Bitcoin climbs to a 1-week high, hitting $38,000 as the cryptocurrency shrugs off renewed calls for tighter regulation
Bitcoinclimbed to a one-week high, as the cryptocurrency shrugged off renewed calls for tighter regulation.
Basel Committeesaid bitcoin's capital requirements for banks should be heavier than for holding stocks and bonds.
- Recent data from Chainalysis reveal that investors appear to be holding, even if they are not buying much.
The price of bitcoin climbed to a one-week high Thursday, as the cryptocurrency shrugged off renewed calls for tighter regulation by both US politicians and foreign regulatory authorities.Bitcoin on Thursday extended its two-day gain to 20%, hitting $38,211 at 6:34 a.m. ET. It was trading at $37,036 as of 11:15 a.m. ET.
Bitcoin has been struggling the past weeks, losing nearly 50% of its value since hitting an all-time high of nearly $65,000 in April. Increasing calls for more regulation of the asset have been a headwind to its recovery, but investors seem to be sidestepping those concerns for now.The Basel Committee on Banking Supervision on Thursday said bitcoin's capital requirements for banks should be heavier than for holding stocks and bonds. The committee, which is the most powerful group of central bank representatives when it comes to setting banking standards, said banks should have to hold $1 in capital for every $1 worth of bitcoin they hold.
Meanwhile, a day earlier on Wednesday, Senator
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