Bitcoin’s price has surged to above a whopping $40,000, reaching a new all-time high. The recent price increase has lifted the total value of the cryptocurrency industry, to over $1 trillion for the first time in history. According to data released by Kraken, this is largely thanks to whales getting their hands on more bitcoin.
According to a letter published by the Office of the Comptroller of the Currency, US banks now have permission to utilize blockchains and stablecoins. A national bank or federal thrift association can now run nodes for validating, storing, and recording transactions on public blockchain networks and use stablecoins for payments.
Bitcoin futures trading platform, Bakkt, is reportedly going public at a $2 billion valuation. The company was launched by the Intercontinental Exchange, which also owns the New York Stock Exchange. Reports of a potential Bakkt IPO come just a few weeks after Coinbase announced similar plans.
On January 6th, the United Kingdom’s Financial Conduct Authority began enforcing a ban on all cryptocurrency derivatives and crypto-based exchange-traded notes. The FCA has stated that these types of crypto products pose risks to retail investors due to their instability and price swings.
Singapore passed a new regulation, which requires all companies dealing in cryptocurrency to apply for licenses to remain in business in the country. The move is stated to place limits on the amount of financial crime that stems from Singapore’s crypto base.
That’s what’s happened this week in crypto. See you next week.
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