The price of Bitcoin rallied to a near four-month high, buoyed by signals from a Federal Reserve official that interest rates may hold steady and positive commentary on upcoming crypto legislation.
The world's largest cryptocurrency is trading higher as investors monitor progress on U.S. crypto legislation, weighing regulatory optimism against macroeconomic headwinds from rising interest rates.
Bitcoin retreated on Wednesday, snapping a strong August rally, as escalating geopolitical tensions and concerns over potential Federal Reserve interest rate hikes dampened investor appetite for risk assets.
Bank for International Settlements President Pablo Hernández de Cos stated at the Jackson Hole symposium that stablecoins are unsuitable for widespread use, citing risks to monetary sovereignty and financial stability, and advocated for tokenized deposits as a superior alternative for daily transactions.
Bitcoin soared above the $80,000 mark and crypto-related stocks rallied sharply on Thursday, as weaker-than-expected U.S. labor market data and dovish comments from a Federal Reserve official dampened expectations for a September interest rate hike.
Cardano's native token, ADA, experienced its most significant single-day percentage increase since late August, pushing its market capitalization above $7.8 billion amid a broader crypto market rally.
Mexican conglomerate Grupo Salinas will use technology from Integral Digital to launch COINPRO, an institutional-grade trading desk for corporate clients transacting between digital assets and fiat currencies.
Cardano (ADA) experienced its largest single-day percentage gain since late August, rising over 10% amid a wider uptrend in the cryptocurrency market. The move pushed its market capitalization above $7.8 billion, though the token remains significantly below its all-time high.
The digital asset market maker and investor received approval from the BVI Financial Services Commission, enabling it to offer regulated OTC trading and other services to institutional clients from the key crypto jurisdiction.
