Bitcoin Climbs Above $ 50,000 Per Coin, Says Report

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Bitcoin traded above $ 50,000 per coin early Wednesday morning, up 1.97%.

The price was around $ 50,808 per coin, while rivals Ethereum and Dogecoin were trading at around $ 3,392 (-0.37%) and 24.7 cents (3.64%) per coin, respectively, according to Coindesk. .

Bitcoin has been rising steadily since Monday, when it traded at just over $ 47,000 per coin to hit that level, according to the report.

BARSTOOL’S PORTNOY ON JPMORGAN’S BITCOIN DE DIMON SCEPTICISM: “IT DOESN’T GO EVERYWHERE”

Early Wednesday, Reuters reported that officials said Stablecoins would have to abide by the same guarantees as their more traditional competitors.

Stablecoins are cryptocurrencies designed to have stable value against traditional currencies, Reuters reported, or a commodity such as gold, in order to avoid the volatility that makes bitcoin and other tokens digital. impractical for most businesses.

Bitcoin traded above $ 50,000 per coin early Wednesday morning, up 1.97%.

The proposals, put out for public consultation before being finalized early next year, put into practice what regulators have long been calling for: the same rules for the same type of business and the risks that accompany them.

The rules mean that a stablecoin operator must create a legal entity that explains how it is governed and manages operational risks such as cyber attacks.

In other cryptocurrency news, Barstool Sports founder Dave Portnoy appearing as a guest on Fox Business News’ “Varney & Co”. Tuesday said Bitcoin is “not going anywhere”.

Portnoy’s comments were a reaction to JPMorgan Chase CEO Jamie Dimon, who allegedly said cryptocurrency was “a bit of crazy gold.”

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“It has no intrinsic value. And regulators will regulate it thoroughly,” Dimon said, adding that he believed cryptocurrencies should be regulated.

“If people are using it for tax evasion, sex trafficking, and ransomware, it’s going to be regulated whether you like it or not,” Dimon said, as reported by Axios. “So it’s not a moral statement. It’s a factual statement.”


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