The top crypto gained value during the weekend.
Saturday’s $48,000 bitcoin price pushed the total cryptocurrency market cap above $2 trillion for the first time since May. Ether, dogecoin, and cardano all jumped.
Despite a difficult week for the industry. In a historic DeFi (decentralized finance) attack, almost $600 million in crypto stolen.
Senate approves infrastructure measure without crypto tax amendment
The Senate cleared the $1 trillion infrastructure measure without alteration on Tuesday, despite disagreements over bitcoin tax reporting provisions. Like crypto proponents and many Senators before them, many House Democrats now call for reform.
Proponents of cryptocurrency argue that the bill’s current definition of a “broker” is too wide. It could target miners, developers, stakers, and others who don’t have customers and don’t have access to the required information.
Reps. Ro Khanna (D-Calif.), Eric Swalwell (D-Calif.), Anna Eshoo (D-Calif.), Plan Foster (D-Ill.), and Darren Soto (D-Fla.) have all asked for changes to the bill since the Senate passed it.
It will be sent back to the Senate for a second vote if the House alters the bill.
According to Bloomberg, the US Treasury Department aims to clarify its definition of a “broker” without altering the statute. In addition, the Treasury would orally vow not to target non-brokers in future tax legislation.
A DeFi hacker stole $600 million.
Poly Network, a DeFi platform, hacked on Tuesday. After nearly a week, nearly all of the stolen funds were recovered, making this one of the largest DeFi hacks ever.
In a Q&A buried within a digital currency transaction on Wednesday, the hacker said the theft was done “for fun”.
“That’s always the plan!” they said during the Q&A. Money does not interest me! People attacked, but shouldn’t they learn from those hacks?
Poly Network announced on Monday a $500,000 bug bounty program to prevent future attacks.
In Q2 2018, Ethereum trading volume surpassed bitcoin for the first time.
Coinbase posted better-than-expected second-quarter revenue on Tuesday. $1.6 billion in net profit on $2.23 billion in revenue.
During the quarter, Coinbase’s overall trading volume surpassed bitcoin. For the first time, Ethereum traded volume surpassed bitcoin volume.
Walmart seeks a digital currency and crypto lead
A recent job offering claims Walmart is looking for a “digital currency and cryptocurrency product lead”.
The corporation wants someone to “own and lead Walmart’s digital currency strategy.”
Your knowledge of digital currencies/cryptocurrencies and blockchain technology will guide the product and capabilities roadmap development. A leader in identifying technological and customer trends, you will also identify the investments required to capitalize on them.
Amazon advertised a comparable position opening in July.