It’s clear that Vice President Joe Biden and his administration are interested in the rapidly growing market and want to look into how cryptocurrencies could be regulated in some way over the next few years. In the fact sheet for the briefing room that came with the executive order, Biden’s team admitted that the market value of cryptocurrency has grown from $14 billion to $3 trillion in the last five years. The market value of cryptocurrency went from $14 billion to $3 trillion, according to the government.
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The cryptocurrency market is like a fast-moving train that won’t stop for a while. There are still good reasons to be worried about bitcoin and its ability to keep the market stable and keep investors from losing money. One of these worries is about stablecoins, which mostly have to do with the cryptocurrency market as a whole. Stablecoins are digital currencies that try to have their market value tied to something other than themselves.
Tether, which is also known as USDT, has the same value as the US dollar. Secretary of the U.S. Treasury Janet Yellen has said that she wants Congress to pass rules for that sector. The main goal of these laws would be to make sure that stablecoins are fully backed by dollars that are kept in reserve. How to protect people who have money in bitcoin is another big worry for the industry. Chainalysis released a study at the beginning of 2022 that said losses went from $7.8 billion to $14 billion between 2021 and 2022, which is almost four times as much.
Most of these huge losses come from illegal activities like scams and computer hacks. People who don’t know much about investing are often tricked into giving up their cryptocurrency in exchange for promises of future benefits on social media.
Is it possible that soon everyone will use cryptocurrencies?
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Is it possible that soon everyone will use cryptocurrencies?
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