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Cryptocurrency Price Check: Global Crypto Market Cap Soars

Ether surpasses $4,700 for the first time while the market cap of the global crypto market blows past $3 trillion.

Cryptocurrency prices were climbing Monday with Ether posting a fresh record as the world's global cryptocurrency market capitalization reportedly surpassed $3 trillion.

Bitcoin, the world's largest cryptocurrency, was up 5.5% to $65,373.37 at last check, after briefly topping $66,000 on Sunday with an eye to breaching its previous record of $66,975 reached on October 20.

Ether, the cryptocurrency that runs on the Ethereum blockchain, was up 2.5% to $4,727, surpassing $4,700 for the first time.

The world's second-biggest cryptocurrency has steadily notched a string of all-time highs over the past week and a half since surpassing $4,400 for the first time on Oct. 28.

The world's global cryptocurrency market surpassed $3 trillion on Monday, reaching a new all-time high as the world's seven-largest crypto coins soared in value, according to Bloomberg.

Meanwhile, Winston Ma, a former managing director and head of North America at China Investment Corp., noted that on Sunday "...netizens hailed as the Edward Gaming (EDG) esports team earned China’s first-ever League of Legends World Championship title."

Ma, author of "The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace," said that during the process, some tokens with similar names, such as the Polkadot project Edgeware, also soared.

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"That correlation may simply be emotional, but the big picture is, the gaming industry is fast-becoming one of crypto’s most potent areas of application," he said.

The momentum is extremely strong after Facebook  (FB) - Get Facebook, Inc. Class A Report changed its name to Meta to highlight its focus on the “Metaverse,” Ma added, "because many believe that immersive and interactive gaming is closely related to the Metaverse."

On the regulatory front, the Infrastructure Investment and Jobs Act that the U.S. House of Representatives passed on Friday, contains a cryptocurrency tax reporting requirement.

David Lesperance, managing partner of immigration and tax adviser Lesperance & Associates, said "the mist is quickly burning off of this quarter’s crypto fix-all fad 'DeFi,'" or decentralized finance.

"Last week, global anti-money laundering watchdog, the Financial Action Task Force, released revised guidance on cryptocurrencies," he said. "These rules call for the identification of persons with 'control or sufficient influence' over DeFi programs."

As a result, Lesperance said, DeFi start-ups will be subject to rules requiring that they provide information on originators and beneficiaries in the transfer of funds. 

"So this latest 'Hide and Go Seek' tool will soon join the secrecy scrapheap alongside Mixers, Monero and no-jurisdiction exchanges," he said. "Whether Chinese crypto holders trying to respond to recent regulatory changes or those with undisclosed tax obligations, DeFi is not a long-term solution to your problems!"