Crypto rallies ahead of US infrastructure plan

Bitcoin and Ether, two of the most traded crypto currencies, are at their highest levels in more than two months after a significant pullback in recent months.

The price movements come as the US infrastructure bill that could affect the market makes its way through congress.

The bill includes a cryptocurrency reporting provision that could tax miners, hardware and software developers, and other parties involved in facilitating a transaction.

“It makes possible a massive increase in financial surveillance, potentially requiring companies to report information about individuals even if they are not customers,” the Blockchain Association, Coin Center, Coinbase, Ribbit Capital and Square said in a joint statement last week.

Just recently, Tesla CEO Elon Musk expressed opposition on a “hasty cryptocurrency regulation,” Bitcoin.com has reported.

He said: “This is not the time to pick technology winners or losers in cryptocurrency technology.”

Other crypto news:

A Bloomberg analyst is predicting a “refreshed bull market” for bitcoin, Bitcoin.com reported.

“This year is prime for bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market,” Mike McGlone said.

Nasdaq-listed Coinbase has enabled the purchase of cryptocurrencies with Apple Pay, as well as instant cash outs of up to $100,000 per transaction. It plans to do the same with Google Pay.

In Singapore, several providers of digital payment services have been approved by the country’s top regulator.

The Monetary Authority of Singapore (MAS) also recently approved a crypto exchange for license – a move that industry observers said puts the country ahead of the curve in Asia.

In Ukraine, residents will be allowed to trade and spend cryptocurrencies, the country’s Deputy Minister of Digital Transformation Oleksandr Bornyakov said.

The new law, called “On Virtual Assets,” will allow Ukrainians to legally exchange and declare their crypto assets.