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Thursday, February 22, 2024

Crypto Market Jumps as OCC allows public blockchain networks

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Crypto Market Jumps as OCC allows public blockchain networks

Ethereum raised around 12% after publishing the news regarding the Bank’s public blockchain networks issue. Besides, the BTC gained nearly 5%. According to the reports, the US OCC has released a note as it approves the US banks to use blockchain networks. Moreover, with this announcement both Ether and BTC fully recovered Sunday’s losses.

As per the news, the investors are felt happy to notice positivity on allowing stablecoin and public blockchain into the traditional bank sectors by the regulatory. Besides, the national banks and federal savings associations may participate as ties to validating the payments in native digital assets or stablecoins.

The office of the Comptroller of the Currency issued a letter. It would stand in contradiction to a bill introduced in the last US congress session. Moreover, it would require stablecoin issuers to get bank laws. Nevertheless, the move aggressively anti-stable coin proposal issued hundreds of thousands of dollars in donations set to the leading cryptocurrency advocacy group Coin Center.

On the other hand, the Treasury Department has proposed new KYC rules for the US cryptocurrency users in Mid-December. It made some mandatory lines to those users. According to the rules, crypto users are mandatory to transfer their holdings from exchange to their own personal wallets.

According to the stock market reports, price changes in both bitcoin and ether followed by the stablecoins-supported networks like Algorand and Solana. Both sustain the two largest stable coins such as Tether and Circles USDT.

As per the reports, the price changes in Ethereum have responded immediately to the news. In the last week, Bitcoin has raised 13%. Moreover, it trades above $32,500. Besides, the Ether has been trading below $1,100 and 25% below its record high of $11,448.

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