Bitcoin Retreats From Record High Amid Profit-Taking; Regulatory Optimism Persists

Bitcoin's Price Movement

Bitcoin retraced from a record high of $111,953.6 to $109,110.0, a 1.6% drop, as investors booked profits. Despite this, it's on track for an 8% weekly gain and 18% monthly rise.

Regulatory Developments Boost Confidence

The "Stablecoin Innovation Act" progressed in the U.S. Senate, seen as a landmark for crypto regulation. This optimism, along with $934.7 million inflows into Bitcoin ETFs, supported demand.

Major Banks Consider Stablecoin Venture

Wall Street banks, including JPMorgan and Bank of America, are discussing a joint stablecoin to compete in faster, cost-effective payments, especially cross-border.

Kraken Introduces Tokenized Stocks

Kraken launched xStocks, tokenized U.S. stocks allowing international investors 24/7 access to companies like Apple and Tesla, though not available in the U.S.

Altcoins Follow Bitcoin's Lead

Most altcoins mirrored Bitcoin's pullback, with Ethereum and XRP seeing declines, while Solana slightly gained. Meme coins like Dogecoin also dropped.

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