Major cryptocurrencies trading higher early Friday

All of the major cryptocurrencies were trading higher Friday morning, with Bitcoin trading at nearly 5.4% higher.

Bitcoin was trading at $40,953 per coin, while Ethereum was up 3.47% to $2,775 per coin. In addition, XRP was up 1.98% to 73.5 cent per coin and Cardano was up 0.73% to $1.38, respectively, Coindesk reported.

In Washington, D.C., it was nearing decision time on the bipartisan infrastructure measure as senators were struggling to wrap up work on the despite hopes to expedite consideration and voting on the nearly $1 trillion proposal.

SENATORS AIM TO CLARIFY CRYPTOCURRENCY REPORTING REQUIREMENTS WITH AMENDMENT TO INFRASTRUCTURE BILL

The package had appeared on track for eventual Senate passage, a rare accord between Republicans and Democrats. But senators hit new problems late Thursday as they worked late into the night on amendments. A procedural vote was set for Saturday.

A trio of senators on Wednesday introduced an amendment to the bill that would rewrite part of a section, setting up reporting requirements for cryptocurrency transactions.

Sens. Cynthia Lummis, Pat Toomey and Ron Wyden started working on an amendment after pointing to "unworkable" and "overly broad" language which they say would implement "broker" reporting requirements on people who are not really brokers.

These people, like the bitcoin miners who confirm transactions in the system, would not even be capable of satisfying the requirements in the bill, Toomey, R-Pa., said.

In other cryptocurrency news, bitcoin farms generation rates climbed 47.5% in July, producing a total of 391 BTC, its best month to date, Coindesk reported.

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Nasdaq-listed mining firm Bitfarms monthly Bitcoin production has almost doubled since the start of the year, averaging around 13 BTC per day, the report said.

Bitfarms now accounts for 1.5% of the global bitcoin hashrate and is North America's largest publicly traded miner, the company said.