Panic suddenly spreads among Bitcoin, Ethereum, BNB, XRP, and Dogecoin traders, even as the market soars to $ 1.7 trillion

Bitcoin and cryptocurrency prices have skyrocketed this weekend, with Bitcoin price seeing significant gains of over $ 40,000 (subscribe to Forbes’ CryptoAsset & Blockchain Advisor now and discover crypto blockbusters selling for 1,000% Profit).

Bitcoin price climbed to nearly $ 43,000 per bitcoin last night, the highest since mid-May and nearly $ 10,000 higher than that price last week. Meanwhile, Ethereum price has been driving the cryptocurrency market up for the past 24 hours, with traders watching $ 3,000 per Ether token. The combined crypto market added $ 250 billion in the last week and is now approaching $ 1.7 trillion.

However, many crypto traders are feeling increasingly nervous about the $ 550 billion bipartisan infrastructure bill.

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Bitcoin price has risen over the past week, driving up the price of Ethereum, Binance’s BNB. … [+] cardano, XRP and Dogecoin, although fears about a planned action by the US crypto industry are increasing.

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“This is a deeply misguided provision that, if adopted, will do far more harm than good to US interests,” wrote Jake Chervinsky, a crypto-focused attorney, on a long Twitter thread outlining how it worked Law could affect the burgeoning crypto industry and market.

The bill, which passed a preliminary vote in the Senate this week, proposes taxing bitcoin and cryptocurrency profits to fund U.S. infrastructure investments, expanding the definition of a broker to include crypto exchanges and wallet providers far more Information about their users than they currently do.

Any broker that transfers digital assets would have to file a return under a modified information reporting system, according to a draft bill viewed by Coindesk.

“The provision involves updating the definition of broker to reflect the realities of buying and trading digital assets,” the document reads. “The provision also clarifies that broker-to-broker reporting applies to all covered security transfers within the meaning of Section 6045 (g) (3), including digital assets.”

“Things are moving fast, which can feel scary,” wrote Chervinsky, adding, “Don’t panic. This determination is not final and can be changed.”

Chervinsky warned that “it is contradicting to enact a regulation that is literally impossible to comply with unless the aim is to kill the industry,” and “it could be a de facto ban on [crypto] Mining in the US. “

The U.S. has been evicted since China’s bitcoin and cryptocurrency mining raid in recent months – which saw those who use powerful computers secure blockchains and validate transactions in exchange for new crypto tokens – from the country proved to be a potential new home for many.

However, lawmakers fearing Bitcoin and crypto mining could accelerate climate change have signaled that they are unhappy with the US industry’s growth.

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MORE FROM FORBESCrypto Price Prediction: Bitcoin “overtakes” the dollar by 2050, rising to $ 66,000 by the end of 2021Of Billy Bambrough

Bitcoin price is up around 20% in the last month after finding a floor of $ 30,000 each … [+] Bitcoin. The broader crypto market, including Ethereum, Binance’s BNB, XRP, Cardano, and Dogecoin, has also grown.

Coin base

Bitcoin and crypto experts warn that the language used in the bill expands the definitions of brokers to include those who provide hardware and software.

“Unfortunately, we found in the drafts that the reportable person categories are broad enough to potentially include people who only provide software or hardware to customers and who have no insight into user transactions,” said Jerry Brito, general manager of Washington DC-based crypto think tank Coin Center, said over Twitter, adding it is trying to “fix” the law’s crypto provision.

“It may also cover the miners ‘indices. The salvation is that the miners’ indices probably have no customers in this regard, as they are defined in the tax code.”

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