LA’s Staple Center becomes Crypto.com arena
Bitcoin and Ethereum witnessed a setback this week after hitting a new peak last week. The setback came after President Joe Biden signed a 1.2 trillion bill for nationwide government projects.
The new prices also follow Biden’s policies that suggest new regulations for stablecoins. Additionally, officials in the Federal Deposit Insurance Corporation outlined that the agency wants to guide banks as to how cryptocurrencies should be dealt with.
Biden’s regulatory policies are already underway. Last month, the first official ETF was launched in Bitcoin, this is considered the first appearance of crypto in the New York stock market.
The latest crypto news summary:
- Times newspaper announced that LA’s Staple Center will be rebranded as Crypto.com. The Staples Center includes major sports teams such as Clippers and Lakers. The rebrand will be set to happen on Christmas. Times newspaper also mentioned that Crypto.com is paying $700 million for the rebrand.
- Bitcoin and Ethereum have seen a big drop after hitting their peaks last week. Bitcoin returned to less than $58,000 and Ethereum to less than $4100. Last week, Bitcoin was more than $68000 with Ethereum exceeding $4865 for the first time ever. Also, the last few weeks saw multiple price hikes in both coins before dropping last week. The drop came into effect after President Biden signed the new infrastructure bill.
- Another bill signed by Biden aims to increase tax reporting for cryptocurrencies, with Bitcoin sitting at the top of the list. South Carolina-based CFP Grant Maddox comments “I think people are waiting for a big tax surprise”.
- Biden‘s management has set some legislation that will help regulate stablecoin issuers, especially with many officials warning that cryptocoin regulations are essential. However, the current regulations seem to be a test, a first step in identifying how to best set regulations for crypto markets. Federal Deposit Insurance chairman Jelena McWilliams has commented “U.S official seeks a better way for their banks to hold cryptocurrency”. McWilliams also commented “These regulations are necessary otherwise it will be naturally developed within the banks themselves”.
- Cryptocurrencies showed up for the first time as a linked ETF in the New York stock exchange and under the name of BITO. This is the first official Bitcoin investment approved by the SEC. However, only the contracts are held by the brokers and not the actual Bitcoins themselves, this being an important point that investors should be aware of.
Bitcoin is the largest cryptocoin on the market when it comes to value. Bitcoin is also a good indicator of the crypto market in general. Other cryptocoins such as Ethereum and smaller currencies tend to move with Bitcoin’s market changes. And while Bitcoin has witnessed a new level of overall increase, investors should not take these increases lightly, where sharp corrections do naturally follow.