Dogecoin, Internet Computer, Qtum, Alpha Finance, OKB, Badger DAO Rally As Bitcoin Climbs Past $44K

Bitcoin (BTC) has staged an impressive rebound in the past few days, reaching highs of $44,600 on August 7 as the interest in the cryptocurrency industry seems to be picking up. At the time of writing, Bitcoin was seen at $43,738.

Ethereum’s native asset Ethereum (ETH) also crossed above $3,000 in an extended upside rally on Aug. 7, hitting a three-month high. At the time of writing, Ethereum was trading at $3,055 after reaching intraday highs of $3173. Majority of Altcoins also followed in Ethereum’s footstep, with Dogecoin (DOGE, +18.88%), Internet computer (ICP,+22.05%), Qtum (QTUM, +23.18%), Alpha Finance (ALPHA, +19.45%), OKB (OKB, +16.45%), Badger Dao (BADGER, +55.94%) posting significant gains.

Giving a recap of the past week, an on-chain analytics firm, Santiment noted ”Bitcoin’s climb over the past week was a modest one (+1.6%), but #Altcoins enjoyed a much different story with #Ethereum (+17.7%) and several #Altcoins continuing to make their way back to May levels. $VGX, $RVN, and $BCHA were some notable gainers.”

Courtesy: Santiment

A notable gainer in the day remains Badger DAO. BADGER has climbed higher since Aug 3rd after the DIGG rebase mining Phase 3 kicked off in the week. The Badger Boost power-up which marks a step forward in aligning Bitcoin depositors with Badger or DIGG holders also went live on the platform.

BADGER has rallied nearly 207% to reach highs of $32.40 on August 7, when taken from august 3 lows of $10.53.

Senate Still Working on $1 Trillion Infrastructure Bill

The U.S. Senate is set to vote on a $1 trillion infrastructure bill that will see some $550 billion in fresh spendings for rail networks, roads, and bridges, water management, and a couple of other items. Before that, however, some few amendments must pull through, including two that seek to narrow a cryptocurrency tax reporting provision that would raise about $28 billion over 10 years.

In its present form, the provision would broaden the definition of a “broker” to any entity within the cryptocurrency industry that facilitates the transfer of digital currencies for another person. This could include miners, hardware and software developers, and other parties that help facilitate a transaction, but don’t participate in the transaction,

Senators Wyden, Toomey, and Lummis have introduced an amendment that would fix the language and clarify that the expansion of the definition of a “broker” doesn’t apply to open source software developers or validators like miners or stakers.

Senators Warner, Portman, and Sinema have introduced a competing amendment. President Biden seems to have thrown his support behind the Warner/Portman/Sinema amendment.

Responding in a tweet to Coinbase CEO Brian Armstrong on Friday, Tesla CEO, Elon Musk has urged lawmakers considering the Senate infrastructure bill’s crypto tax provision not “to pick technology winners or losers in cryptocurrency technology”.

However, the latest report from CNN politics on August 7 notes that Senate has shut down debate on the $1 trillion infrastructure bill while advancing it toward final passage.

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