Despite the upcoming Senate vote on a crypto tax bill, Bitcoin (BTC) is still doing good numbers, rising 56% in the last three weeks. BTC grew from $29,300 to $45,000, its current price, even though the House could come down hard on the crypto sector, through taxes.
On Tuesday, the Senate would vote on an infrastructure bill that could be bearish for the crypto market. The bill will enforce a difficult KYC and tax reporting process on the crypto space, which is bad news for investors. In fact, some parts of the community expect investors to lay low in preparation for a price crash.
The general cryptocurrency market has climbed back up to $1.83 trillion from $1.12 trillion, which means it could reclaim the $2.58 trillion record height it hit in mid-May. This could make it easier for Bitcoin to close above the 200-day moving average.
The crypto sector is following in BTC’s footsteps, with Ethereum currently rising above its corrections from yesterday and this morning. Founder and CEO of Digifox, Nicholas Merten, has predicted that the crypto market cap would hit a $3.3 trillion high by the end of the year.
Image Credits: Pixabay
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