Bitcoin trades 2% higher while Ether hits record high
Ether's move brings this week's gains to more than 10%.
Bitcoin nearing $63k
‘Coin Stories’ podcast host Natalie Brunell breaks down the short-term downtrend on ‘Making Money.'
Bitcoin was trading 2% higher Wednesday morning.
The price was around $62,800 per coin, while rivals Ether, the world's second-largest cryptocurrency, hit an all time high rising to as high as $4,643, breaching the previous day's $4,600 and taking the week's gains to more than 10%, according to Reuters.
Dogecoin was trading around 27 cents per coin, according to Coindesk.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Biden administration is focusing on stablecoins, calling on Congress to pass legislation that would strengthen government regulation.
Stablecoins are a form of cryptocurrency that has soared in popularity in the past year.
It is the focus of a 22-page report issued Monday, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would potentially subject them to a wide range of rules, including those requiring that banks hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities, according to The Associated Press.
AARON RODGERS TO CONVERT PART OF SALARY INTO CRYPTO: 'BITCOIN THE MOON'
"The absence of appropriate oversight presents risks to users and the broader system," said Treasury Secretary Janet Yellen. "Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter."
"Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter."
U.S. Treasury Secretary Janet Yellen speaks at Winfield House in London, June 5, 2021. (Reuters / Reuters Photos)
Stablecoins are a type of cryptocurrency that is pegged to a specific value, usually the dollar or another currency or gold.
Bitcoin-funded pet hospital
In other cryptocurrency news, ground was reportedly broken on Monday Nov 1 for the construction of a veterinary hospital that El Salvador's President Nayib Bukele says has been funded by bitcoin gains, according to Reuters.
BITCOIN IN EL SALVADOR SPARKS CRYPTO CURRENCY DEBATE
"We are seeing additional benefits such as this veterinary hospital, the schools that I am advertising and, God willing, if the price of bitcoin continues to rise, there will be new infrastructure for the benefit of our people," said Bukele during an official event where he laid the foundations for the clinic.
In September, the Central American country became the first in the world to adopt the cryptocurrency as legal tender.
The hospital is expected to have medical offices, operating rooms, a rehabilitation area and will directly employ 300 people.
CLICK HERE TO READ MORE ON FOX BUSINESS
According to the Salvadoran government, this infrastructure project is the first in the world to be generated with profits from bitcoin.