Bitcoin nearing $63k
‘Coin Stories’ podcast host Natalie Brunell breaks down the short-term downtrend on ‘Making Money.’
Bitcoin was trading 2% higher Wednesday morning.
The price was around $62,800 per coin, while rivals Ether, the world's second-largest cryptocurrency, hit an all time high rising to as high as $4,643, breaching the previous day's $4,600 and taking the week's gains to more than 10%, according to Reuters.
Dogecoin was trading around 27 cents per coin, according to Coindesk.
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The Biden administration is focusing on stablecoins, calling on Congress to pass legislation that would strengthen government regulation.
Stablecoins are a form of cryptocurrency that has soared in popularity in the past year.
It is the focus of a 22-page report issued Monday, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would potentially subject them to a wide range of rules, including those requiring that banks hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities, according to The Associated Press.
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"The absence of appropriate oversight presents risks to users and the broader system," said Treasury Secretary Janet Yellen. "Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter."
“Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter.”