In brief
- Bitcoin's price surged suddenly in the early hours of Thursday morning.
- This comes after US regulators proposed a bill to regulate Stablecoins.
- US stocks and shares continued November's record breaking run.
Whoever said Bitcoin was beyond politics clearly didn’t know what happens when politicians try to regulate crypto.
On Wednesday, Congresswoman Rashida Tlaib announced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, a proposed bill that said anyone who ran a stablecoin would require a banking charter approved by the Federal Reserve.
Crypto Industry Votes No to Stablecoin Bill in Congress
It's the dying days of the 116th Congress, which ends on January 3, 2021. Any bills that haven't become law by then will die with it. But that's still plenty of time to kick the hornet's nest that is Crypto Twitter! Today, Congresswoman Rashida Tlaib announced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, which is co-sponsored by Representative Jesús “Chuy” García and Representative Stephen Lynch. New Congressional Bill Seeks to Regulate Stablecoins The proposed bill, whi...
Crypto Twitter, naturally wasn’t very happy, and the bill seems highly unlikely to become law. But no sooner had the bill been proposed, Bitcoin plotted a course northward as its price climbed aggressively in the early hours of Thursday morning.
By the Numbers: New Crypto Bills Face Stiff Odds to Become Law
People seldom hear about legislation addressing cryptocurrency or blockchain technology for a very good reason: That type of legislation seldom goes very far in the US Congress. Yesterday, however, two such bills were introduced side-by-side with some fanfare: the Digital Commodity Exchange Act and the Securities Clarity Act. The bills drew plaudits from cryptocurrency advocates looking for regulatory guidance. That doesn’t mean, however, that they will become law. What are these bills? The Digi...
Bitcoin had been flitting between $18,900 and $19,200 for 12 hours before a sudden surge took it above $19,450. At the time of writing, the price is softening a smidge, but the surge was particularly noticeable.
Now, it’s entirely possible the surge wasn’t connected to the bill, there was a bevy of positive news for Bitcoin investors yesterday. These include bullish statements on crypto’s future from the likes of Visa and PayPal.
Visa Makes Move to Closely Integrate Circle’s USD Coin
Visa today announced a partnership with Circle Internet Financial and will be integrating its dollar-backed stablecoin, US Dollar Coin (USDC), according to Forbes. Stablecoins have long been considered an effective on-ramp to the wider cryptocurrency world. Visa has now taken a major step in the growth of the stablecoin market, as credit card issuers will be able to send and receive USDC payments. Visa will not provide custodial service for the digital currency itself, but rather work with Ci...
Bitcoin even got the seal of approval from Larry Fink, the CEO of asset management firm BlackRock which presides over a $7 trillion investment fund.
CEO of $7 Trillion Fund Sees Bitcoin as ‘Global Market’ Asset
Larry Fink, CEO of asset management firm BlackRock, said in a speech at the nonprofit body Council of Foreign Relations earlier this week that Bitcoin had “caught the attention and imagination of many people” and was poised to grow as an asset class. The comments came as Bitcoin broke just above its all-time high price of nearly $19,800 on several crypto exchanges yesterday, before tumbling down to under $19,000. It has since crawled back over the line but has lost some momentum. Fink noted th...
But in the aftermath of these announcements Bitcoin reacted with a giant “meh”. Could it be something to do with the sell-off of US dollars? The US Dollar Index (DXY) - a tool that measures USD’s value in relation to a basket of other currencies - reached 90.22 on Thursday, its lowest level since April 2018.
That led Mark Wilson, Morgan Stanley’s chief investment officer to predict on Bloomberg that the US dollar will slide 10% in the next year. We’ve already seen Bitcoin suck cash out of gold, is the greenback next?
Money Pours Out of Gold in Favour of Bitcoin
Bitcoin has historically been referred to by some as crypto’s answer to gold. Others have found Bitcoin’s behaviour loosely correlated with the precious metal. But ever since the world's largest cryptocurrency surpassed its previous all-time high yesterday, Bitcoin and gold are being seen less as bedfellows and more as potential adversaries. Bitcoin’s Price Breaks All-Time High: Here’s Why it Happened According to an analysis on the precious metals market by JPMorgan Chase, 93 tons of precious...
S&P 500 breaks records extending November run
US stock markets continued their bull run from November into December. The S&P 500 hit another all-time closing high with the Dow and Nasdaq also faring well.
The performance appears to be in connection with a bipartisan relief proposal doing the rounds among US lawmakers. A stimulus package has been on the cards for months, and indeed we’ve been writing about the idea for months. But sentiment around this new proposal of $908 billion, which is less than half the Democrats original $2 trillion proposal, seems optimistic.
While Senate Majority Leader Mitch McConnell has dug his heels in over the size and scale of the stimulus, the White House has added weight to the proposal by signing the plan.
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