Bitcoin trading above $54,500 Thursday, up 7.87%

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Bitcoin was trading 7.87% higher on Thursday morning.

The price was around $54,552 per coin, while rivals Ethereum and Dogecoin were trading around $3,590 (+6.58%) and 24.9 cents (+2.03%) per coin, respectively, according to Coindesk.

Bitcoin is the world's biggest and best-known cryptocurrency. It is up 98.9% from the year's low of $27,734 on Jan. 4, a Reuters report said.

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Coindesk reported the Federal Deposit Insurance Corp. (FDIC), a key U.S. banking regulator, is analyzing whether certain stablecoins might be eligible for its coverage, five people familiar with the agency’s thinking said.

Bitcoin was trading 7.87% higher on Thursday morning.

The discussions are only in the preliminary stage and it’s not clear what the timetable would be for making any policy decisions or how such changes would be communicated.

The FDIC is trying to analyze what so-called pass-through FDIC insurance might look like for the reserves stablecoin issuers hold at banks, the sources said. Such coverage would insure holders of the tokens against losses up to $250,000 if the bank holding the collateral were to fail, Coindesk reported.

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The FDIC is also looking at what regular, direct deposit insurance might look like for banks that want to issue stablecoins, people familiar with the discussions said.

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