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Bitcoin Tops $46,000 as Bulls Eye Positive Progress on Crypto Tax Bill

CryptocurrencyAug 09, 2021 04:52PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – Bitcoin surged to top $46,000 Monday, as crypto investors cheered news that U.S. lawmakers have reached a compromise on cryptocurrency tax provisions that seeks to exempt non-broker businesses from burdensome regulatory reporting requirements.     

Bitcoin rose 5% to $45,964, and had hit a high of $46,460.7 earlier in the day. 

U.S. Senators Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.) at a press conference in the Senate on Monday unveiled a new compromise on cryptocurrency tax provisions included the infrastructure bill that seeks to clarify the definition of “broker.”

In the original text of the legislation, the definition of “broker” was loosely defined. "Developing digital assets or their core responding protocols for use by other persons, provided that such other persons are not customers of the person developing such assets or protocols."

The loose definition of "broker" had raised fears that non-broker type entities including software developers, node operators and validators would come under burdensome regulatory reporting requirements.

The senators’ amendment, however, seeks to exempt non-broker type entities from the legislation.

“We’re not proposing anything sweeping or anything radical – [the compromise] makes clear that a broker means only those persons that conduct transactions where consumers buy, sell and trade digital assets,” Toomey said in a press conference Monday.

The amendment was backed by Treasury Secretary Janet Yellen, but the senators face a race against the clock to get the amendment in the infrastructure bill, which is on a path to a vote Tuesday morning.

"There have been some delays. But the Senate is on track to finish both," Senate Majority Leader Chuck Schumer on Monday said the bipartisan infrastructure bill was on a "glide path" to passage early Tuesday morning.

The move higher in bitcoin comes as the fundamentals including metrics that measure whether traders are making a profit or loss on BTC continue to recover.

The short term holder (STH) SOPR metric, an on-chain metric, rose above 1.0 for the first time in months.  “This signals profits are realized, and the market was able to absorb that supply,” according to on-chain market intelligence provider Glassnode. “Most important to watch is whether SOPR holds above 1.0.”

In other bullish sign for BTC, the longer term holders of BTC continue to ramp-up buying.  

“[W]e have seen an extraordinary recovery of Long-Term Holder owned coins, with total supply held approaching 12.48M BTC,” Glassnode added. “This is extremely similar to the volume of coins held by LTHs in October 2020 before the primary bullish impulse started.”

Bitcoin Tops $46,000 as Bulls Eye Positive Progress on Crypto Tax Bill
 

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Comments (12)
Vv Pp
Vv Pp Aug 10, 2021 5:33AM ET
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bye bye fiat ❤️❤️ (soon)
milena villa escobar
milena villa escobar Aug 09, 2021 6:40PM ET
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Another leg up in the ongoing pump and dump Bitcoin scheme.  There seems to be no shortage of millennial suckers
Christopher Njapau
Christopher Njapau Aug 09, 2021 6:15PM ET
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nice
Gerald Zhang
Gerald Zhang Aug 09, 2021 5:21PM ET
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gonna spy your coins
William Bailey
William Bailey Aug 09, 2021 5:12PM ET
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This is a fibal bump before the smart money gers cashed out to wait for the stock markets to crash and buy real assets with the winnings
United Nation
United Nation Aug 09, 2021 5:12PM ET
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have you invest in any of the platforms before now
victor pedroza
victor pedroza Aug 09, 2021 4:08PM ET
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bad things are coming
Sunday OnGod
Sunday OnGod Aug 09, 2021 4:08PM ET
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Sunday OnGod
Sunday OnGod Aug 09, 2021 4:08PM ET
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Edward Chong
Edward Chong Aug 09, 2021 4:08PM ET
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i think so
Nelly Jen
Nelly Jen Aug 09, 2021 4:07PM ET
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Sunday OnGod
Sunday OnGod Aug 09, 2021 4:07PM ET
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Arkan Aljuburiu
Arkan Aljuburiu Aug 09, 2021 4:03PM ET
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hissein Idriss Adam Hissein Idriss Adam
hissein Idriss Adam Hissein Idriss Adam Aug 09, 2021 3:51PM ET
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hissein Idriss Adam Hissein Idriss Adam
hissein Idriss Adam Hissein Idriss Adam Aug 09, 2021 3:50PM ET
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Teslas Manideep
Teslas Manideep Aug 09, 2021 3:42PM ET
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um interesting!!!
sbm shuvo
sbm shuvo Aug 09, 2021 3:42PM ET
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yes
nasir nasir
nasir nasir Aug 09, 2021 3:41PM ET
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