Bitcoin Reaches Highest Price Since Mid-May at $44,500 Despite Fears of US Crackdown

The price of Bitcoin continues to rise, hitting the highest level since mid-May at over $44,000 despite fears that the United States may pass cryptocurrency tax reporting legislation under the new Infrastructure Investment and Jobs Act.

According to the Binance cryptocurrency exchange, as of 12:00 GMT on Sunday, Bitcoin traded at $44,550, registering a 1.7% increase. The CoinMarketCap portal, which calculates the average price for more than 20 exchanges, also reported a 1.34% price growth to $44,418.

The US Senate has proposed a $1 trillion bipartisan federal infrastructure bill, which provides for raising additional funds through tougher cryptocurrency tax reporting. Under the new rules, cryptocurrency brokers may be required to report traders’ information, including sales prices, transfers, and transactions of over $10,000, to the Internal Revenue Service.

The opponents have insisted the measure may hinder the development of the cryptocurrency markets in the US and worldwide.