2021-08-05 14:39:00

What’s Going On With Bitcoin And Ethereum Today?

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are trading lower Thursday morning as crypto regulation uncertainty persists and the Ethereum network prepares for its transition to “Ethereum 2.0.”

Following the introduction of a bipartisan infrastructure bill that would regulate reporting requirements for crypto transactions, U.S. Senators Pat Toomey, Ron Wyden and Cynthia Lummis introduced an amendment to the bill Wednesday. 

“Investors failing to pay tax they owe through cryptocurrency is a real problem, and I strongly support third-party reporting by exchanges where cryptocurrency is bought, sold and traded,” Wyden said in a statement.

“Digital assets are here to stay. While much more work needs to be done, this amendment is a responsible step toward fully incorporating digital assets into the U.S. financial sector,” Lummis added.

Bitcoin is the world’s first decentralized digital currency. Bitcoin uses peer-to-peer technology to transfer the cryptocurrency between users. 

Ethereum Upgrade: The major upgrade to the Ethereum network called Ethereum Improvement Protocol 1559, or EIP-1559, is set to take effect later today. 

Reports suggest the upgrade will make transaction fees more stable and predictable, as well as reduce the total supply of ether tokens through the introduction of a “burn” feature. The new Ethereum network is also expected to reduce the required energy for mining. 

Ethereum is a decentralized, open-source blockchain platform, best known for its smart contract functionality and its ability to facilitate the exchange of non fungible tokens.

Price Action: Bitcoin is up 31.58% year-to-date. Ethereum is up 254.23% year-to-date.

At last check Thursday, Bitcoin was down 4.57% at $37,892 and Ethereum was down 3.36% at $2,618.01.

Photo by Miloslav Hamřík from Pixabay.

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