As the Senate continues to debate crypto tax provisions within the $1 trillion infrastructure bill, bitcoin and ether are surging.
The price of bitcoin, the largest cryptocurrency by market value, surpassed $46,000 on Monday morning, while the price of ether jumped over $3,000. As of 2:00 p.m. EST, bitcoin is trading at around $45,950 and ether is trading at around $3,150.
In addition to the infrastructure bill proposal, here are five things that happened in crypto this past week.
1. The NFT market continues to boom
Over the past week, the market for NFTs, or nonfungible tokens, surged.
OpenSea, one of the largest marketplaces for NFTs, surpassed $428 million in trading volume in the last seven days alone, according to DappRadar.
2. The new SEC chair says the crypto industry needs more investor protection
The new U.S. Securities and Exchange Commission (SEC) chair Gary Gensler made headlines last week after sharing his stance on crypto regulation.
“While I’m neutral on the technology, even intrigued … I’m not neutral about investor protection,” Gensler told Bloomberg on Tuesday. “If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”