Cryptocurrency News: Cryptocurrency prices are mixed Friday afternoon. But Bitcoin and Ethereum continue to slide, bringing a disappointing end to a big week for crypto. But there’s still plenty of news to ring in the weekend.
The White House released an outline of its policy recommendations for regulating cryptocurrencies and digital assets Friday morning. President Biden is encouraging regulators to “aggressively pursue” investigations and enforcement against illegal actions in digital assets. He recommends agencies re-double monitoring efforts of consumer complaints and issue rules to address risk. The White House is also launching initiatives focused on consumer education, adopting instant payment systems and creating a federal framework to regulate nonbank payment providers.
Coinbase (COIN) integrated its crypto policy efforts into its app. The crypto exchange now lists members of Congress, their stances on cryptocurrency and links for Coinbase users to contact their representatives. “Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto),” CEO Brian Armstrong said. The company will eventually expand to cover global elections, as well as add data on candidates running for office.
Spain’s La Liga soccer league is joining the metaverse. La Liga formed a strategic partnership that will allow it to feature experiences and activities on parcels in Decentraland, a 3D virtual world built on the Ethereum blockchain. To do so, it teamed up with StadioPlus, a tech consultant for the sports industry, and Vegas City Limited, a metaverse-experience and blockchain company that owns the largest sports, gaming and entertainment areas in Decentraland.
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Cryptocurrency Price Action
Bitcoin slipped as low as $19,339 on Friday before recovering toward $19,700 by stock market close. It’s trading well below its week-high of $22.546 from Tuesday.
It’s been a tough summer for BTC. Its value tumbled 13.9% during August, sending it below its 200-week moving average of $22,680. And September is historically the worst month for the world’s largest cryptocurrency. Bitcoin’s price has fallen an average of 8.5% in September over the last five years.
Ethereum continues to slide following its merge to a proof-of-stake network Wednesday night. ETH is trading around $1,430 as of Friday afternoon, falling from $1,640 after the merge.
Ethereum successfully upgraded its network to a proof-of-stake consensus algorithm. It should make the Ethereum network faster and more energy efficient, and could cause plenty of businesses to buy in.
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Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies have not acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
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Note: MicroStrategy is a software company that converts its cash into Bitcoin and heavily invests in cryptocurrency. Former CEO and Board Chairman Michael Saylor claims MSTR stock is essentially a Bitcoin spot ETF.
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