Following the letter issued by the U.S. Office of the Comptroller of the Currency (OCC), approving U.S. banks to use public blockchain networks, Cryptocurrency prices jumped on Monday evening.
Justin Yashouafar, managing partner at Santa Monica-based Blockhead Capital, said investors are pleased to see positive regulatory news allowing stablecoin and public blockchain integration into the traditional banking sector. Ether jumped nearly 12% on the letter’s release, given Ethereum’s dominance as a stablecoin payment settlement protocol, and bitcoin gained 5%. Both leading cryptocurrencies almost fully retraced Sunday evening’s losses.
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