Bitcoin price snaps slide, rises past $46,000
Regulatory talk in Washington continued to center around cryptocurrencies on Thursday
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The price of Bitcoin was higher by nearly 2% Friday morning, recovering from a recent slide.
The price was around $46,100 per coin, while rivals Ethereum and Dogecoin were trading around $3,200 and 27 cents per coin, respectively, according to Coindesk.
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Bitcoin's gain puts it just shy of the three-month high of nearly $46,800 reached earlier this week.
Regulatory talk continued to center around cryptocurrencies on Thursday as U.S. Rep. Anna Eshoo, D-Calif., asked House Speaker Nancy Pelosi, D-Calif., to amend the crypto tax provision that was in the Senate’s infrastructure bill in an open letter.
Eshoo wrote that the current definition of the term "broker" for crypto tax reporting purposes is too broad and may be difficult for some entities to comply with, CoinDesk’s Nikhilesh De reported.
Under the current terms of the provision, any entity that facilitates a crypto transaction on behalf of another person would be treated as a broker, meaning they would have to file specific tax information reports that would include know-your-customer details.
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The concern is that the definition of brokers would include miners and other network validators and hardware developers who don’t typically have access to customer information.
In other cryptocurrency news, Chinese smartphone brand Honor released the first Snapdragon-powered handset to support the digital yuan.
It is another step toward the People’s Bank of China’s goal to develop hardware for the digital currency.
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The Magic 3 will support a digital yuan hardware wallet, and is built on Qualcomm's latest Snapdragon chip, the 888, according to the company's release event, as reported by Coindesk.