New Jersey Rep. Josh Gottheimer unveiled an early draft of legislation that would place clear definitions around U.S. dollar-backed stablecoins. The proposed legislation would designate certain stablecoins as “qualified,” making them redeemable on a one-to-one basis for U.S. dollars, and institute traditional deposit insurance on stablecoin holdings. The bill also states that qualified stablecoins would only be issued by banks or non-bank institutions that satisfy certain regulations. This unpredictability is part of the reason why investing experts warn against investing huge amounts of your portfolio into a risky asset like crypto. Many recommend keeping your crypto holdings to less than 5% of your total portfolio. Enable email and browser notifications to stay up-to-date on the latest market moving news. Sign Up NowGet this delivered to your inbox, and more info about our products and services. © 2022 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use, Privacy Policy and California Do Not Sell My Personal Information. NextAdvisor may receive compensation for some links to products and services on this website. Luna holders can “burn” their tokens in http://cristianygkd631.bravesites.com/entries/general/cryptocurrency-news the wallet address he shared, never to be seen again. The Luna token collapsed in value earlier this month after the algorithmic stablecoin it backed, TerraUSD, de-pegged from the dollar — rocking the broader crypto market. The Terra community recently voted to relaunch a new version of its collapsed luna token, but not UST — the sister stablecoin that lost its 1-to-1 ratio with the dollar earlier this month. The newly revived token is currently trading on several exchanges including Bybit, Kucoin, Huobi, and Binance. After reaching nearly $20 on Saturday, luna dropped as low as $4.39 within a few hours, according to CoinMarketCap data. The Japanese government asked crypto exchanges earlier this week to stop transactions with Russian and Belarusian organizations and individuals sanctioned following Russia’s invasion of Ukraine, Reuters reported. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. Many cryptocurrencies have gained importance or hold the promise to do so. Dogecoin, for example, was a meme-based joke coin that reached fame when Tesla CEO Elon Musk promoted the token on social media. Aside from Dogecoin and the others listed above, several other Bitcoin forks also exist, such as Bitcoin Gold and Bitcoin SV. Other important coins include Ripple , Solana, USD Coin, and Tezos. Polkadot is a unique PoS cryptocurrency aimed at delivering interoperability among other blockchains. Its protocol is designed to connect permissioned and permissionless blockchains as well as oracles to allow systems to work together under one roof. Futures and options are also available for some crypto products, though these advanced types of investment vehicles come with their risks. Isn't the only cryptocurrency to experience a recent dip, the price of ethereum has similarly torpedoed this month. Bitcoin Cash BCH holds an important place in the history of altcoins because it is one of the earliest and most successful hard forks of the original Bitcoin. In the cryptocurrency world, a fork takes place as the result of debates and arguments between developers and miners. There are also blockchain-based tokens that are meant to serve a different purpose from that of money. One example could be a token issued as part of an initial coin offering that represents a stake in a blockchain or decentralized finance project.
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