After finally climbing past the $138 mark, Litecoin price failed to continue its bullish rally and the price has dropped to just below $120.While the price at press time holds just below $120, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.
U.S. Treasury Secretary Janet Yellen announced that she will meet with regulators today to discuss “interagency work” on stablecoins, a rapidly growing class of digital currencies that is facing growing scrutiny from lawmakers. The President’s Working Group on Financial Markets will meet today with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to go over the benefits and risks of stablecoins.
Indian regulatory watchdog Enforcement Directorate (ED) issued a notice against India’s largest crypto exchange WazirX asking them why withdrawals from the crypto wallet are not a violation of India’s Foreign Exchange Management Act (FEMA), as per a report in ET. The notice from the financial watchdog comes at a crucial juncture in terms of crypto regulatory compliance in India.
Bitcoin might be the most prominent store of value among all the cryptocurrencies that exist in the current crypto market. Various organizations are considering using Bitcoin and other cryptocurrencies for crypto payments.
A recent survey reported that a whopping 46 million people in the USA are considering using cryptocurrencies to pay for common items and groceries for daily use.
A panel of crypto experts has predicted that the price of bitcoin will rise to $318,417 by December 2025. The most bullish expert believes that the price of the cryptocurrency will reach $160,000 by the end of the year. Meanwhile, 54% of them think that hyperbitcoinization will happen by 2050.
Over 1,000 bitcoin mining machines have been totally destroyed in Malaysia after they were seized for illegally mining the cryptocurrency using stolen electricity. The mining machines, worth about $1.26 million, were steamrolled in the Malaysian city of Miri and eight people have been arrested so far.