With the ongoing battle inside the Senate about crypto regulation, Bitcoin was also fighting a battle of its own ー and it was doing well.
Many crypto enthusiasts and investors have rejoiced about the news that bitcoin has broken past the $46,000 mark.
According to Coin Metrics, it was the highest level that bitcoin has achieved since May 16. Ethereum, also, had a good news to tell as it surpassed the $3,000 mark and reached as high as $3,100.
Bitcoin was up Monday to an almost three-month peak as legislators hammered out last-minute proposals over how digital currency assets must be taxed.
Battle inside the Senate
Because of the competing amendments on the cryptocurrency tax provision, the U.S. Senate had no choice but to delay the vote on the crypto infrastructure bill.
U.S. Senators who openly support cryptocurrency are senators Ron Wyden (Oregon) Ted Cruz (Texas) and Cynthia Lummis (Wyoming). They are even using their social media clout to rally supporters and urge them to support the bill's crypto tax provision.
For Sen. Lummis, whatever the outcome of the ongoing Senate tussle for the crypto tax provision, it's a win-win situation for everybody. The senator said that through this crypto Senate voting session, everybody would be aware of the growing importance of cryptocurrencies.
Education for all
Lummis also shared that a lot of people in Congress want to learn more about cryptocurrencies, even the ones that previously ignored and even shrugged off their importance. The ongoing session in the Senate is their chance to learn more about the digital asset.
Meanwhile, Jason Lau, cryptocurrency exchange OkCoin chief operating officer, laid down some technical analysis.
He said, with the world's most popular cryptocurrency moving upward through $42,000, analysts now keep their sights on a longer-term target of $64,000.
Bitcoin has seemed to have found its rhythm once again over the last few days, Craig Erlam, a senior market strategist at OANDA Europe, said.
The crypto has returned to its bullish zone. But, the question many market observers are now asking is: how far the crypto can go this time around?
