A clash over tax rules for digital currencies like bitcoin turned into a political coming-of-age moment for the cryptocurrency industry, galvanizing a usually fractious coalition of investors, exchanges, financiers, and social media influencers. In public, Ashton Kutcher, Elon Musk, and Square Inc. Chief Executive Jack Dorsey brought the Twitter heat over a provision in the $1 trillion infrastructure bill seeking to expand and strengthen tax enforcement of crypto transactions. That helped prompt tens of thousands of followers to call members of Congress.
Crypto’s market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins. Bitcoin reached as high as $48,152, the highest level since May 16, as it showed staying power above its 200-day moving average. It wasn’t just Bitcoin holding up the overall market advance, however. As of 1 p.m. in Hong Kong on Sunday, Cardano -- now the third-ranked cryptocurrency after Bitcoin and Ether -- was up 47% over the past seven days. Binance Coin gained 14%, XRP 61%, and Dogecoin 18% over the same period, according to CoinGecko pricing.
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