Bitcoin rebounds to $56K as Dogecoin price halts at 420% weekly gains
Bitcoin is retaking lost support levels after bouncing at $53,300.

Bitcoin (BTC) saw a staunch comeback on Tuesday thanks to fresh bullish news from PayPal combined with solid on-chain indicators.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

#Doge420 aims to sprout $4.20 Dogecoin

Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing to $56,000 during Tuesday trading, hours after hitting local lows of $53,300.

With volatility still present, the pair nonetheless looked increasingly reliable above $52,000, a significant support zone and the floor seen during last Sunday’s flash crash from all-time highs.

News that PayPal-owned payment company Venmo had launched cryptocurrency buying and selling to its app appeared to buoy the recovery. On the flip side, a social media-induced “Dogecoin Day” was adding pressure to Bitcoin’s immediate upside prospects as funds continued to flow into Dogecoin (DOGE) on the day.

Expert explains why Britain needs a digital pound
One of the research contributors to the Bank of England’s CBDC taskforce tells Cointelegraph why a digital pound is a neccessity for the United Kingdom.

The United Kingdom Chancellor of the Exchequer announced the launch of a CBDC task force this week, bringing together the Bank of England and Her Majesty’s Treasury to coordinate the exploration of a potential central bank digital currency.

Depending on the feedback received from various areas of industry, academia, and civil society, the task force will advise the Bank of England on the future rollout (or not) of what would be a digital version of the pound.

Antony Welfare, executive director of enterprise at NEM, is a member of the Whitechapel Think Tank and the Finance Payments Working Group, both of which provided preliminary research to the Bank of England in the formation of its CBDC taskforce. Welfare contributed to a report titled The Impact of Digital Currency on the Future of Payments, which was commissioned by the Bank of England, and published in December 2020.

Gemini exchange’s crypto custody doubled since January, reaching $25B
Gemini Custody has grown significantly over the past four months, as institutional uptake of cryptocurrency conitnues.

The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time.

In charting its impressive growth, Gemini touted growing participation from institutional investors over the past year. Gemini Custody’s assets have more than doubled since the start of 2021.

“Our custodial services are used by some of the worlds largest asset managers including BlockFi, Blockchange CoinList, CI Global Asset Management, DAiM, BTG Pactual, Caruso, Eaglebrook Advisors, and WealthSimple,” the company said in a statement.

The outspoken Tyler Winklevoss tweeted about the milestone on Tuesday:

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