In this episode of CoinStreet, we dive into China’s potential shift towards stablecoins, the impact of Fed Chair Powell’s upcoming speech on Bitcoin and Ether, and a notable call from a Federal Reserve official advocating for crypto. Jane King has the latest from the NYSE.
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Thanks, Rey.
Here's a look at your coin Street headlines.
China is reportedly weighing stablecoins in a major shift.
China's cabinet will review a roadmap that includes one pegged stablecoins to bolster one internationalization, according to Reuters.
China is one of the most restrictive global jurisdictions for cryptocurrencies.
Well, Bitcoin dipped as investors brace for Fed Chair Pao's speech tomorrow.
His speech is expected to set the Fed's path on interest rate cuts.
Bitcoin.
Fund outflows surged more than 300%, and ether losses doubled both ranking as the second largest outflows this month.
Spot Bitcoin ETF saw 523 million outflows on Tuesday, rising more than fourfold from Monday, according to Farside Investors data.
Ether ETFs also recorded major losses, with outflows doubling from 200 million on Monday to 422 million on Tuesday.
Bitcoin and Ether funds have posted three consecutive days of outflows.
Totaling 1.3 billion coinciding with sharp price corrections of 8.3% and 10.8% respectively, according to coin Gecko.
Well, one US Federal Reserve official says staff should be able to own a little crypto.
The Federal Reserve vice chair for supervision, Michelle Bowman, said the central bank should roll back its restrictions that ban staff from buying crypto.
She said if staff holds crypto, they have a better understanding of how it works, and that's the latest Coin Street headlines.