Bitcoin price drops 5%, according to Coinbase data
The price of bitcoin has fallen nearly 5% in the past 24 hours, again falling below $ 54,000 per coin after hitting $ 57,800 over the weekend.
Bitcoin was last trading hands for around $ 53,700 per coin, according to data from Coinbase.
A US weekend rally sent bitcoin to its highest price since mid-May, but crypto is still nearly 40% below its peak of nearly $ 88,000 per coin in April.
The latest episode of bearish trading comes after the latest version of the US Senate infrastructure bill left questions about its potential impact on cryptocurrencies, particularly with regard to taxes.
The crux of the matter is whether the bill will expand the definition of “broker” to include various parties involved in the cryptocurrency market.
According to Coinbase, the latest iteration of the bill, which was released on Sunday, includes a narrower definition of the term than that previously proposed, but it still left open the possibility that some crypto players could be forced to new tax obligations if and when the bill passes.
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Bitcoin’s price topped $ 54,000 last week after Amazon posted a job posting for a “digital currency and blockchain product manager.”
âAs one of the world’s largest e-commerce companies, Amazon processes billions of secure online transactions through numerous payment methods and capabilities across the world,â the announcement said.
âThe Payment Acceptance and Experience team is looking for an experienced Product Manager to develop Amazon’s digital currency and blockchain strategy and product roadmap,â he adds.
An Amazon spokesperson confirmed that the company is looking for opportunities to enter the crypto space.
âWe are inspired by the innovation happening in the cryptocurrency space and explore what that might look like on Amazon,â the spokesperson said.
“We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”
And at last month’s “The B-Word” conference, Jack Dorsey, CEO of Twitter, Elon Musk, CEO of Tesla, and Cathie Wood, CEO of ARK Invest, also helped to generate excitement among investors.
At the conference, Mr Musk said Tesla would “very likely” return to accepting bitcoin again, as more renewable energy is used to mine digital currency.
He also reiterated that he won’t be selling his personal bitcoin holdings anytime soon and revealed that his company SpaceX also owns bitcoin.
This article originally appeared in the New York Post and has been reprinted here with permission