Bitcoin (BTC) hiked 20% in seven days in an unexpected move that brought the price to its highest level since May 18. The price appreciation happened despite U.S. Treasury Secretary Janet Yellen reportedly supporting a broader definition of crypto companies in the HR 3684 infrastructure bill currently being considered in the U.S. Senate.
Even though Bitcoin price continues to surge higher, investors are worried that regulation could erase the recent gains, but derivatives indicators show no sign of confidence from the bears.
The proposal mandates that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service, including validators, miners, and protocol developers. However, Senator Cynthia Lummis and Senator Pat Toomey are lobbying to focus those requirements exclusively on brokers and the exchanges.
American cinema operator AMC Entertainment is aiming to accept Bitcoin payments for movie tickets by 2022. Speaking during a Aug. 9 conference call regarding the firm’s Q2 results announced earlier the same day, AMC chairman and CEO Adam Aron revealed that the cinema chain intends to have the infrastructure ready to accept BTC payments for online movie tickets by the end of 2021.
While details regarding AMC’s plan to accept Bitcoin are scant, Aron reported strong demand for buying movie tickets with crypto from the firm’s customers. AMC’s Q2 results showed significant improvements compared to last year, reporting $444 million in revenue compared to Q2 2020’s $18.9 million in revenue. Net losses also declined from $561 million or $5.38 per share to $349 million or $0.71 per share year-over-year.
Along with adopting BTC payments, AMC also announced plans to open more than one dozen locations across the U.S., Europe and the Middle East this year. The chairman also made the unlikely claim that he first learned about crypto assets after being elected to the board of Centricus Acquisition Corp. on May 6 — one week before Centricus acquired blockchain technology firm, Arqit.
The latest craze to resurface in the effervescent nonfungible token (NFT) scene is a collection of digital pet rocks from 2017 dubbed EtherRocks. On August 8, a single EtherRock sold for a whopping 45 ETH — worth roughly $135,240 at the time.
EtherRock was one of the first crypto collectible NFTs issued on the Ethereum blockchain, following shortly after CryptoPunks’ June 2017 launch. Every EtherRock showcases a still image of a stone, with each token donning a unique color bu being identical in shape and size.
Only 100 EtherRocks will ever be minted, with the project’s smart contracts having been deployed on December 25, 2017. According to Etherscan, the first EtherRock appears to have been sold on 26 December 2017 for 0.099 ETH (worth roughly $300 at the time).
This Daily Dose was brought to you by Cointelegraph.