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After falling from a May high of $49,770.33 down into the low and mid-30,000 range, Bitcoin investors can breathe a sigh of relief for the moment.
The digital currency rose above the $46,000 mark on Monday morning and has hovered just below that number throughout the afternoon.
The US Senate has delayed a vote on the infrastructure bill to Tuesday, which will allow more time for debate on two competing amendments to a cryptocurrency tax provision. This has likely increased optimism among traders that cooler heads prevail, said D.A. Davidson’s Chris Brendler in an interview with CNBC.
The bitcoin community reportedly made more than 35,000 calls to lawmakers and beefed up its lobbying efforts in the past week.
“There has been a surprisingly large pro-crypto stance taken in the course of this,” Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, said on CNBC’s “Squawk on the Street” Monday. “It’s one of these things where, even if it loses in this particular amendment, a lot of senators have ended up taking crypto stances that never said anything before publicly. It’s showing there’s a much bigger presence in Washington of cryptocurrency interest than people expected going into that.”
A cryptocurrency tax provision would offer the IRS an opportunity to subpoena centralized crypto exchanges for information about noncompliant U.S. taxpayers utilizing their services. At issue as well, many digital currency holders have no idea how to calculate their crypto capital gains and losses.
- Aaron Goldstein, Gambling911.com
