First Mover: Forget Facebooks Stablecoin. Now Its $700B Bitcoin In the Crosshairs

Friday 15 January 2021, 12:23 AM AEST - 5 days ago

European Central Bank President Christine Lagarde speaks via webcast from a Reuters event on Wednesday.

Bitcoin (BTC) was higher, pushing back toward $40,000 after a 9.9% surge on Wednesday, the biggest calendar-day gain in a month.

Such a powerful recovery after a steep sell-off earlier in the week has quickly reinvigorated trader spirits. This bubble doesnt look set to burst, said Don Guo, CEO of Broctagon Fintech Group, which helps smaller cryptocurrency exchanges tap into bigger pools of liquidity available from large exchanges.

In traditional markets, U.S. government bond yields rose along with stocks after CNN reported that President-elect Joe Biden on Thursday will unveil a new coronavirus relief proposal, and that his advisers have told allies in Congress to expect a price tag around $2 trillion. Gold weakened 0.2% to $1,841 an ounce.

Before the coronavirus hit last year, a big conversation among financial-industry executives, lawmakers and regulators was just how to regulate Libra, the proposed digital currency from Facebook.

With Facebooks very large network of more than a billion people, a stablecoin could have systemic implications very quickly, Powell said in a September 2019 webcast discussion in Zurich with Swiss National Bank Chairman Thomas Jordan. Libra would have to be held to the highest regulatory standards and expectations.

Fast forward and the Facebook-sponsored token (since retooled and rebranded) still hasnt launched. Instead, its now bitcoin, the original and largest cryptocurrency, suddenly attracting the overseers notice.

Bitcoin is a highly speculative asset, European Central Bank President Christine Lagarde said Wednesday at a

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