned, long term, it's a great inflation hedge. The volatility, you have to live with it. You buy on the dips. When you see 20% corrections, you know, buy more. But at this point, I look at it as a long-term inflation hedge. With the money printing that's going on from the Fed and the government with the reckless spending, I think it's a must-have in your portfolio.

Story continues

KRISTIN MYERS: So now, of course, I would love to get your thoughts on what SEC Chair Gary Gensler did say about how he wants more oversight on not just Bitcoin, but the other cryptocurrencies. We've heard from-- some folks say that in the long term, regulation is actually going to be good for Bitcoin, good for some of the other cryptocurrencies. Of course, short term, it does cause at least some pressure on cryptocurrencies. But what are some of your thoughts and some of your comments that regulation is definitely coming, or could be coming, down the pike for cryptos?

GREG SWENSON: Yeah, look, it's inevitable, especially with this administration. I mean, you know, if it moves, tax it. If it moves a lot, regulate it. You know, that's-- that's going to happen. And ultimately, it stifles innovation. It adds market friction, which is unfortunate. But I think that's built into the price right now. Those expectations are there, and I don't think that's going away. So overregulation is something that the market has to deal with. It's unfortunate. It's happened in the energy sector, you know, since January. And I think that's, you know, that's been a headwind both for cryptos, for Bitcoin specifically, as well as energy, which you talked about in your prior segment.

But I don't-- ultimately, it'll be OK. And, you know, Bitcoin has done well in spite of, you know, the ban in China, liquidations around tax time, and I think you expect some, you know, additional or increased pressure for regulation as well as taxation. So that's something that, you know, ultimately will be a bit of a headwind. But I think in the long term, again, with the massive spending and the debasing of the currency, I think it's a long-term buy and hold, and don't worry about the volatility.

ALEXIS CHRISTOFOROUS: All right, Greg, I want to move away from cryptos for a moment and talk about the broader market and where you see opportunity because I understand you actually like equities outside the US right now. Can you tell us in particular which markets you're looking at?

GREG SWENSON: Yes. I mean, if you want to talk about specific or individual stocks, you know, in your earlier segment, we talked about BP earnings, and that's fantastic. I think, you know, I've been talking about BP for a long time, when you could buy it at around a 5% yield. I think it's down now, with the rally today, around 4.85%, but that's still a great yield. And it's got exposure to energy markets quite obviously, and that's a good inflation hedge as well because, you know, obviously, you know, to have exposure to oil and other energy segments is a good thing in an inflation-- inflationary environment.

In terms of the European market overall, you know, if you're playing the rebound trade, if you're playing the reopening and the economic rebound, it's a good sign in Europe the expectations for earnings are actually-- or earnings growth are actually higher in Europe, or the MSCI ex US. And also consider that, you know, you will see more of this rotation trade out of tech into cyclicals.

You know, cyclicals are having a great day today. They've done well this year. But I think that rotation will continue. And, you know, the MSCI ex US is 56% cyclical, or industrial, as opposed to only 13% tech. And in the US, the S&P is 37% cyclical and 27% tech. So if you're playing the rotation trade, I like Europe and the rest of the world a lot more than the US.

KRISTIN MYERS: All right, we're going to have to leave that there. Greg Swenson, Brigg Macadam founding partner, thanks so much for joining us.

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Bitcoin is a must have in your portfolio: Expert - Yahoo Finance

MUMBAI: The accomplishments of Indias athletes in the ongoing Tokyo Olympics has seen them being showered with praise and monetary rewards. From free pizzas to cash prizes, medal-winning Indian Olympians are getting richly recognized. Now, they can add cryptocurrencies to their list of gifts.

Bitbns, an India-based cryptocurrency exchange, has offered to open a systematic investment plan in cryptocurrencies like Bitcoin and Ethereum for Indias medal winners Mirabai Chanu and PV Sindhu after they won silver and bronze medals, respectively, at the Tokyo Olympics.

Mirabai Chanu won the silver medal in 49 kg women's weightlifting, while PV Sindhu won bronze in the women's singles badminton. Earlier today, Lovlina Borgohain settled for bronze in the women's welterweight category after losing in the semi-finals.

The cryptocurrency exchange will start an SIP account with Rs 2 lakh for gold medal winners, Rs 1 lakh for silver medal winners, and Rs 50,000 for bronze medal winners, the company said in a press statement.

