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Cryptocurrency markets have come under renewed pressure after top US officials including Treasury secretary Janet Yellen said they expect to issue recommendations on stablecoins, important assets in the digital economy, in the coming months.
Bitcoin has slipped about $2,000 over the past two days to about $29,500, leaving the most actively traded coin flirting with lows it reached late last month. Other major coins such as ether and Binance have also come under selling pressure.
The crypto retreat comes as global financial watchdogs have been clamping down on the sector after years of almost unrestrained growth.
Yellen “underscored the need to act quickly to ensure there is an appropriate US regulatory framework in place” at a president’s working group on financial markets she convened on Monday to discuss…