Bitcoin climbs above $50,000 per coin, report says

Bitcoin traded above $50,000 per coin early Wednesday morning, up 1.97%.

The price was around $50,808 per coin, while rivals Ethereum and Dogecoin were trading around $3,392 (-0.37%) and 24.7 cents (3.64%) per coin, respectively, according to Coindesk.

Bitcoin has steadily risen since Monday when it was trading at just above $47,000 per coin to reach this level, the report said.

BARSTOOL’S PORTNOY ON JPMORGAN’S DIMON’S SKEPTICISM OF BITCOIN: ‘IT’S NOT GOING ANYWHERE’

Early Wednesday, Reuters reported officials said Stablecoins would have to comply with the same safeguards as their more traditional competitors.

Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies,  Reuters reported, or to a commodity such as gold, to avoid the volatility that makes bitcoin and other digital tokens impractical for most commerce.

Bitcoin traded above $50,000 per coin early Wednesday morning, up 1.97%.

The proposals, released for public consultation before being finalized early next year, put into practice what regulators have long called for: the same rules for the same type of business and accompanying risks.

The rules mean a stablecoin operator must set up a legal entity which spells out how it is governed and manages operational risks like cyberattacks.

In other cryptocurrency news, Barstool Sports founder Dave Portnoy, appearing as a guest on Fox Business News’ “Varney & Co.” Tuesday said Bitcoin “is not going anywhere.” 

Portnoy comments were in reaction to JPMorgan Chase CEO Jamie Dimon reportedly saying the cryptocurrency is “a little bit of fool’s gold.”

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“It’s got no intrinsic value. And regulators are going to regulate the hell out of it,” Dimon said, adding he believes cryptocurrencies should be regulated. 

“If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not,” Dimon said as reported by Axios. “So it’s not a moral statement. It’s a factual statement.”

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