Despite uncertainty about crypto rules in the US infrastructure plan, Bitcoin and Ether reached their highest levels in over two months after Ethereum received a major upgrade.
Bitcoin reached its highest level since May 18 on Sunday, rising as much as 3.1 percent to $45,328. For the fifth day in a row, Ether increased to $3,191 as the London upgrade of the Ethereum network slowed growth.
Earlier this week, Paolo Ardoino, chief technology officer at Bitfinex, stated that “an atmosphere of optimism appears to have returned to the cryptocurrency markets.” Bitcoin is “leading the charge,” he said, adding that “the turbulence that we’ve seen in crypto markets in recent weeks is unlikely to subside.” Ethereum, he said, “continues to make gains” following its network upgrade.
Cryptocurrencies are showing signs of life after falling significantly from record highs in recent months, blamed on concerns about Chinese repression and fueled by Elon Musk’s concerns about Bitcoin’s energy use.
Bitcoin, on the other hand, is closing in on its 50-day moving average, a level it hasn’t reached since May 26, 2017. Ether, on the other hand, has risen above $3,000 for the second time in as many weeks, following a brief period of time above that level.
After a period of turbulence, Bitcoin and Ether are regaining their footing.
One factor that is still causing concern is the U.S. infrastructure bill currently being debated in Congress, which includes competing amendments addressing crypto transaction reporting requirements and tax collection. The bipartisan group that drafted the legislation expected the extra tax revenue to cover some of the bill’s costs.
Comments Despite this, the market value of cryptocurrency has risen to around $1.88 trillion, up from a low of nearly $1.2 trillion in mid-June, according to CoinGecko.com. Other tokens, such as Binance Coin, Cardano, XRP, and Dogecoin, have also risen in value in the last week.