CRYPTO MARKET CLIMBS BACK TOWARD US$2 TRILLION

The cryptocurrency sector is back in sight of a US$2 trillion market value, a level last seen in May, but further gains face an obstacle from potential new U.S. tax reporting requirements. The value of more than 8,800 tokens tracked by CoinGecko has risen 55 per cent to US$1.95 trillion from a July low, helped by rallies in Bitcoin and Ether. The climb in Bitcoin has stalled due to the oversight of virtual currencies in the infrastructure bill passed by the U.S. Senate, according to crypto exchange Luno. “Bitcoin's rally was capped due to the bill” and it's now hovering between US$45,000 and US$47,000, said Vijay Ayyar, Luno's Asia-Pacific head in Singapore. The crypto industry failed to adjust the tax reporting rules — which are projected to raise about US$28 billion in revenue — despite a big push by lobbyists.