Bitcoin’s price add up 2% in value
Bitcoin’s price was up 2% in the early trade on Wednesday. With Ether’s advance, the week’s gains have surpassed 10%.
According to Reuters, the bitcoin’s price was approximately $62,800 per coin, while rival Ether, the world’s second-largest cryptocurrency, set an all-time high of $4,643, surpassing the previous day’s $4,600 and extending the week’s gains to more than 10%.
According to Coindesk, Dogecoin was trading for roughly 27 cents per coin.
The Biden administration is focusing on stablecoins, urging Congress to approve laws tightening federal regulation.
Stablecoins are a type of cryptocurrency that has gained a lot of traction over the last year.
According to The Associated Press, the Treasury Department and several other regulators said in a 22-page report released Monday that stablecoin issuers should be required to become banks, which would potentially subject them to a wide range of rules, including those requiring banks to hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities.
Treasury Secretary Janet Yellen stated, “The lack of sufficient oversight poses dangers to consumers and the broader system.” “Right now, regulation is ineffective and fragmented, with certain stablecoins effectively slipping outside the regulatory framework.”
“Right now, regulation is ineffective and fragmented, with certain stablecoins effectively slipping outside the regulatory framework.”
– Janet Yellen, US Treasury Secretary
“We are witnessing more benefits such as this veterinary hospital, the schools that I am advertising, and, God willing, if the price of bitcoin continues to climb, there will be new infrastructure for the benefit of our people,” Bukele said at a ceremony laying the clinic’s foundations.
The Central American country became the first in the world to make cryptocurrencies legal tender in September.
Medical offices, surgical rooms, and a rehabilitation facility are scheduled to be included in the hospital, which will directly employ 300 employees.
This infrastructure project is the first in the world, according to the Salvadoran government, to be funded with bitcoin revenues.