Crypto market hits $2.8tn as US House passes $1.2tn infrastructure bill

The value of the overall crypto market surpassed $2.8 trillion, according to CoinGecko.com.

It follows a move by the US House of Representatives to pass the $1.2tn Infrastructure Bill which is almost the same value as the entire market cap of Bitcoin.

The bill was signed into law by President Joe Biden, and was designed to enforce new provisions in relation to crypto-tax reporting for all US citizens.

The bill says some obligations for the crypto community must be fulfilled, including all digital asset transactions worth more than $10,000 to be reported to the IRS.

The overall crypto market cap of $2tn was crossed seven months ago while the $1tn cap was surpassed three months before that. It took 13 years – from the publication of the Bitcoin whitepaper at the end of 2008 – until this January for the market to hit the first trillion.

Records reached by Ethereum and Solana helped push the combined market cap of all cryptos above $2.75 trillion for the first time in its history, while Bitcoin alone is now worth more than US behemoths such as Facebook and Tesla with a market cap above $1.19tn.

Crypto market popular with traditional finance institutions

Compared to these numbers, the world’s largest bank – JPMorgan Chase – has a market cap of $503bn that represents $40bn less than that of Ethereum’s.

Together with the rest of the top 12 world’s biggest banks, it gives an overall market cap of just below $2.7tn for the traditional finance leaders who were strongly resisting new digital money.

However, some of the biggest players in the US and Europe started offering crypto trading services to institutional clients.

One of them is Singapore’s DBS Group, which became one of the first to offer the service to wealthy clients. The country’s Monetary Authority (MAS) also said recently there could be “a role” for stablecoins in future finance “that extends beyond pure speculation and illicit finance”.

Australia’s Commonwealth Bank also confirmed its intention to offer a platform for retail customers to trade cryptocurrencies on its mobile banking app.