Dogecoin takes a Bull-hit Surging 14% While Bitcoin Briefly Passes $45k

  • August 8, 2021

Dogecoin takes a Bull-hit Surging 14% While Bitcoin Briefly Passes $45k

Dogecoin price has risen by 22% in the last week and 14% in the last 24 hours to trade at $0.26.

Shiba Inu (SHIB), a Dogecoin derivative launched last year, has joined the meme coin’s rise. It increased by 16% on the last day and 28% in the last week.

Despite the uproar on Capitol Hill, the bitcoin market is up this weekend.

According to CoinGecko data, Bitcoin, the world’s most popular cryptocurrency, momentarily crossed $45,000 this morning, reaching a 24-hour high of $45,241. It’s currently valued at $44,733, up 3% from yesterday’s price at press time.

 

Dogecoin’s price has risen by 22% in the last week and 14% in the last 24 hours to trade at $0.26.

Shiba Inu (SHIB), a Dogecoin derivative launched last year, has joined the meme coin’s rise. It increased by 16% on the last day and 28% in the last week.

Dogecoin is still down 64% from its May 8 all-time high of $0.73. Celebrities such as Elon Musk, Snoop Dogg, and Gene Simmons endorsed the coin on Twitter, and TikTok influencers claimed it will soar to the moon.

The rest of the crypto market remained mostly unchanged, signaling the end—or at least a pause—in the previous week’s bull run.

Ethereum led the push among the main cryptocurrencies this week, jumping 22% to $3,110.

The surge of Ethereum comes after the launch of EIP-1559 on August 5. The update burns ETH rather than sending it to miners, making transaction fees more transparent and preparing the way for Ethereum 2.0, the next generation upgrade to Ethereum that moves the blockchain from proof-of-work to proof-of-stake.

Despite political wrangling in Washington over who is responsible for reporting tax information to the Internal Revenue Service, the crypto market is a sea of green. Senators agree that $28 billion in cryptocurrency taxes will go toward President Biden’s new infrastructure program, and they want the crypto business to help prevent underreporting of cryptocurrency revenues.

The original plan recommended that both centralized and decentralized entities should send over consumer information to the IRS, although decentralized entities, such as DeFi protocols and Bitcoin miners, do not gather data from users.

Two competing crypto provision modifications both exempt proof-of-work and proof-of-stake entities from tax reporting responsibilities, but one has chosen not to exempt other non-custodial entities.

Leaders in the crypto business in the United States are concerned that if Congress votes to include this amendment in Biden’s infrastructure plan, they will be forced to leave the country since they will be unable to comply with the new law.

However, the vote has been postponed thus far, and while the crypto market has remained stable, it has not taken damage. Dogecoin, on the other hand, continues to defy the trend.

 

Movine Oduor
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