Huobi Group, the operator of China’s largest cryptocurrency exchange, has picked Singapore as its regional headquarters while choosing to have another location for Europe, said co-founder Du Jun.
Bitcoin and other cryptocurrencies climbed Monday after a sharp sell-off at the end of last week. The price of bitcoin surged back above $57,000 in morning trade, rising as high as $57,373, according to Coin Metrics data. It pared gains later in the day, last trading at around $57,038, up 5% in the last 24 hours.
U.S. banking agencies provided more insight into their plans for regulating cryptocurrencies on Tuesday, issuing a to-do list of their priorities for next year and announcing a new policy that would require banks to seek permission before offering digital currency products.
The unlikely star of the cryptocurrency world these days is Shiba Inu, named after the same breed of dog that inspired the market’s former unlikely meme-coin darling Dogecoin. The total market value of the token soared to more than $51 billion last week, leapfrogging over Dogecoin and putting it among the top 10 cryptocurrencies in existence — despite the fact its provenance as a meme leaves it without much of a fundamental economic reason to thrive.