Opinion
Stablecoins are gaining renewed momentum, as major banks and payment giants enter the market, but questions remain about their stability, regulatory oversight and the risks posed by centralization and fraud.
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Bank of America News
Bank of America (BofA) is an American financial conglomerate providing a wide range of financial services and is one of the largest bank holding companies in the USA in terms of assets. It was founded in 1904 and currently headquartered in Charlotte, NC. BofA has become the first financial establishment that has included cryptocurrency in a report about forthcoming financial risks. According to Bank of America, cryptocurrency is not just a threat for their budget, but it complicates the work of preventing money laundering. Also, the company has shown its dependence on innovations made in the market of financial services, including blockchain technology, which can demand a large amount of spending for its implementation. Despite the fact that the holding has expressed skepticism about using Bitcoin, Bank of America has registered some cryptocurrency-related patents in order to prevent customer outflow.
- Market Analysis
Investors' cash allocation has risen from 3.5% to 4.1% in a month, spelling troubles for risk-assets like Bitcoin and cryptocurrencies in general.
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Bakkt’s share price closed trading down over 27% on March 18 after the crypto custody firm shared two major clients weren’t renewing their agreements.
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A group of analysts say various data points support an XRP rally to $18,000 per coin. Cointelegraph takes a closer look at the data.
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The BofA stablecoin news triggered mixed reactions from the community. Many saw it as a good sign for crypto, while others called it “CBDCish.”
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BoA’s CEO said that pursuing innovative financial technology and maintaining physical branches are central to the bank’s business strategy.
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Brian Moynihan believes financial institutions would gladly facilitate cryptocurrency payments if clearer regulations around their use were established.
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Some Bank of America customers seeing $0 balances noted that their debt was “conveniently” still showing up.
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What’s behind the correction in the US stock market and how might it continue to negatively impact cryptocurrencies?
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Allocating just 1% of Berkshire Hathaway’s portfolio to Bitcoin could have boosted Warren Buffett’s profits by over 25%.
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Bitwise’s CIO Matt Hougan’s comments come as Bank of America’s Merrill Lynch and Wells Fargo reportedly started offering spot Bitcoin ETFs to its wealth clients.
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Banks stressed customer accounts “remain secure,” and balances will be updated as soon as the issue is resolved.
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An on-chain tile-sliding game has been causing a massive spike in daily transactions on the Sui Network.
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The Bank of America’s metaverse trains staff on resolving customer disputes or helps them relax by riding a virtual unicorn.
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Bitcoin miners appear to be reducing risk as the significance of BTC price above $30,000 remains firmly in evidence.
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