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Cryptos are gathering steam, with the overall market rising 5.8 per cent to a fresh two and a half month high of US$1.86 trillion and Bitcoin reclaiming a key technical support level.

crypto market cap
Total crypto market cap since February. (Tradingview/Stockhead)

At 11.05am AEST, Bitcoin was trading for just over US$46,000, up 6.6 per cent from 24 hours ago.

Its daily close at 10am AEST (midnight UTC) was BTC’s first since the May 20 crash above its 200-day moving average (around US$44,900).

NSW-based City Index analyst Tony Sycamore tweeted that providing it holds above support at $42,000/$40,000 (the top of its recent three-month range), it could allow for allow for “further gains towards $52,000”.

BTC analyst Bitcoin Charts wrote they weren’t “completely bullish” yet, if BTC is able to confirm its 200-day moving average as support, “then that would make me feel more comfortable with targeting a new all-time high in the future.”

Ethereum was changing hands for US$3,145, up 6.5 per cent.

Ravencoin was the biggest top 100 gainer, rising 30.9 per cent to 11.8c. The Bitcoin fork, whose name is inspired by the ravens of Westeros from Game of Thrones, is currently the No. 87 crypto with a market cap of US$1 billion.

Chiliz, Internet Computer and Harmony were also up around 15 per cent.

Australian-founded virtual world token Illuvium, the No. 204 crypto, was the biggest coin by market cap to hit an all-time high. It is up 11.7 per cent in the past 24 hours to US$377, up from under US$100 a month ago.

Bitcoin Cash ABC and Qtum were the only real decliners among top 100 coins, with both falling about 2.5 per cent.

Crypto market
Coingecko

US crypto compromise fails

The gains came even as the US Senate rejected a last-minute compromise on a crypto provision in a massive US$1 trillion infrastructure bill that would have narrowed the definition of a “broker” to exclude miners and stakers.

The tax reporting measure is aimed at centralised exchanges, but the industry fears it is so vague it will capture node validators, software developers and hardware manufacturers, requiring them to turn over data on their customers that they don’t possess.

A single US senator, Republican Richard Shelby of Alabama, was able to scuttle the deal because a unanimous vote was needed. Crypto advocates still hoping to find ways to defeat the measure.

AMC to accept Bitcoin

Also Tuesday (Australia time), US movie chain and WallStreetBets favourite AMC Entertainment said it would accept Bitcoin payments for tickets and concessions ordered online by year-end.

Chief executive Adam Aaron said in an earnings webcast — which Deadline Hollywood described as “meaty, newsy and somewhat bizarre” — that the chain would also start accepting Apple Pay and Google Pay.

There was some skepticism about the announcement, with UC Berkeley security researcher Nicholas Weaver tweeting that it was an “utter bullshit” trolling announcement.

“Bitcoin transaction time is >10 minutes, and TX [transaction] cost is $2 and change right now. But you gotta pump your stonk,” he wrote.

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