Bitcoin BTC and cryptocurrencies have been hit hard thisyear by a brutal crash that has sent the price of major cryptocurrenciesplummeting. Subscribe now to Forbes CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and cryptocurrency market The bitcoin price has plunged below the closely watched $20,000 per bitcoin level, more than 70% below its all-time high set late last year. Ethereum and other top ten cryptocurrencies BNB BNB, XRP XRP, solana, cardano, and dogecoin have also seen similar declines, with some predicting more pain could be on the way.
Now, after Wall Street giant Deutsche Bank issued a surprise bitcoin price prediction this week, reports have emerged that the Biden administration may pass crypto legislation governing so-called stablecoins such as the recently collapsed terraUSD and your moon support coin as early as this year. Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex - a daily newsletter for cryptocurrency traders, investors and curious
MORE FROM FORBES Coinbase Dire “Sell” Warning Triggers Flash Price Drop as Bitcoin and Ethereum DiveBy Billy Bambrough US President Joe Biden could enact stablecoin legislation later this year, according to... [+] reports, amid a brutal cryptocurrency crash that brought down the price of bitcoin, ethereum , BNB, XRP, solana, cardano, dogecoin and other major CRYPTOCURRENCIES. This week, the President's Task Force on Financial Markets, a group that includes several financial regulators, met to discuss stablecoin legislation, with an anonymous official telling Coindesk that the legislative package could become law soon. End of the year. The source said it would define stablecoins for the purposes of US regulation and address how they are used.
The stablecoin market has exploded in recent years with the largest stablecoin tether now boasting a market cap of almost $70 billion. Stablecoins, cryptocurrencies whose price is pegged to traditional currencies such as the US dollar, are used to facilitate payments and make it easier for people to enter certain cryptocurrency exchanges that do not support direct deposit. This year, the collapse of the so-called terraUSD algorithmic stablecoin, which used a cryptocurrency called luna to maintain its peg to the US dollar, shocked the cryptocurrency market and encouraged regulators to better police the technology and protect users.
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