Federal Reserve Chairman Jerome Powell reiterated today that there is an increasing need for cryptocurrency regulations in a statement before the House Financial Services Committee. He said recent events in Ukraine have “underscored the need for Congressional action on digital finance, including cryptocurrencies.”
On-Chain Data Shows Major Increase in Bitcoin Accumulation
With the price of Bitcoin (BTC) steadily growing over the past several days and reaching briefly above $45,000, its accumulation has also increased dramatically too. Apparently, the Bitcoin accumulation started as of late February, as published by internet entrepreneur Lex Moskovski on his Twitter page on March 1, citing the data from Glassnode, an on-chain market analytics aggregator.
Democratic Senators Ask Treasury to Report on Work on Crypto Sanctions
Four members of the Senate Banking Committee are asking what the Treasury Department is doing about the crypto in the context of the sanctions policy. In a letter to Treasury Secretary Janet Yellen on March 2, Elizabeth Warren, Mark Warner, Jack Reed and Committee Chairman Sherrod Brown called for a response to the issues they are working on in cryptocurrencies.
Billionaire Bill Miller Says Russian Ruble Crisis Is Very Bullish for Bitcoin
Bill Miller, a billionaire investor from CNBC who spoke to Squawk Box, discussed Bitcoin's potential to serve as a safe harbor asset in times of international unrest. The American investor explained why Russia and other nations that do not have a reserve currency could resort to Bitcoin to combat inflation that does not penetrate foreign government control.
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