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Bitcoin, Ethereum, Cardano, BNB, XRP, Solana And Dogecoin Are Braced For A Massive Earthquake Amid Huge Price Pump

Bitcoin, Ethereum, Cardano, BNB, XRP, Solana And Dogecoin Are Braced For A Massive Earthquake Amid Huge Price Pump
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With bitcoin and cryptocurrencies soaring across the board, the US government is weighing a regulatory campaign for cryptocurrencies, according to reports.

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The price of bitcoin has increased by 20% over the past month, adding more than $10,000 per bitcoin. Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, solana, and dogecoin all followed a rally in the price of bitcoin, helping the combined cryptocurrency market surge to over $2.3 trillion.

Amid cryptocurrency price volatility, the Biden administration is considering an executive order that would see a set of new rules related to bitcoin and cryptocurrency, it has been reported. BloombergCiting anonymous sources familiar with the matter.

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The executive order, which is still under consideration, will task federal agencies with making recommendations on bitcoin and cryptocurrencies and will address “financial regulation, economic innovation, and national security.” Bloomberg He was told by White House insiders who added that a “crypto czar” could be appointed to “coordinate agencies’ work on digital currencies.”

A Biden administration official told the news agency that even if the executive order is not issued, it will still make public the overall US crypto strategy.

In recent months, pressure has been mounting on regulators in the US and around the world to rein in a bitcoin and cryptocurrency market that has grown by nearly $2 trillion this year alone and was pushed into the national spotlight for use in the colonial pipeline in May. Ransomware attack.

Over the summer, the crypto community revolted against the Treasury’s push for new tax reporting requirements on cryptocurrency as part of President Joe Biden’s multi-trillion dollar infrastructure package.

Treasury Secretary Janet Yellen said the government should create a regulatory framework for stablecoins, cryptocurrencies pegged to traditional currencies or real-world assets that act as a key onramp for crypto investors, while influential US Senator Elizabeth Warren called on regulators to speed up the review. The impact of cryptocurrencies on the stability of the financial system.

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However, the chairman of both the Federal Reserve, Jerome Powell, and the Securities and Exchange Commission (SEC), Gary Gensler, recently said that the United States will not follow in China’s attempt to outlaw bitcoin and cryptocurrencies.

In September, China expanded a previous ban on bitcoin and cryptocurrency mining, which led to crackdowns on all cryptocurrency trading activities. The move caused the price of Bitcoin to drop sharply although it has rebounded since then, along with the price of smaller currencies such as Ethereum, cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin.

Elsewhere, the Bank of England said this week that greater regulation of bitcoin and cryptocurrency is needed as cryptocurrencies become more integrated into the UK financial system, and the Bank for International Settlements, the organization representing most of the world’s central banks, has published preliminary guidance on how to do so. So. Regulators can supervise bitcoin and cryptocurrencies.

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