Cryptocurrency market last week: Bitcoin hit the $ 51,000 threshold again

The virtual currency market has had a fairly quiet week with information mainly on digital currency regulations.

Bitcoin returns to $ 51,000, Terra appears in the top 10

On the morning of December 25th, the price of Bitcoin hovered above the 51,000 threshold U.S. dollar, more than 10% more than last week. Similarly, Ethereum rose 5% to 4.051 USD.

The green was also spread across all other cryptocurrencies in the top 10. Two of the youngest upstarts, Solana and Cardano, are up more than 10%.

More remarkable is the 53% increase in a new digital coin that just entered the top 10 – Terra. This digital coin has increased nearly 150% in the last 1 month.

As a result, the market capitalization also increased by more than VND 200 billion USD in last week, up 2,370 Billion USD.

The Bank of England will tighten the digital currency laws for institutions

The Bank of England (BoE) wants tighter regulation of digital currencies internationally as banks and institutional investors step up their engagement, a BoE official said.

Sarah Breeden, Financial Stability Risk and Strategy Operations Director, said the focus on international collaboration between the central bank reflects the difficulty of collecting data on digital currency holdings in the US organization.

“Britain cannot solve this on its own,” Breeden told the Times.

This is not too surprising as other central bank officials have also called for closer cooperation between many authorities in recent months, including a focus on the banking sector. In fact, Mr Breeden’s comments are in line with those of the BoE’s financial stability report last week.

Stricter laws would “manage risk, promote sustainable innovation and maintain broad credibility and honesty in the financial system,” the central bank said.

Cryptocurrency companies are calling on US Congress to enact clearer regulations

The leaders of six major U.S. crypto exchanges, including Coinbase and Circle, have urged Congress to put clearer regulations in place for the $ 3,000 sector. Billion USD This.

The hearing before the U.S. House of Representatives Financial Services Committee on December 8th marked the first time crypto companies have explained their business activities to lawmakers.

At the hearing, digital currency company executives urged lawmakers to put strict and reasonable regulations in place in the cryptocurrency sector rather than forcing the industry to comply. The executives of this company are of the opinion that the new regulation should not be too rigid, which would lead to counterproductive effects.

Alesia Haas, CEO of Coinbase, called for the development of a “new comprehensive regulatory framework that recognizes the technological innovations that underlie digital assets”.

According to Ms. Haas, there should only be one government agency regulating the cryptocurrency trading sector to protect the interests of digital asset owners.

Meanwhile, BitFury CEO Brian Brooks believes that cryptocurrencies need to be managed in a similar way to other traditional assets. He also warned that the US is lagging behind in managing new technologies.

The US authorities are increasingly interested in tightening the regulation of Bitcoin, Ethereum or other valuable and popular cryptocurrencies. However, the bipartisan congress in the US has not yet reached a consensus on this issue.