Labor Department To Meet With Fidelity, Concerned About 401k Bitcoin Plan – April 29

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $38,923

Bitcoin price is currently sitting on a medium-term trend line, as it continues to range within the $38,000 and $40,000 levels.

Top-20 altcoins have mostly seen small losses over the last 24 hours, as Ethereum drops 2%, BNB falls 1% and NEAR tumbles 5%.

Top Stories for April 29, 2022 πŸ”₯

πŸ‘‰ Labor Department To Meet With Fidelity, Concerned About 401k Bitcoin Plan

The US Labor Department has expressed that it has “grave concerns” about Fidelity Investments’ plan to allow clients to invest part of their 401k into Bitcoin.

Fidelity announced plans yesterday to enable clients to invest up to around 20% of their 401k portfolios into Bitcoin. As a result, the Labor Department will be meeting with the firm to discuss the matter, citing significant Bitcoin market volatility.

πŸ‘‰ Ethereum Layer-2 Platforms & DEXes Show Strong Growth In Q1

Ethereum infrastructure has demonstrated strong growth in the first quarter of 2022, as total value locked on Layer-2 scaling platforms rises a significant 964% in Q1 – now standing at $7.3 billion.

Decentralized exchanges (DEXes) have also seen tremendous increases in trading volume, rising by 667%, while futures trading volumes have increased by an incredible 2,704%.

πŸ‘‰ Digital Commodity Exchange Act Would Give CFTC Authority Over Exchanges & Stablecoins

A bipartisan bill has been introduced, which would give the US the Commodity Futures Trading Commission (CFTC) regulatory control over crypto exchanges and stablecoins.

The Digital Commodity Exchange Act of 2022 would not change the SEC’s authority, but would instead classify cryptos that are non-securities as “digital commodities” to be regulated by the CFTC