Other big cryptoassets, like ether, are also going up. Given Ruvic / REUTERS
Despite fears of stronger regulation in the United States, the queen of cryptocurrencies has soared 15% in three sessions.
The price of bitcoin jumped to over $25,000 on Thursday after soaring 15% in three sessions as pressure from US regulators failed to dampen investors’ appetite for the cryptocurrency.
A less gloomy outlook for the global economy is whetting investors’ appetites and benefiting the cryptocurrency market as well as the stock exchanges, with historic records for the Paris and London markets.
68,992 dollars in November 2021
Since the beginning of the year, the price of bitcoin has climbed more than 50%, even if it remains almost three times lower than its all-time high, at 68,992 dollars in November 2021. , like Ether, are also rising. However, the news is not necessarily encouraging for the industry, which is still suffering the backlash of the bankruptcy of the FTX platform at the end of 2022.
US regulators have decided to tighten the screw and notably prohibited the Paxos company on Monday from issuing a cryptocurrency, BUSD, known as stable or “stablecoins“. BUSD, which is supposed to be stable because it is backed by the dollar and US Treasury bonds, will no longer be issued from February 21, and Paxos will only manage the tokens of this “stablecoin” existing for one year.
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Stablecoins allow users of cryptocurrency exchange platforms to limit conversion costs during their operations. “The Third Largest Stablecoin Just Got an Expiry Date of February 2024 and the Market Seems to Have Swept the Information Away», notes Riyad Carey, analyst at Kaiko.
«Pressure surges from regulators fuel some apprehension, but there is clearlyamong investors the feeling that the worst is behind for the sector since the bankruptcy of the FTX platform last November, comments Craig Erlam, analyst at Oanda.
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