Bitcoin Price Rises to End Record Week. How Big Banks Could Drive the Crypto Higher. — Barrons.com
By Elsa OhlenBitcoin and other cryptocurrencies kept their momentum Friday after a two-day stint during which the world's largest crypto hit a new record.Late Thursday, The Wall Street Journal reported that big U.S. banks, including JPMorgan Chase and Citigroup, are exploring their own joint stablecoin to compete with the crypto industry, as stablecoins can be used for faster and cheaper transactions.Part of the recent crypto rally is due to optimism about an improving regulatory landscape for cryptocurrencies. Earlier this week, the Senate voted in favor of a stablecoin bill — the GENIUS Act — that aims to regulate digital coins pegged to a fiat currency, typically the U.S. dollar.Crypto analysts often point to institutional demand and ETF inflow as key factors behind the coins' strength. A more favorable regulatory environment, of which the stablecoin bill could be the first step, would likely make it easier for institutional investors to trade cryptocurrencies and other crypto-products like ETFs and futures.Bitcoin price was up 0.1% over the past 24 hours at $110,925 early Friday after hitting a new all-time high the previous day. The world's largest cryptocurrency came close to $112,000 Thursday.Smaller cryptos Ether, XRP edged higher, while Solana jumped 3.7%.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.