Former FTX CEO Bankman-Fried says he will testify to Congress
In this newsletter :
Cryptocurrency prices today: Bitcoin gains 2%, other major cryptos also rise.
Today's cryptocurrency market saw increases as prices for Bitcoin, Ethereum, and other coins increased.Today, Solana (SOL) was the most popular cryptocurrency.
The cryptocurrency market cap increased by roughly 2% to $859.24 billion, while its trading volume increased by 0.95 percent to $37.43 billion.
BTC trading at a loss. However, BTC's price experienced a large increase due to an upward momentum. BTC surged from roughly $16,800 to $17,200 and over in a matter of hours.
The trading volume for BTC increased by 5.67% to $20,703,015,535.
The price of Ethereum increased 3.83% on the previous day, reaching $1,281.74 as of Friday morning.On December 8, ETH trade was quite erratic and its price was changing very quickly. However, ETH also noticed a trend in the same direction around the same time as BTC. As a result, ETH increased from $1,234 to $1,285 in a short period of time.
The price of Solana (SOL) increased by 1.7 % to $13.69 today meanwhile in meme coins Dogecoin & Shiba Inu increased 1.4% to $0.09817 and 1.2% to $0.000009274 respectively
US Watchdog: Banks Avoiding the Stagnant Crypto Industry
The head of the OCC claims that lenders appear to be turning away from the recent dramas in the industry, and a recent study from his regulatory body condemns the industry for its "weak," dangerous practices.
Since this year's twin failures of Terra (and its currency, LUNA), and FTX, U.S. banks' interest in cryptocurrencies has decreased, according to Michael Hsu, the acting director of the Office of the Comptroller of the Currency (OCC).
"Overall, I can say - and this is going to be evident - that there was greater interest before Terra/LUNA and FTX than since Terra/LUNA and FTX," said Hsu, whose banking agency released its "Semiannual Risk Perspective" report on Thursday, which highlighted the risks associated with cryptocurrencies. The study hammered the sector, stating its risk management systems "lack maturity," and added a new section on digital assets as a "particular theme in rising risk."
This week, U.S. Senators Tina Smith (DFL-Minn.) and Elizabeth Warren (D-Mass.) issued letters to banking authorities requesting information from Hsu, Federal Reserve Chair Jerome Powell, and Acting Federal Deposit Insurance Corp. Martin Gruenberg should be asked on the involvement of banks in cryptocurrency.
Bankman-Fried,former CEO of FTX, says he will testify before Congress.
Next week, the former CEO of the defunct cryptocurrency exchange FTX says he is prepared to appear before Congress.
In a tweet sent on Friday, the former CEO of the defunct cryptocurrency exchange FTX indicated that while he is willing to appear before Congress the following week, he will be constrained in what he can say and "won't be as useful" as he'd like to be.
The post came in reaction to many tweets earlier this month from Maxine Waters, chair of the House Financial Services Committee, asking Sam Bankman-Fried to attend hearings next week regarding the demise of FTX.
Mr. Bankman-Fried has admitted his own failures in preventing the collapse.