STORY: From another good week for bitcoin, to why one NBA hall-of-famer may have crypto regret, these were the week’s big stories in the world of alternative money.
Bitcoin’s revival rolls on.
By late last week it was trading at six-month highs close to $25,000.
It’s now up nearly 50% this year, boosted by investors feeling more confident about the economic outlook.
The market for so-called “stablecoins” is suddenly looking a little wobbly though.
They’re tokens that are usually tied to regular currencies, and intended to be less volatile.
But now U.S. watchdogs have labelled stablecoin Binance USD as an unregistered security, prompting firm Paxos Trust to stop minting it.
Money has flowed into rivals tether and USD coin instead.
Binance is also pulling back on investments in the U.S.
The crypto exchange confirmed a report saying it would do so as U.S. regulators step up scrutiny of the sector.
And NBA Hall-of-Famer Paul Pierce may be the latest celebrity to regret promoting crypto.
The former Boston Celtics star will pay around $1.4 million to settle charges he illegally promoted digital assets.
The U.S. SEC says he touted tokens sold by EthereumMax without disclosing he was paid to do so.