Bitcoin Price Continues To Rise As Fed Chairman Says Cryptocurrency “No Intent To Ban” – National

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Bitcoin continued its boom on Friday morning, rising 9% to $ 60,196 (US $ 47,536), its highest level in 12 days.

The most recent gains, representing a jump of $ 4,520 since the close Thursday night, come after US Federal Reserve Chairman Jerome Powell said he had no plans to ban crypto -coins.

When asked Thursday at a House Financial Services Committee meeting by House Representative Ted Budd (RN.C) if he was considering imposing restrictions similar to China’s to ban or limit cryptocurrency, Powell replied “No”.

“(I have) no intention of banning them,” he said.

A week ago, China’s most powerful regulators cracked down on cryptocurrencies, halting crypto trading and mining, which caused the market to fall. The crackdown came from a number of agencies, including the central bank, financial, security and foreign regulators. It was the first time that Beijing’s financial regulators had worked in tandem to fight cryptocurrency.

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Bitcoin price drops as China attacks cryptos, declares all transactions illegal

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While Powell seems to want a hands-off approach to Bitcoin and most cryptocurrencies, he mentioned that stablecoins would see some form of regulation move Ford. Stablecoins are unique versions of crypto that are supported by a reserve asset like gold or the US dollar, so they are compared to digital or crypto versions of these traditional currencies.

“They are to some extent outside the regulatory scope, and it is appropriate that they are regulated,” he said.

The cryptocurrency boom doesn’t just stop at Bitcoin, with Ethereum and Ripple (XRP) enjoying bumps, leaping seven percent and five percent each.

-with files from Reuters


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