As bitcoin, the world's largest cryptocurrency, struggles to recover after a massive crash, regulatory and private sector focus has turned to another part of the digital currency world: stablecoins.
Analysts at digital platform Alkemi Network were among those who hailed Visa's move as evidence that the cryptocurrency and decentralised finance ecosystem is moving towards maturity. In the United States, even as top executives from major cryptocurrency companies including Coinbase and Circle urged Congress to provide clearer bespoke rules for the industry, Treasury Secretary Janet Yellen and a group of bank chief executives discussed the need to regulate stablecoins.
Meanwhile, the central banks of Switzerland and France claimed success in Europe's first cross-border trial of central bank digital currency payments, after testing project Jura, named after the mountains between the two countries.With bitcoin capped at US$50,000 for most of the week since its flash crash on Dec. 4, the market capitalisation of the 15,541 coins on the CoinMarketCap platform stood at US$2.25 trillion compared with US$2.6 trillion at the start of December.
Bargain hunters have emerged. The number of active bitcoin addresses touched 1 million after the crash, according to a report from Arcane Research, its highest since the cryptocurrency plunged 35per cent in May.A notable dip buyer was Michael Saylor-led MicroStrategy Inc, which added 1,434 bitcoins to its holdings for about US$82.4 million, the company said last week.
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