The amount will be auto-credited to their account, which the athletes can later access by completing the KYC (Know Your Customer) norms. The SIP will be structured for a 3-5 year period, thereby offering them a seamless exposure to the digital asset whilst enabling them earn a fixed source of income in the long term through the platform, Bitbns said.

Bitcoins and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners indulge in this rewarding journey, said Gaurav Dahake, chief executive officer at Bitbns.

Bitbns Bitdroplet allows investors to buy Bitcoin or Ethereum coins on a daily, weekly or monthly basis in a systematic way. The product is akin to systematic investment plans in domestic mutual funds.

At 12:55 pm, price of Bitcoin was down 2 per cent at $37,762. The price of Ethereum was down 0.2 per cent at $2,481.

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Not only free pizzas, Indias Olympic medal winners to get free Bitcoins too - Economic Times

Bitcoin and cryptocurrency prices have soared this weekend, with the bitcoin price making significant gains over $40,000 (subscribe now toForbes'CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).

The bitcoin price climbed to almost $43,000 per bitcoin last night, its highest since mid-May and almost $10,000 higher than its price this time last week. Meanwhile, the ethereum price has led the cryptocurrency market higher over the last 24 hours, with traders eyeing $3,000 per ether token. The combined crypto market has added $250 billion over the last week and is now nearing $1.7 trillion.

However, many crypto traders are feeling increasingly nervous due to the $550 billion bipartisan infrastructure bill that's currently making its way through U.S. legislature and includes a provision to raise $28 billion from crypto investors, with some warning it could "kill" the industry.

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The bitcoin price has bounced over the last week, boosting the price of ethereum, Binance's BNB, ... [+] cardano, XRP and dogecoin even as fears grow over a proposed U.S. crypto industry crackdown.

"This is a deeply misguided provision that, if adopted, will do far more harm than good to U.S. interests," Jake Chervinsky, a crypto-focused lawyer, wrote in a lengthy Twitter thread laying out how the bill could impact the burgeoning crypto industry and market.

The bill, which this week passed a preliminary Senate vote, proposes taxing bitcoin and cryptocurrency profits to fund U.S. infrastructure investment, with the definition of a broker being widened to the extent that crypto exchanges and wallet providers would need to collect far more information about their users than they currently do.

Any broker that transfers any digital assets would need to file a return under a modified information reporting regime, according to a draft copy of the bill seen by Coindesk.

"The provision includes updating the definition of broker to reflect the realities of how digital assets are acquired and traded," the document said. "The provision further makes clear that broker-to-broker reporting applies to all transfers of covered securities within the meaning of section 6045(g)(3), including digital assets."

"Things are moving fast, which can feel scary," wrote Chervinsky, adding "don't panic. This provision isn't final yet and still can be changed."

Chervinsky warned that "it defies logic to adopt a regulation for which compliance is literally impossible, unless the goal is to kill the industry," and "this could mean a de facto ban on [crypto] mining in the USA."

Since China's bitcoin and cryptocurrency mining crackdown in recent monthsin which those who use powerful computers to secure blockchains and validate transactions in return for new crypto tokens were expelled from the countrythe U.S. has emerged as a potential new home for many.

However, lawmakers who fear bitcoin and crypto mining could accelerate climate change have signaled they're unhappy with the industry's U.S. growth.

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The bitcoin price has added around 20% over the last month after finding a floor at $30,000 per ... [+] bitcoin. The wider crypto market, including ethereum, Binance's BNB, XRP, cardano, and dogecoin, have also climbed.

Bitcoin and crypto experts are warning the language used in the bill risks broadening definitions of brokers to the extent it includes those that provide hardware and software.

"Unfortunately, in the drafts, weve seen the categories of persons who would be obligated to report is so broad that it potentially covers persons who only provide software or hardware to customers, and who have no visibility whatsoever into user transactions," Jerry Brito, the executive director of Washington D.C.-based crypto think tank Coin Center said via Twitter, adding he was trying to "fix" the bill's crypto provision.

"It potentially also covers miners indexes, the saving grace is that arguably miners indexes for that matter do not have customers as defined by the tax code."

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Panic Is Suddenly Spreading Among Bitcoin, Ethereum, BNB, XRP And Dogecoin Traders Even As The Market Soars Toward A $1.7 Trillion Price - Forbes