This week, the entire crypto market has seen massive price improvement, especially with the flagship crypto-asset, Bitcoin, eyeing a $50k price level again since its last historical fall in May.
Leading the price rally are the top ten assets by market cap, including Ethereum, Doge, Uniswap, and others, which have all added $300 billion to the market over the last week. Equally, Ether has been outperforming Bitcoin and raising many expectations, and this is due to its latest London Hard Fork upgrade.
The crypto market prices continue to rise, despite the fear of threats that the U.S Bitcoin and cryptocurrency tax reporting and legislation may have on the technology’s development in the country.
The bill was proposed to improve infrastructural development through cash raised from crypto tax laws, which people already fear its impact on crypto mining. This week, there is an amendment in favour of Proof-of-work over other consensus mechanisms. The development is seen as disastrous by Brian Armstrong. Elon Musk.
Stakeholders, experts, and technologists have, however, expressed opinions regarding crypto tax report rules.
Former Coinbase chief technology officer, Balaji Srinivasan, branded the amendment as “a backdoor bitcoin ban.” At the same time, crypto lobbyist Jerry Brito, the executive director of the CoinCenter think tank, called it “disastrous” and “ridiculous.”
In the past week, crypto assets like Ethereum, Doge, and Uniswap gained as much as 30 percent. While the flagship asset, Bitcoin, BNB, Cardano, and XRP, gained between 5 percent and 10 percent within the same period.