Latest Crypto News: Bitcoin and Ethereum Keep Sliding, Biden’s New Bill, Bitcoin debut on BITO & more

Bitcoin and Ethereum both saw significant falls this week after reaching new highs last week. This week, the economy boosted with President Joe Biden signing the bill into law. The bill includes provisions that impact crypto investments.

The latest price swings also follow a new report proposed by the Biden administration. His proposal would establish a regulatory framework for stablecoins to prevent abuse of volatility. One Federal Deposit Insurance Corporation official said their agency is starting to work with banks, and they hope to provide guidance around the use of virtual currency in the next few months. Last month, the first Bitcoin ETF officially hit the market as well. In addition, it marked crypto’s debut on the New York Stock Exchange.

Here’s a rundown of the latest big cryptocurrency news:

 

  • The Staples Center in Los Angeles is the home of NBA teams that includes the Lakers and Clippers — You can expect to see the exclusive Crypto.com Arena rebranding as the Crypto.com Arena starting Christmas Day, according to a report published by LA Times. According to the LA Times, Crypto.com, which has a market cap of $3.4 billion, will pay $700 million for the naming rights to the company in Los Angeles.

  • Bitcoin and Ethereum both saw drops this week after setting a new all-time high last week. Bitcoin dropped about 10%, and Ethereum fell by about 12%. Bitcoin went below $58,000 on November 18th, and Ethereum went below $4,100 on November 19th. Since the beginning of last week, Bitcoin’s price has increased to $68,000, and Ethereum has increased to $4,865. Both have had multiple new all-time highs before this week’s stumble in recent weeks. The president is proud of the infrastructure bill he signed, passed by the Senate last month.

  • What the new bill’s signing means for cryptocurrency exchange regulation is unclear, but it does seem to include high-profile features like tax reporting requirements, which implies for investors. “I think a lot of folks are in for a big tax surprise,” says Grant Maddox, Chief Financial Officer at the South Carolina-based PreView Wealth Services. “The new changes will be affecting not just those who are looking for individual taxation deductions, but also those who have investments such as IRAs.”

  • The chairwoman of the Federal Deposit Insurance Corporation (FDIC), Jelena McWilliams, told Reuters that the U.S. government is trying to find ways that banks and their customers can handle cryptocurrency, as it becomes increasingly common in the investment world. Some businesses are looking for ways to hold cryptocurrencies, and they’re hoping that banks will be able to offer new solutions. Some banks have already been working on those, and the community is appraising their efforts. If we don’t bring this activity inside the banks, it’ll develop outside of the banks. The federal regulators will be unable to regulate it,” McWilliams said to Reuters.

  • The cryptocurrency that started the decade-long crypto boom, Bitcoin, had its day in the sun last month when it finally made its debut on a major exchange. BITO, which is the first investment fund to get SEC approval for crypto assets, has traded under the ticker on NASDAQ since December 3rd. Most assets are held through investments in Bitcoin futures so that the crypto conglomerate can diversify its risks to a certain degree. A distinction is an important thing to know in order to avoid investing in the wrong company. Investors should be aware before they invest.

Joe Fuller


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