Bitcoin climbs as regulators propose banking capital rules

Bitcoin climbs as regulators propose

Bitcoin rallied following a proposal from global regulators that would introduce capital requirements for banks dealing in crypto.

The largest digital token gained 5.1 per cent to US$38,250 as of 11:07 a.m. in London.

The announcement from the Basel Committee on Banking Supervision is another sign that the world of traditional finance is responding to the rise of crypto assets. While the proposal would introduce tough capital controls, it also shows that regulators are taking the fast-growing market seriously and preparing the banking industry for how to deal with its widespread adoption.

Still, the panel didn’t hold back in voicing its concerns over the risks to financial stability posed by crypto’s extreme volatility and potential for money laundering.

It’s a sentiment that’s been echoed countless times by policymakers. In an interview on Wednesday, Massachusetts Democratic Senator Elizabeth Warren said called the market for cryptocurrencies the “Wild West,” and said digital currency is “not a good way to buy and sell things and not a good investment and an environmental disaster.”

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Bitcoin signage during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021. The biggest Bitcoin event in the world brings a sold-out crowd of 12,000 attendees and thousands more to Miami for a two-day conference.

Cryptocurrency prices are in the red on June 16, with the market down 1.11 percent.

After a volatile weekend, Bitcoin has once again surpassed $40,000, reaching its highest level in more than two weeks.

Bitcoin rallied following a proposal from global regulators that would introduce capital requirements for banks dealing in crypto.

Adriana Belotti is a "true believer" when it comes to bitcoin, and invests $100 into the volatile cryptocurrency each month .

Stefan Thomas really could have used a quantum computer this year. The German-born programmer and crypto trader forgot the password to unlock his digital wallet, which contains 7,002 bitcoin, now worth $265 million.

MicroStrategy CEO Michael Saylor told CNBC on Tuesday he sees a bright future for a range of cryptocurrencies, not just bitcoin.

Prices of the world’s No. 1 crypto on Sunday were trading sharply higher, as digital-asset bull Elon Musk said Tesla would resume allowing transactions at the vehicle-maker’s stores when key members of bitcoin infrastructure can confirm that 50% of the energy used to mine for bitcoin is derived from clean energy sources.

China has long been home to more than half the world’s bitcoin miners, but now, Beijing wants them out ASAP.