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Forbes - A big week? 🤔

Good Monday morning. This is Billy Bambrough, getting you up to speed with the crypto latest and what to look out for this week.
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24-hour crypto market snapshot
Bitcoin (+6%) $65,954
Solana (-3%) $243.48
Boom time 💥
Cryptocurrencies prices popped higher last night, with data from price tracker CoinGecko showing the market has now crossed the $3 trillion mark for the first time. CoinMarketCap, the more popular measure, is still some way off at $2.8 trillion. The market has added over $600 billion in value over the last month, according to CoinGecko.

The bitcoin price jumped yesterday evening from around $62,000 per bitcoin to $66,000—just shy of its all-time highs. Some have put bitcoin's rally down to Tesla chief executive Elon Musk's weekend Twitter poll that returned a result he should offload a significant amount of Tesla stock. Around the same time, one of the most powerful people in crypto, Barry Silbert, tweeted: "Going to be a big week," setting off a flurry of crypto influencers repeating his prediction—though no one really knows why. Silbert is the chief executive of crypto powerhouse Digital Currency Group, the owner of Grayscale, Genesis, Coindesk and Foundry, among others.

Ethereum is also surging, hitting a fresh all-time high after already breaking multiple barriers in recent weeks. The ethereum price is now over $4,700 per ether, up 3% on this time yesterday, with traders eyeing the psychological $5,000 mark. Meanwhile, ethereum's biggest rivals Binance's BNB and solana have lost ground this morning, both down around 3%.

Ripple's XRP and the meme-base dogecoin are leading the market higher, both up some 7%. Doge rival shiba inu is off by 2% and is slipping further from the crypto top ten.

Now read this: The bitcoin delusion
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The $1 trillion infrastructure bill is now headed to U.S. president Joe Biden's desk for his signature
The $1.2 trillion infrastructure bill is now headed to U.S. president Joe Biden's desk for his signature Los Angeles Times via Getty Images
Crypto tax: Last week, the U.S. House of Representatives voted 228 to 206 to pass a bipartisan infrastructure bill that contains a controversial cryptocurrency tax reporting requirement. The more than $1 trillion bill, due to be paid for by leftover Covid relief funds and a crackdown on crypto trading taxes, is now en route to president Joe Biden's desk for him to give it his seal of approval. Coindesk has a write-up.

Catch up quick: The bill's crypto clause will expand the definition of "broker" in the tax code to include "any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person."

Why it matters: The U.S. crypto community went into meltdown over the summer over fears the definition is too broad and will mean those mining for new bitcoin and cryptocurrencies as well as other non-trading crypto companies will be considered brokers—effectively paralyzing the burgeoning U.S. crypto industry.

But but but: The Treasury Department has yet to say how it will interpret the bill's cryptocurrency provision and is expected to soon publish guidance outlining how companies should respond to it. "Yes, the crypto provisions are just as bad as they were months ago," D.C.-based crypto legal expert Jake Chervinsky said via Twitter. "Yes, the impact of Section 6050I has been underexplored. No, you don’t need to call your reps. The political reality is: it’s out of our hands now. The new legislation may not bode well for the crypto industry but notes that there are still significant details that haven’t been worked out yet. Importantly, nothing will happen right away. The crypto provisions don’t go into effect until 2024 (for FY2023 reporting). We can try to get them repealed or amended before then."

Meanwhile, Down Under... Australian banks are opening up to cryptocurrency. Read what that means for you here.

Don't miss: The New Masters—How auction houses are chasing crypto millions
Too cool for school 😎
🏫 New York's incoming mayor Eric Adams has said he wants schools to teach bitcoin, crypto and blockchain basics, just days after he said he would receive his three paychecks in bitcoin. You can watch his CNN interview here.

🗣️ "[Bitcoin and crypto is a] new way of paying for goods and services throughout the entire globe," Adams said. "And that’s what we must do—open our schools to teach the technology and teach this new way of thinking."

🥊 Last week, Adams duked it out with Miami's Francis Suarez for the title of most-crypto-loving mayor, one-upping Suarez's promise to take his next paycheck in bitcoin. Adams said told Bloomberg Radio he's interested in exploring an NYC crypto coin similar to Miami's MiamiCoin.

Now read this: Crypto is cool. Now get on the yacht
The (big?) week ahead 📆
With crypto Twitter proclaiming it's going to be a "big week," keep an eye out for these crypto and crypto-adjacent events.

🌟 After kicking off yesterday, the Solana Foundation's Breakpoint conference will continue in Lisbon, Portugal until Wednesday.

👍 Frances Haugen, the Facebook (Meta) whistleblower on a mission to expose the social media giant's failings, will appear before members of the European Parliament as details of Facebook's major pivot to a metaverse company continue to trickle out. ICYMI: Listen to Meta's soon-to-be chief technology officer Andrew Bosworth on how blockchain and crypto could work in the metaverse.

🇨🇳 China's all-powerful president Xi Jinping will this week begin a plenary of the Chinese Communist Party, expected to set the tone for his bid for long-term rule. AFP has a comprehensive primer. Be on the lookout for details on the continued rollout of the country's digital yuan and any follow-up from China's major crypto-crackdown earlier this year. Go deeper: France Moves Ahead Of China In Battle For CBDC Supremacy

💸 Earnings season rolls on, with PayPal reporting its third-quarter today after the market close, while SoftBank will hold its second-quarter earnings results briefing. Coinbase is reporting its Q3 tomorrow and Mastercard on Wednesday. Nasdaq has a Coinbase earnings preview.

🎈 On Wednesday, the latest U.S. Consumer Price Index data is expected to show the biggest increase in prices since the beginning of the global coronavirus pandemic as inflation continues to cause consternation among investors.

Now read this: The Squid Game “meme coin” debacle shows—again—why India badly needs crypto regulation
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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