Bitcoin, Ethereum, Dogecoin all lower in overnight trading
Bitcoin is slightly lower Monday morning, trading slightly above the $43,000 level.
The price was hovering about $43,715 per coin early Monday, while rivals Ethereum and Dogecoin were trading around $2,940 and 24 cents per coin, respectively, according to Coindesk.
Bitcoin reached its highest point in almost three months Saturday before paring back some of the weekend’s gains.
Prices have since cooled and are down around 3% on a 24-hour basis after reaching a top of $45,200 late Saturday night and into Sunday morning. As of press time, bitcoin (BTC, -2.70%) is changing hands for around $43,695.
In other crypto news, on Thursday, President Biden distanced himself from a proposal by Finance Committee Chairman Sen. Ron Wyden and other senators aiming to loosen proposed regulations on certain cryptocurrency reporting requirements as part of the bipartisan infrastructure bill.
Wyden, D-Ore, joined Sens. Pat Toomey, R-Pa., and Cynthia Lummis, R-Wyo., opposing proposed language they said would stifle innovation and impose burdens on people like Bitcoin miners that would be difficult to comply with. The trio of senators offered an amendment on the issue
But the authors of the bill – Sens. Kyrsten Sinema, D-Ariz., Rob Portman, R-Ohio, and Mark Warner, D-Va. – wrote a counter-amendment that was more in line with Biden’s plan – and he endorsed it.
White House Deputy Press Secretary Andrew Bates said the administration supports the Portman-Warner-Sinema amendment to “clarify the measure to reduce tax evasion in the cryptocurrency market.”