Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was FLOKI, rising 84.97%.
Declining national fiat currencies and a generally unstable economy have helped propel Bitcoin to all-time high prices in Turkey and Nigeria, despite the asset trading 50% below its peak in U.S. dollar terms. Recent price surges have caused Bitcoin to cross price peaks against the Turkish lira and Nigerian naira, according to Bloomberg.Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Bitcoin SV, down 13.40%.
Bitcoiners might be excited, but Grayscale"s proposal to turn its Bitcoin trust into an ETF still needs a green light from the SEC, and that is not a sure thing. SEC Chair Gary Gensler could still find a second reason to deny the proposal after choosing not to appeal a court ruling striking down his first one, writes Bloomberg.JPMorgan Chase"s digital token, JPM Coin, now handles $1 billion worth of transactions daily and the bank plans to continue widening its usage.
Taiwan has officially proposed a draft crypto act for the first reading. The proposal to regulate crypto assets passed the first reading at the Legislative Yuan. It would require all crypto platforms operating in Taiwan to apply for a permit, writes Bloomberg.Sam Bankman-Fried will take the stand to defend his actions in the lead-up to the collapse of his digital asset empire.