Here is what happened yesterday in the crypto market:
House Releases Stablecoin Bill Text
The U.S. House of Representatives has released the text of its stablecoin oversight bill, signaling a significant move towards regulating stablecoins in the crypto industry. This bill aims to provide a clear regulatory framework for stablecoins.
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Fidelity Prepares to Launch Stablecoin
Fidelity Investments is reportedly in advanced stages of developing its own stablecoin. This move signifies Fidelity’s growing interest and involvement in digital assets and stablecoins.
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SEC to Hold More Crypto Roundtables
The U.S. Securities and Exchange Commission (SEC) plans to host four more crypto roundtables. These roundtables will focus on various aspects of the crypto industry, including trading, custody, tokenization, and decentralized finance (DeFi).
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Bitcoin Faces Downtrend
Bitcoin’s price recovery has encountered a bearish double top pattern, halting its rise just shy of the $89,000 level. This indicates a potential shift in market structure and increased selling pressure.
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