• Binance’s BUSD stablecoin is the target of US financial regulators, causing a plunge in BNB token prices.
• Bitcoin and Ethereum have remained relatively flat despite this news.
• Tastycrypto Head of Digital Assets Ryan Grace believes that Bitcoin could hit $25,000 this year.
Binance BNB Token Plunges Following U.S. Regulatory Uproar
The price of Binance’s BNB token has taken a significant hit following recent regulatory scrutiny from the U.S.. The Securities and Exchange Commission (SEC) is set to launch enforcement action against Paxos, the issuer of the stablecoin BUSD, deeming it a security and prompting withdrawals from Binance as traders react negatively to the news.
Bitcoin and Ethereum Remain Relatively Flat
Despite the turmoil surrounding BNB tokens, bitcoin and ether remain relatively flat with only slight changes in prices on Tuesday morning UTC. Although there may be some headline risk associated with the SEC’s crackdown on the stablecoin, Ryan Grace of Tastycrypto believes that Fed policy is still one of the primary drivers for crypto markets at present.
Asia Likely To Become Global Hub For Digital Assets
Recent events involving digital assets underscore why Asia is becoming an increasingly likely global hub for them according to CoinDesk markets reporter Sam Reynolds’ analysis. With countries such as Japan introducing new regulations governing cryptocurrency exchanges and other players in East Asia taking steps towards embracing digital assets more fully, Asia’s role in driving innovation seems poised to become even more significant than before.
Ryan Grace Predicts Bitcoin Could Reach $25K This Year
Tastycrypto head of digital assets Ryan Grace has predicted that despite certain challenges faced by crypto this year, bitcoin could still reach a value of $25k by December 2021 if market conditions are favourable enough for it to do so. With investors monitoring market sentiment closely ahead of key events such as inflation readings later this week, it remains uncertain whether bitcoin will indeed reach its next milestone or not – but many analysts remain optimistic about its prospects nevertheless.
CoinDesk Market Index (CMI)
Here are some figures on major indices at 7am ET/11am UTC Tuesday February 14th: CoinDesk Market Index (CMI) 1,029 −2.5 ▼ 0.2%, Bitcoin (BTC) $21,776 +22 ▲ 0.1%, Ethereum (ETH) $1,505 −7 ▼ 0.5%, S&P 500 4137 +47 ▲ 1% , Gold $1866 +3 ▲ 0 % , Nikkei 225 27 427 −244 ▼ 0%.
