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HIghlights
- Bitcoin surpassed US$68,000 to reach yet another record high of just above US$68,300
- Biden’s crypto bill widens the definition of the term “broker” to include crypto miners as well as developers
- Moonriver (MOVR) shot up to a high of US$475 in less than an hour as word of the project’s imminent listing began to spread
Bitcoin Soars as Market Excitement Roll along
Bitcoin continued to rise over the past 24 hours as enthusiasm continues to flood the crypto market. The crypto king surpassed US$68,000 to reach yet another record high of just above US$68,300.
The world’s second largest cryptocurrency, Ethereum, has also reached a record high overnight, surpassing US$4,800 before dipping slightly back to US$4,790 where it sits currently.
The latest surge for Bitcoin comes just days after tech billionaire, Jack Dorsey, told analysts at an earnings meeting that he was committed to making Bitcoin the currency of the internet.
Dorsey added that he has several initiatives to help make this happen, including introducing hardware wallets to store bitcoin and allowing consumers to mine for the cryptocurrency
Crypto’s latest surge is also the culmination of market momentum, which has been building since last month's launch of a futures-based bitcoin exchange-traded fund (ETF) in the United States, heightening expectations of flow-driven gains.
Further to this, Australian regulators recently approved crypto ETFs, which could see Bitcoin and Ether ETFs trading on the country's stock markets in a matter of months.
Several analysts believe US$100,000 is well on the horizon for Bitcoin.
US House of Reps Passes Crypto Bill
Crypto lobbyists in the US have criticised the latest bipartisan infrastructure bill, containing two controversial crypto tax provisions.
The Biden administration’s US$1 trillion infrastructure bill, passed last Friday, contains a crypto reporting provision that appears to widen the definition of the term “broker” to potentially include crypto miners as well as developers. This would make compliance difficult, if not impossible.
In August, crypto lobbyists pushed heavily for clarification of the term “broker” as it pertains to digital assets. However, the proposed bill passed the Senate without any amendments. In fact, the bill was introduced and voted through the Senate within a week in August.
Now that the House of Representatives has passed the bill, it’s clear that much will depend on how the U.S. Treasury Department interprets the definition of the term “broker”.
MoonRiver Spikes
Highly awaited Polkadot project, Moonriver, surged after crypto exchange Binance declared plans to list the token.
Moonriver is a smart contract platform that offers complete Ethereum compatibility. The project allows users to utilise popular developer tools to build or redeploy projects based on the Solidity programming language.
Furthermore, Moonriver uses the Ethereum Virtual Machine that allows developers to efficiently port their projects over to it.
As a decentralised smart contract platform, Moonriver requires a utility token to function. MOVR is central to the design of Moonriver and cannot be removed without undermining essential functionality.
Moonriver shot up to a high of US$475 in less than an hour as word of the project’s imminent listing began to spread, making quick gains of nearly 25 percent.
Since then, the Ethereum-based project has fallen back to US$370, even lower than it was at the time of Binance’s announcement.
