Bitcoin traded as high as $46,050.61. That marks its highest level since May 16, when it hit $49,770.33, according to Coin Metrics. It last traded at $45,980.62, about 5% up on the day. The price of ether also broke through $3,000 over the weekend for the first time since May. Some analysts say that Bitcoin will have a bright future after the volatile ride since late April.
The rally comes as policymakers in Congress battle over how to word a section of the infrastructure bill that would impose new tax rules for cryptocurrencies. Under discussion is a language that could refine the definition of crypto brokers required to report transactions and which could exempt some entities from the reporting rules.
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