Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets
Investing.com-- A key Chinese regulator held a strategic meeting this week to guide local government officials on stablecoin and digital currency policy, reports and social media posts showed on Friday, marking a shift in China’s stance amid Bitcoin’s record rally.
The session, convened on Thursday by the Shanghai State-owned Assets Supervision and Administration Commission, drew 60–70 officials to discuss responses to stablecoins and broader digital asset trends, a Reuters report stated.
The regulator emphasised the need for greater sensitivity to emerging technologies and enhanced research into digital currencies, signaling openness to adapting regulations, the report said.
This move coincides with Bitcoin’s record run, surpassing its latest milestone of over $118,000 on Friday, driven by strong institutional demand and favorable U.S. regulatory policies.
Crypto trading is banned in China, and domestic players such as JD.com (HK:9618) and Ant Group (HK:6688) are pushing for yuan-based stablecoins and plan to seek licences under Hong Kong’s upcoming regulatory framework.