The price of bitcoin exceeded $46,000 on Monday as senators debate an amendment in the $1 trillion bipartisan infrastructure bill that would impose more federal regulation on cryptocurrencies.

Bitcoin on Monday traded as high as $46,050 -- the highest it's been since May 16 when it reached $49,770. Bitcoin traded at $29,835 as recently as July 19. Other cryptocurrencies also saw solid gains as of noon ET.

The amendments were written by Sens. Rob Portman, R-Ohio, Kyrsten Sinema, D-Ariz., and Mark Warner, D-Va. They set a broad definition of a broker and potentially subject crypto inventors to higher taxes. The bill would also require transactions over $10,000 to be reported to the IRS.

Another amendment, written by Sens. Ron Wyden, D-Ore., Cynthia Lummis, R-Wyo., and Pat Toomey, R-Pa., clarifies that miners and providers of cryptocurrency services would not need to report transaction data to the IRS.

The cryptocurrency industry has drawn criticism from Sen. Elizabeth Warren, D-Mass., who has asked Treasury Secretary Janet Yellen and the Securities and Exchange Commission for more regulation.

Crypto advocates such as Square CEO Jack Dorsey, Tesla CEO Elon Musk, and Coinbase CEO Mark Armstrong believe imposing regulations on the growing crypto market will harm innovation.

Bitcoin has seen its price fluctuate in recent weeks. Some analysts are bullish that the price will exceed $50,000.

"The minor breakouts reflect positive short-term momentum and improved intermediate-term momentum following July’s successful test of support near $30,000,” Kate Stockton of Fairlead Strategies told CNBC. "The next hurdle on the chart is just above $51,000, which seems in store for a test given no signs of upside exhaustion at this time."