Bitcoin Hits $87K as Fed Proposes Stablecoin Rules and Bitget Suffers $351M Hack

Key Facts

1Bitcoin reached an eight-month high above $87,000 before experiencing a slight pullback.

2The Federal Reserve proposed new regulatory rules for stablecoin issuers within the United States.

3Bitget suspended withdrawals following a security breach resulting in a $351.6 million loss.

Bitcoin reached an eight-month high above $87,000 before experiencing a slight pullback, crypto.news reported. In a significant regulatory development, the Federal Reserve proposed new rules for stablecoin issuers within the United States. Meanwhile, the Bitget exchange suspended all withdrawals following a security breach that resulted in the loss of approximately $351.6 million in assets.

Market sentiment remained mixed as positive price momentum was countered by cybersecurity concerns. According to crypto.news, the Bitget exploit involved unauthorized wallet transfers, with blockchain trackers estimating that XRP made up a significant portion of the stolen funds. On the regulatory front, the Fed's proposed framework seeks to establish reserve requirements for stablecoin issuers to mitigate systemic risks in the digital asset space.