Data from Coinbase shows Bitcoin price down 5%

Bitcoin final modified fingers at round $53,700 per coin, in keeping with Coinbase knowledge.

A weekend US rally pushed bitcoin to its highest price since mid-May, however the cryptocurrency remains to be almost 40% under its peak of almost $88,000 per coin in April.

The newest drop in trading comes after the newest model of the US Senate infrastructure invoice left questions on the way it may affect cryptocurrencies, particularly on the cryptocurrency market. tax.

At the center of the matter is whether or not the invoice expands the definition of “broker” to incorporate totally different events concerned within the cryptocurrency market.

According to Coinbase, the newest iteration of the invoice, launched on Sunday, features a narrower definition of the time period than it did earlier than, but it surely nonetheless leaves open the chance that some crypto actors could have could also be topic to new tax obligations if and when the bill is shipped.

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Last week, the bitcoin price surged above $54,000 after Amazon posted a job advert for a “digital currency and blockchain product.”

“As one of the largest e-commerce companies in the world, Amazon processes billions of transactions securely online across multiple payment methods and capabilities globally,” the advert says.

“The Payments Acceptance & Experience Team is looking for an experienced product leader to develop digital currency and Amazon’s blockchain strategy and product roadmap,” it added.

An Amazon spokesperson confirmed that the corporate is on the lookout for alternatives to enter the crypto area.

“We are inspired by the innovation taking place in the crypto space and are exploring what this could look like on Amazon,” the spokesperson mentioned.

“We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible. .”

And finally month’s “The B-Word” convention, Twitter CEO Jack Dorsey, Tesla CEO Elon Musk and ARK Invest CEO Cathie Wood additionally helped spark dwelling pleasure. make investments.

At the convention, Musk mentioned Tesla is “most likely” to start out accepting bitcoin once more as a result of extra renewable power is getting used to mine the digital foreign money.

He additionally reiterated that he won’t be promoting his private bitcoins anytime quickly and revealed that his firm SpaceX additionally owns bitcoins.

This article initially appeared on the New York Post and has been reproduced right here with permission