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Bitcoin Surges to $38,250 as Global Banking Committee Starts Taking It Seriously

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Thu, 06/10/2021 - 11:24
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Yuri Molchan
Bitcoin rallies 5.1 percent after the Swiss-based Basel Committee introduced harsh capital controls for banks
Bitcoin Surges to $38,250 as Global Banking Committee Starts Taking It Seriously
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The flagship digital currency has soared to hit the $38,250 level at 11:07 a.m. in London after global banking regulator the Basel Committee proposed tough capital controls for banks, showing that it is taking Bitcoin very seriously now.

Bitcoin is up 5.1 percent thanks to Basel Committee on Banking Supervision

As has just been reported by U.Today, the Swiss-based Basel Committee has proposed new capital controls for banks globally.

This proposal would oblige banks that offer Bitcoin investment programs to set aside enough money to cover all customers' losses on BTC in full.

The coverage should be 1,250 percent as Bitcoin is put into the highest risk category. Thus, the regulator has shown that the banking industry is taking Bitcoin and other crypto assets very seriously now.

Related
Basel Committee Insists Banks Must Prepare Enough Cash to Cover Losses on Bitcoin: Details

This has pushed Bitcoin up 5.1 percent, making it hit $38,250 from $36,440, as per data from CoinMarketCap. At press time, Bitcoin is changing hands at $37,900.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.