Bitcoin (BTC-USD) started the day at $63,547.05 on Wednesday, August 12, 2026, which was 0.6% lower than the opening price from the previous day. By 8:00 a.m. ET, the price of bitcoin had risen to $64,194. This increase in price is part of a broader trend in the cryptocurrency market, with Ethereum (ETH-USD) also seeing a positive movement. Ethereum opened at $1,881.10 on the same day, up 0.5% from the day before, and had reached $1,915.50 by 8:00 a.m. ET.
The recent uptick in cryptocurrency prices can be attributed to several factors. Following a disappointing jobs report last week, market analysts are anticipating a Consumer Price Index (CPI) report that is expected to show a slight easing of conditions in July compared to June. This has led to a reevaluation of expectations for a Federal Reserve rate increase in September, as rate hikes can be a headwind for assets like bitcoin and ethereum, which do not pay interest.
Looking at the historical performance of bitcoin and ethereum, it is clear that these cryptocurrencies have experienced significant fluctuations in value over time. For example, the price of bitcoin was down 46.5% from a year ago, while ethereum had dropped by 55.5% over the same period. However, both cryptocurrencies have also seen all-time highs in the past, with bitcoin reaching $126,198.07 on October 6, 2025, and ethereum hitting $4,953.73 on August 24, 2025.
When it comes to taxes on cryptocurrency transactions, it’s important to note that selling or exchanging digital assets can have tax implications. The IRS considers these transactions as taxable events, and taxes are reported on annual tax returns based on the year in which the activity occurred. The amount of tax owed depends on factors such as how long the asset was held before selling and the individual’s taxable income and filing status.
In conclusion, the cryptocurrency market is constantly evolving, and it’s crucial for investors to stay informed about the latest developments. By following resources like Yahoo Finance, individuals can track the performance of bitcoin and ethereum, understand the tax implications of their transactions, and make informed decisions about their investments.
