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Bitcoin price soars as UK votes to recognise crypto

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New Prime Minister Rishi Sunak speaks outside 10 Downing Street in London, United Kingdom, 25 October 2022. Photo: Henry Nicholls/Reuters

Bitcoin surged today as the UK parliament voted to recognize cryptocurrencies as regulated financial instruments.

in line with wednesday Cryptocurrency Market capitalization has climbed over 5% and has recovered to over $1 trillion.

check: crypto live price

Bitcoin (BTC-US Dollar) is at $20,223 at the time of writing, a change of 5.6% over the last 24 hours.

Ethereum (ETH-US Dollar) has risen more than 14% to $1,508 over the past week, and has risen more than 12% in the last 24 hours alone.

Other altcoins have done well with Cardano (ADA-USD) has risen over 11% to $0.39 over the last 24 hours.

read more: Can Rishi Sunak make the UK a global cryptocurrency hub?

Amid speculation with the Prime Minister, Rishi Snack To make the UK a crypto hub and world leader in digital asset innovation, the UK Parliament has voted to recognize cryptocurrencies as regulated financial instruments and instruments.

The House of Representatives met on Tuesday to discuss the proposed content Financial Services and Markets Billcovering the post-Brexit UK economic strategy.

Watch: “Bitcoin Eats into Global Finance Until $1 Million Per Coin” | Crypto Miles

The bill was introduced while Sunak was working in the government of Boris Johnson when he was the UK Chancellor of the Exchequer.

While sitting down, Arundel and South Downs Conservative MP Andrew Griffiths proposed an amendment to include crypto assets in the UK’s scope of regulated financial services.

Lawmakers voted to include an amendment to the bill that already includes measures to extend existing regulation to stablecoins, digital assets whose prices are pegged to the US dollar or gold.

Griffith has been UK Treasurer and City Minister since September 2022.

At a parliamentary meeting, he said:

Griffiths added that the bill’s new Article 14 “clarifies that crypto assets may fall within existing provisions.” Financial Services and Markets Act 2000 It relates to financial activities regulated in the UK.

The bill has two more stages to pass in the UK House of Commons: the reporting stage and a third reading.

It then passes to the House of Lords and, if no amendments are required, undergoes the final stages and becomes law with the approval of King Charles.

read more: “It’s too late to use cryptocurrencies as a hedge against a weaker pound,” says BitBoy Crypto

Bitcoin is usually traded against the S&P 500 (^GSPC) and Nasdaq (^IXIC).

However, the recent crypto rally over the past 24 hours has been driven by Alphabet (goog) and Microsoft (MSFTMore) slumped postmarket after a worse-than-expected result.

Watch: Martin Scorsese’s producer sees NFTs as the future of film finance.crypto miles

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